How to Avoid CRS - 3 Options as of 2019 - 2025

[Osleak]

I found crs here Exchange relationships - Organisation for Economic Co-operation and Development

And all countries,︀ also the Caribbean are doing automatic exchange of data.... at the moment only Albania and︁ few orher in EU don’t agreed yet, so your link i think is not correct︂ please check @xzars

 

[Tax Cow]

What is your point? It's an⁤ official link which shows active information exchange relationships. Being part of CRS is the first⁣ step, the next step for each CRS member is to find "dating partners" - other⁢ jurisdictions they exchange information with. Not all CRS jurisdictions exchange information with each-other. There are︀ plenty of CRS-non-reporting banking opportunities among CRS countries and non-CRS countries. To find such opportunities︁ is the purpose of providing that link.

 

[Osleak]

Thanks for your explanation so you are telling that almost all country⁢ less US and few other jurisdictions are not CRS, but your link show that in︀ the CRS jurisdiction like Belize, for example, if you open bank account they will not︁ exchange automatically informations with others countries but they will do it only after courry by︂ country agreements !?

 

[Tax Cow]

Correct. Belize will relay bank account information via CRS AEOI to 64 countries (as of 2019). Many more than 64 have joined the CRS. Jurisdictions pick their‍ "dating partners".

In contrast, Turkey only reports to 2 jurisdictions - Latvia and Norway. Other⁠ CRS members get nothing from Turkish banks.

 

[Macr2]

Great knowledge here. What about photoshop for the utility bill of the proxy country? While‌ also using a mailbox? In order to cut the real estate investment out.

 

[daxbr]

Useful tool to calculate tax liability quickly for each EU country:
https://freelance.tax/en/

 

[protonalex]

Also interesting about photoshop utility bill, how banks can check it? And⁠ what about - photoshop utility bill from non-CRS country, e.g. Swiss-Romania.

 

[Spinat]

keep it to the mentor group, it does not belong here @Admin you may⁣ clean the thread.

really interesting link, thanks for the nice share. There are︀ still some people around that say that if you maintain the company active you won't︁ get reported.

 

[Spinat]

This sounds actually like a good⁢ reason to stay away from your home country once you moved.

 

[romashkavarashka]

Why 1 year?

 

[burden]

Do you know if this is fully legal to do that @xzars what if my‌ government find out?

 

[Artemis Eleutheria]

Waking up in the morning may not be fully legal ...

 

[Tax Cow]

I'm assuming you do not want to‌ pay tax for the first year. Open the account right away, and you're on the‍ hook for that tax year. They sure know about domestic accounts in the EU.

@burden

No, it's illegal to have more (of anything) than others. You must share what you⁠ have.

 

[romashkavarashka]

Ok.
But if I⁠ don't want to wait for 1 year. Or if I'm in a rush. Or if⁤ the taxes in a country aren't high, it'll be ok to go open a bank⁣ account right away?

 

[Tax Cow]

Absolutely, you can⁠ do it. Most people go for a windmill residency solution like UAE, Panama, Paraguay, Cyprus,⁤ and dozens of others.

With your willingness to pay tax for the first year, or⁣ with careful planning and patience, you can get a much higher quality residency from a⁢ place not perceived as slutty (Italy, the Uk, Portugal, to name a few).

 

[Spinat]

Sorry for⁠ this question but how can you be sure about this? I mean, this would say⁤ that services like Transferwise, ePayments, Revolut and many others won't report your earnings as it⁣ is as we speak right now?

 

[Tax Cow]

@blueweb

CRS is about year-end account balance reporting, interest income reporting, you get from the‌ bank itself (CFD, savings accounts). The bank does not have a bullet proof way of‍ telling if the money you get from other sources is income or not.

EMIs nor⁠ banks report your other income under CRS. It's not in the scope.

If the bank⁤ cooperates with your tax office to look in depth into your earnings, it's not CRS⁣ but an investigation.

About EMI's and reporting, the relevant factor is if you have a⁢ unique IBAN or equivalent in your name. Transferwise is actively breaking the law by refusing︀ to report borderless accounts and respective year-end balances under CRS. They do not have an︁ obligation to report USD balances, but EUR, GBP etc. must be reported as of many︂ years ago. We'll see for how long the authorities let it go on.

 

[JackieTsan]

May I ask what is the reason to avoid CRS etc? Thank you

 

[Tax Cow]

Privacy, tax reduction, or both.

 

[JackieTsan]

In 2019 I don't believe‌ that there is ANY area in the world (safe, not ..Panama / puerto rico banks)‍ that you can keep your money safe without been reported, unless you have a second⁠ passport (and ..other name 🙂 )..

And if they are still are, after 50days is 2020..⁤ for sure will not be... got my point?