Buying tax residency docs to circumvent CRS reporting?

[Educate]

Anyone heard about strategy where beneficiary buys tax residency docs from various countries, so CRS data gets reported to a different jurisdiction?

Does this still work and which jurisdictions sell these docs?

 

[LoveMyLife]

The best wat is to obtain tax residency in Georgia as HNWI. You just need‌ to have a residence permit there, be there 1 day a year and show proof‍ of having income at least 200K GEL per year (50K EUR) in last 3 years.⁠

Almost all other countries requires you to spend more time there.. Cyprus requires 60 days,⁤ all others 183 days.. Georgia - 1 day only.

So you do not have to⁣ buy any fakes..

 

[xMarcel]

True. I'll add UAE and Malta to⁠ this list.
As a Nomad Capitalist says: after CRS came it's now time not only⁤ to move your assets but also move your a*s.

 

[Davis123]

I agree. UAE, Malaysia and Malta are all good⁠ choices but if you google territorial taxation countries you will see some other options too⁤ but those 3 are best choices so far I think. Dubai, UAE is the best⁣ no tax on remittance of foreign income and very nice cosmopolitan area and KL, Malaysia⁢ is second best. With Dubai you have Emirates airlines the best airline in the world︀ along with Eithad based in Abudhabi, UAE so UAE is the best I found so︁ far but everyone has their own choices in life. 🙂

 

[JackAlabama]

Malaysia did not suspend their program?

 

[LoveMyLife]

No. They just suspended‌ MM2H for time of Covid. Once this stupid situation will be over, they will open‍ it again.

 

[Davis123]

I think Andrew did‌ say on one of his videos that Malaysia suspended their MM2H program. Maybe rethinking on‍ asking more investment requirements as they know they can cash it but KL does not⁠ have that location experience that Dubai offers and I personally think Dubai is 100 times⁤ better than KL due to Emirates/Eithad airlines and cosmopolitan city. It's as cheap as KL⁣ now unless you want to live in Burj Khalifa.

 

[Davis123]

Maybe due to Covid‍ or maybe more investment requirements as Andrew stated.

 

[LoveMyLife]

Their actual price was set just to have just enough demand. Increasing⁢ limits for investment would make this program absolutely uncompetitive. In his video, he shares just︀ what he thoughts, but no exact informations. Situation in the most countries after covid closure,︁ will press all this programs down in numbers..

 

[JackAlabama]

Agree. I was not impressed by KL, just the food is nice.⁢ But Dubai is really a lot better.

 

[LoveMyLife]

Dubai is just golden cage for‍ rich birds. You have more things to do in Malaysia than in UAE. Both are⁠ moslem countries, so you have to respect almost the same rules.

 

[JackAlabama]

Yah safety is precious when youre a rich⁠ bird.
As someone living in various 3d world holes, I experience it daily.

 

[Educate]

Georgia seems like a good choice... what's⁢ the catch?

 

[JackAlabama]

Well, it is in a geopolitical hotspot and they snuggle up to eu veeery eagerly.
Enough reason to consider.

 

[Educate]

So what are drawbacks of Georgia?‍