Best (non) CRS country to bank in? (as of July 2024)
- Thread starter FREE CITIZEN
- Start date
- Status
You are on the right track! @Cloudbanck has given you some marvelous options!
Bruh, your︁ description of some of Africa's banks is precisely what some African clients disclosed. I was︂ reading it, and it was like déjà vu.
Great info you shared there!
Cheers!
Bruh, your︁ description of some of Africa's banks is precisely what some African clients disclosed. I was︂ reading it, and it was like déjà vu.
Great info you shared there!
Cheers!
Five years ago, Barclays UK closed my company accounts due the fact that I’ve paid a subcontractor in Serbia for a contract we were doing in Serbia (so it was a local subcontractor).
You can bank in non CRS countries but your clients will avoid paying you
You can bank in non CRS countries but your clients will avoid paying you
Not true
Because they don't know what they are talking about.
Please be aware that this forum, although can be a good source of information, is pestered by users who have done no research and talk about places they never set foot in. In short, kids︀ who dreams about playing James Bond.
Because they don't know what they are talking about.
Please be aware that this forum, although can be a good source of information, is pestered by users who have done no research and talk about places they never set foot in. In short, kids︀ who dreams about playing James Bond.
A PSA to OP about the quality of some members here is already quite a good contribution...I feel I touched a nerve there right?
Nothing will happen. If you are talking about getting a wire transfer of 500,000USD as a lump sum, there are probably a few (you can count them with one hand) countries whose banks will not question you. Almost everywhere they will want to hear some︀ info from you.
Been there, done that.
Talking about Philippines. Since OP is interested in︁ that.
Current AML laws in the country require, by government order (and not because the︂ banks want it) to basically attach a proof of source for incoming transfers over 500,000PHP︃ (or equivalent in USD).
There's no escape from that.
That doesn't mean you can't transfer︄ 100,000USD or 300,000USD. But you need to attach a proof of source to that or︅ the bank will simply refuse the incoming transfer and send back to sender (again, been︆ there, done that)
Now kids, go watch The Man with the Golden Gun, that's my︇ favourite Bond movie and let people with info and real life experience contribute to threads.︈ Take care.
Nothing will happen. If you are talking about getting a wire transfer of 500,000USD as a lump sum, there are probably a few (you can count them with one hand) countries whose banks will not question you. Almost everywhere they will want to hear some︀ info from you.
Been there, done that.
Talking about Philippines. Since OP is interested in︁ that.
Current AML laws in the country require, by government order (and not because the︂ banks want it) to basically attach a proof of source for incoming transfers over 500,000PHP︃ (or equivalent in USD).
There's no escape from that.
That doesn't mean you can't transfer︄ 100,000USD or 300,000USD. But you need to attach a proof of source to that or︅ the bank will simply refuse the incoming transfer and send back to sender (again, been︆ there, done that)
Now kids, go watch The Man with the Golden Gun, that's my︇ favourite Bond movie and let people with info and real life experience contribute to threads.︈ Take care.
As a PSA...
I should interject here because I think some people have been misunderstood, probably due to their tone!
It finally hit me after ruminating about the comments here, so here's my life experience with this...
Thank you for writing this because it sheds light on a phenomenon most people repel due to cognitive dissonance 😉
Most people I know (outside of a professional setting by self-made captains of industry) are this way.︀ They offer horrible advice that will lead one to the same place they are: poverty︁ and despair! ca#"!
You did apply "Praise by name and criticize by category," which︂ is the right approach. 😉
Source:
😉
In defense of those trying to help without the "war"︃ wounds and practical knowledge, "They just do not know; they don't know!" They think they︄ are providing a valuable service but cannot determine the veracity of their "thoughts." I made︅ a video on this topic to illustrate it, but I am too busy now to︆ find it. +99.99% of people OVERESTIMATE their abilities and knowledge! (I'm being conservative with my︇ numbers ) rof/% smi(&%
I have accumulated thousands of examples over decades, but here is one. Why︈ else would a person like this
who does not need to impress anyone, lie to︉ himself consistently for decades, knowing that in less than 60 seconds, his Potemkin Village will︊ be burned down? 🙄
100% This! Battlefield knowledge︎ right here. Hence why, our business networks and also other businessmen who are NOT politically️ connected and privileged in both Western and non-Western countries have moved to crypto, especially from cross-border payments/trade.
😉
This is PRICELESS PHILIPPINES BANKING INTELLIGENCE here! I'm very grateful for this!︁ Much appreciated!
Thank you for sharing! 😎
I should interject here because I think some people have been misunderstood, probably due to their tone!
It finally hit me after ruminating about the comments here, so here's my life experience with this...
Thank you for writing this because it sheds light on a phenomenon most people repel due to cognitive dissonance 😉
Most people I know (outside of a professional setting by self-made captains of industry) are this way.︀ They offer horrible advice that will lead one to the same place they are: poverty︁ and despair! ca#"!
