Armenia starts exchanging tax information under OECD by 2025?

[avalanche]

Anyone seen this? Looks like digital concentration tax camp is getting bigger and bigger.

An OECD update dated 7 March 2024 to the list of signatories to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (CRS MCAA) indicates that Armenia and Cameroon have signed the agreement. The list of CRS MCAA signatories indicates that Armenia intends to begin exchanging information by September 2025
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https://www.taxathand.com/article/3...hat-Armenia-and-Cameroon-have-signed-CRS-MCAA

Last edited: Sep 27, 2024

 

[Martin Everson]

Yup...but not sure how many people keep an offshore account in Armenia these days anyway.‌

 

[jafo]

F*ck Armenia! Let them burn! rof/% smi(&%

 

[daniels27]

Why suddenly so much profanity here? What happened?

 

[Armani]

Are armenian banks any good?

 

[daniels27]

@avalanche maybe he is from Azerbaijan? Do you know what they did that horrible?

I think most banks in such⁤ countries are good if you live, work, trade or invest there. You can do almost⁣ everything from topping up phones to paying for water to paying traffic fines. Same as⁢ in Georgia, Kazakhstan, Mongolia, etc.

Armenia supports local payments in AMD and USD. International transfers︀ are in the mid range with about 25 USD.

For international card transactions, it works︁ but the are better options like Kazakhstan for that.

Government guarantee is 16m AMD, which︂ is quite acceptable given the purchasing power.

Most banks change up to 50k AMD for︃ account opening since the arrival of Russians in 2022.

Banks operate quite profitable due to︄ loans and more recently FX transactions with Russians.

 

[daniels27]

Of course we are against any form of control.

But are we talking about the same‍ Armenia? I mean the one where the people live that used to populate a big⁠ part of Eastern Türkiye and Nagorni Karabach. The one that is now surrounded by Azerbaijan,⁤ Iran, Türkiye and Georgia? I think you have to walk quite far in this area⁣ to find anything more liberal, any place where Russia and the US both have their⁢ bases and where they government and people show more neutrality than in Yerevan.

 

[AlicaFunk]

Why not, do you think it is more insecure‍ compared to other places like Costa Rica, Bermuda Seychelles?

 

[Sols]

CRS comes for all. I pity those who think they can continue to outrun it.‌ Accept CRS. It's the reality now. Plan your life and affairs accordingly.

Armenian banks are‍ still quite open to non-residents, but not as much as 3–4 years ago. CRS might⁠ be a net benefit even for international/non-resident banking, if it means the jurisdiction sheds shadowy⁤ clients.

 

[Martin Everson]

What a choice you present...lol. Compared to‍ Bermuda it is.

 

[jafo]

CRS, AEOI, and all their other BS offspring are the easiest things to dribble LEGALLY!!!‌ All of you thinking these are some "checkmate" plantation hedges thought out by the dumbest,‍ most useless, and unproductive members of society are clearly in need of taking classes on⁠ being resourceful and inversion thinking!

I'll post the clip of the multi-billionaire from whom I⁤ extrapolated the system. If you can't understand it and figure it out after watching this⁣ +10-minute clip, I can't help you! hi%# I'm NOT a multi-billionaire, nor am I as smart⁢ as him, and I am much less articulate than him. damn_(

Success:





PS. Also, don't ask︀ me anything else here.... as it may be deemed "Off-Topic." Open a new thread if︁ you need additional guidance, preferably in Mentor Gold Group! 😉

 

[cuno]

I'm interested to know more about it and opened an thread below⁠ inside mentor group to discuss the matter
https://www.offshorecorptalk.com/th...-bank-account-inside-or-outside-europe.46190/

What would you suggest in⁢ this case? maybe you can post in my above thread to not go off topic?︀

 

[Sols]

It's quite simple. CRS is‍ based on residence so go live in a place you don't mind paying taxes in⁠ (if there are any taxes at all). We can discuss options in other threads.

Even Armenia itself is taxed low enough (not to mention LCOL) that some people going from⁤ a high tax country to Armenia would have a lot more money in their pockets⁣ at the end of the day. It's a different lifestyle, though.

 

[lory]

you suggest they live there?

 

[Sols]

Just saying that Armenia offers‌ taxes and cost of living that are so much lower than for example highly taxed‍ parts of Europe that if someone from there to Armenia, they'll have a lot more⁠ money in their pocket than if they keep paying high taxes and high costs of⁤ living.

If you have a bunch of money sitting in Armenia and are worried about⁣ the impact of CRS, moving to Armenia might be a viable option.

 

[jafo]

I answered it, but everyone else answered it better than me. It seems everyone knows...they⁤ are just being "politically correct." 😉

It takes effort, diligence, energy, hustle, grit, and (some) money!⁣ 😎
***BUT*** only 0.0001% without ANY headaches and stress when compared to what you would pay⁢ to the useless, unproductive, self-appointed gang members under the ruse of government. 😉

 

[cuno]

Thank you for your insides.

 

[clemens]

What are your honest thoughts of Armenia for banking for foreign owned company ?‍

 

[daniels27]

You mean a company incorporated in Armenia but owned by foreigners?‍ Or a foreign company?

What is good:

• Wide range of currencies available, typically AMD, USD,⁠ EUR, RUR, GBP, CHF, CAD
  
• Low/no maintenance fee
  
• Low account opening fees
  
• Local transfers are⁤ inexpensive and possible in AMD, USD and EUR
  
• Banks are stable and usually safe
  

Where they do make money:

• FX
  
• Swift transfers are usually not that cheap with fees of⁣ 0.1% capped between 6 to 80 USD
  

 

[jafo]

Start here and keep going‌ down the rabbit hole: Dual Citizenship: What's the Real Advantage of Holding Two Passports?