You did apply "Praise by name and criticize by category," which︂ is the right approach. 😉
Source:
😉
In defense of those trying to help without the "war"︃ wounds and practical knowledge, "They just do not know; they don't know!" They think they︄ are providing a valuable service but cannot determine the veracity of their "thoughts." I made︅ a video on this topic to illustrate it, but I am too busy now to︆ find it. +99.99% of people OVERESTIMATE their abilities and knowledge! (I'm being conservative with my︇ numbers ) rof/% smi(&%
I have accumulated thousands of examples over decades, but here is one. Why︈ else would a person like this
who does not need to impress anyone, lie to︉ himself consistently for decades, knowing that in less than 60 seconds, his Potemkin Village will︊ be burned down? 🙄
100% This! Battlefield knowledge︎ right here. Hence why, our business networks and also other businessmen who are NOT politically️ connected and privileged in both Western and non-Western countries have moved to crypto, especially from cross-border payments/trade.
😉
This is PRICELESS PHILIPPINES BANKING INTELLIGENCE here! I'm very grateful for this!︁ Much appreciated!
Thank you for sharing! 😎
Lebanon claimed officially that they started exchanging in 2018, see OECD website.
I can imagine that as of the general instability in this region, this can have some flaws. The banking system there is probably all but stable. I don't recommend anyone to test it 😉
Regrettably, the times when Lebanon was a safe financial harbour of Middle East are long gone, I am afraid.
I can imagine that as of the general instability in this region, this can have some flaws. The banking system there is probably all but stable. I don't recommend anyone to test it 😉
Regrettably, the times when Lebanon was a safe financial harbour of Middle East are long gone, I am afraid.
CRS is easy to deploy.
Keep in mind that banks generally don't build their own core banking system. There's only a handful of vendors on the market that the vast majority of banks use. All of those systems are capable of being CRS compliant with rather minimal effort. So while it's not zero effort, it's not nearly as big︀ of a administrative or technical project as it may seem.
Lebanon has a long history of︃ ironclad banking secrecy and banks that have survived multiple wars, making it an extremely attractive︄ place to hide money and a banking haven in the region. There are (were) Lebanese︅ banks that would get in private jets to fly to clients, pick up suit cases︆ of cash, launder it for the client, keep a percentage, and deposit the rest on︇ a bank account the client controls.
So there is plenty of dirty money in Lebanon.︈ Relatively little of it belonging to the Lebanese, though.
Keep in mind that banks generally don't build their own core banking system. There's only a handful of vendors on the market that the vast majority of banks use. All of those systems are capable of being CRS compliant with rather minimal effort. So while it's not zero effort, it's not nearly as big︀ of a administrative or technical project as it may seem.
Lebanon has a long history of︃ ironclad banking secrecy and banks that have survived multiple wars, making it an extremely attractive︄ place to hide money and a banking haven in the region. There are (were) Lebanese︅ banks that would get in private jets to fly to clients, pick up suit cases︆ of cash, launder it for the client, keep a percentage, and deposit the rest on︇ a bank account the client controls.
So there is plenty of dirty money in Lebanon.︈ Relatively little of it belonging to the Lebanese, though.
(Almost) Everything they did is commendable and deserves praise. Now, I am not clear on the︄ "launder" part...
(1) Were the proceeds derived from "mala in se" crimes? For example, whacking︅ their parents and stealing the parents' savings? Yeah, that would definitely be money laundering.
xor...
(2) Were the proceeds derived from "mala prohibita" crimes? For example, proceeds from selling insulin︆ manufactured by GeroPharm to Venezuela? Source: The first lot of the Russian insulins manufactured by︇ GEROPHARM has been supplied to Venezuela - 11 December 2019
🙄
PS. I love Lebanon now︈ more than ever! I should visit! smi(&%
(1) Were the proceeds derived from "mala in se" crimes? For example, whacking︅ their parents and stealing the parents' savings? Yeah, that would definitely be money laundering.
xor...
(2) Were the proceeds derived from "mala prohibita" crimes? For example, proceeds from selling insulin︆ manufactured by GeroPharm to Venezuela? Source: The first lot of the Russian insulins manufactured by︇ GEROPHARM has been supplied to Venezuela - 11 December 2019
🙄
PS. I love Lebanon now︈ more than ever! I should visit! smi(&%
Both kinds. Doesn't (didn't) matter. People had cash they needed to get into the︀ financial system. The bank(s) made that happen. There was a fee. Both parties benefitted.
Outside of Switzerland and Liechtenstein, Lebanon was also known as a place to get a numbered︁ account and they were fine with bearer shares companies. So you could have an offshore︂ company with bearer shares, wire money, and then pay a dividend to a numbered bank︃ account to whoever the bearer was.
Most of that is gone or reduces now.︅ With the current situation in Lebanon, the banks aren't exactly thriving. When Lebanon stabilizes, I'm︆ sure the banks will be hungry for money again after sanctions and warning lists ease︇ off. But international standards on AML have changed and they have laws in place now︈ to ensure CRS compliance. In the past, it required major political involvement to lift banking︉ secrecy.
Outside of Switzerland and Liechtenstein, Lebanon was also known as a place to get a numbered︁ account and they were fine with bearer shares companies. So you could have an offshore︂ company with bearer shares, wire money, and then pay a dividend to a numbered bank︃ account to whoever the bearer was.
Most of that is gone or reduces now.︅ With the current situation in Lebanon, the banks aren't exactly thriving. When Lebanon stabilizes, I'm︆ sure the banks will be hungry for money again after sanctions and warning lists ease︇ off. But international standards on AML have changed and they have laws in place now︈ to ensure CRS compliance. In the past, it required major political involvement to lift banking︉ secrecy.
- Status