In 2021 with CRS implemented.. does it all point to second residency / second passport?

[Educate]

Since it is no longer enough to simply register an offshore nominee company to hold your assets as per CRS the beneficiaries will be reported to their respective jurisdictions... isn't the right solution simply acquiring a second passport and residency permit in a tax friendly country and using that address when registering literally everything (brokers, banks, offshore companies)?

So the idea is:

1) Individual -> Acquire second passport / residency in tax friendly country
2) Then register an offshore company in a corporate tax friendly jurisdiction, use address and beneficiary info of the second passport jurisdiction.

In end, all data will get send to second, tax friendly jurisdiction.

What do you think? Is this the solution in the age of CRS?

 

[JackAlabama]

The best is you move physically where you want︂ to pay tax.
You want 0%? Bahamas might be the choice and some of these.︃
The best solution with good sleep.

 

[Educate]

But are there no options if you don't want to‍ move, yet pay 0% tax by getting second passport or residency?

 

[Clip]

If you live in‍ a country with worldwide taxation, forget it. The only way is to move, you can⁠ still visit high tax countries for a period no longer than 183 days a year⁤ per country.

 

[Fred]

If you want a good and reliable solution go with a zero tax residence like‌ UAE.

The CRS problem you mentioned is solved when you setup the bank accounts with‍ the residence.

If you open bank accounts in the UAE they consider you as a⁠ local residence and no CRS reporting will happen.

The only requirement from the UAE side⁤ is to be every 180 days for 24 hours within the UAE to keep the⁣ residence active.

In UAE you get residence the easiest and cost effective way by forming⁢ a company that grants you the residence visa.

Regarding your part of you don't want︀ to move - we have many clients climing they want to live in Dubai but︁ in reality only show up here 2 times a year to keep the residence together︂ with the local bank accounts active. So far they get away with it because of︃ the non existing CRS reporting of the local UAE residence bank accounts.

The OECD link︄ for this "residence by investment" - as mentioned before the Bahamas is on the list︅ as well:
https://www.oecd.org/tax/automatic-...sistance/residence-citizenship-by-investment/

 

[Edge]

I actually think @Admin should add a category in the forum about Golden visas, second‌ passports, citizenship by investment etc ..

 

[IBO Panama]

There are CRS countries and non CRS countries.
However, the CRS countries are divided into‌ NON COOPERATIVE and COOPERATIVE.

Like what fred said, depending on banks can not report CRS‍ when you apply for account as a resident.

UAE has 180 day rule but Panama⁠ has 2 years rule.

Just come here every 2 years to keep your residency alive,⁤ then get a 2nd passport after 5 years without having to spend too much time⁣ and money.

Panama had to be a CRS country but it is non cooperative country⁢ as well.

 

[Silvio]

You have 0.01% chance of getting a panamian︀ passport after 5 years, and if you only come once every 2 years your chances︁ are less than zero.

 

[Fred]

Do you have personal practice experience with it?︀

I always try to be as open as possible but all the Panama company providers︁ told me about issues with opening of local bank accounts if you don't have any︂ relations to Panama or living there the whole year. I was told that in the︃ past it was enough to mention you want to open a bank account for real︄ estate investment but as this was abused it has stopped several years ago.

Same with︅ the passport. I was told that it's in theory possible like you mentioned but in︆ practice it's like you can apply for it but if you get ever the passport︇ if you really come once every 2 years - nobody could ever confirm.

If I︈ ask other forum members they try to comment against me that I just want to︉ push Dubai.

Would appreciate personal feedback but for me it looks much to easy to︊ come to Panama once every 2 years and after 5 years you get a Panama︋ passport. I mean you would get the Passport with ever been to Panama two days︌ in your life.

I highly doubt this.

 

[Piano]

is CRS not only for personal accounts ?

 

[Fred]

No -‌ for business bank accounts as well.

 

[IBO Panama]

the people that you see first on the google search cannot get you‍ any s**t done, most gringo expats don't know s**t.
That is why they fail. Anyone⁠ can get you a PR easily, even a beginner lawyer can, naturalization is another story.⁤
If you are interested you can let me know after you have finished your 5⁣ year maintenance of your PR.
We have naturalized Italians and other foreigners who only come⁢ every 2 years.
Don't listen to crooks like AH

 

[IBO Panama]

that is why you pay someone for a bank account made in⁢ YOUR name not PAY someone to get BANKER INTRODUCTION SERVICE because this is not 100%.︀
Any cheap person will try to do things on his own and ultimately fail, hello︁ 2021 byebye 2016.
you only get the right to︅ apply for naturalization after 5, but it takes up to 2 years for the judge︆ to decide.
The result of your case will ultimately depend on the lawyer how he︇ covers your.

Btw Fred, why aren't you replying to my telegram messages?

 

[MurrayRothbard]

Remember DUBAI (UAE) reports to the CRS every single year. They report everything. Just check‌ OECD.

Don't trust anyone selling you a "NON-CRS Company in Dubai", because you will end‍ in jail for 10 years.

 

[bizniz]

I have many years of personal experience in Panama before I moved to Serbia. Here‌ is my take on it:

• Residence in Panama - very easy
  
• Naturalization - very difficult‍ but not impossible. Being in the country, speaking Spanish etc certainly helps. Can you get⁠ naturalized after 5 years of residence having spent only 2 days in the country and⁤ not speaking a word of Spanish? Probably yes, but you need an extremely well connected⁣ lawyer and they will ask so much money that you would be much better off⁢ just going for one of the Caribbean Citizenship Programs where you invest 100k and get︀ naturalized after a few months. There are rumors that Panama will launch its own Citizenship︁ by Investment Program but nothing concrete as yet.
  
• Panama Banking - medium difficulty. As a︂ non-resident owner of a Panama company you can open bank accounts and do business but︃ expect to put in some effort, have good documentation, get your financial statements certified by︄ a Panamanian auditor etc.
  

 

[Fred]

Not true!

UAE is part⁠ of CRS since 2018 but if you setup the bank accounts with residence visa the⁤ Dubai Company grants you - no CRS reporting is triggered.

It's called residence by investment:⁣

https://www.oecd.org/tax/automatic-...sistance/residence-citizenship-by-investment/

 

[MurrayRothbard]

Why do you say⁠ not true? What I said is 100% TRUE and you can check it in the⁤ OECD site. Read my post again, it is 100% TRUE.

UAE started reporting in 2018.⁣

https://www.oecd.org/tax/automatic-...-by-jurisdiction/crs-by-jurisdiction-2018.htm
If you live in a country for 180 days and get resident VISA of⁢ course you are not going to get reported back to your home country, you are︀ going to be taxed in UAE. And in many other countries you don't need to︁ make a company at all. That trick is older than Rasputin (The Pre Soviet abuser︂ and criminal that some old loser has in his profile pic).

Stop telling people UAE︃ is a NON-CRS Country. Because that is not true, Freddy. UAE is a CRS country.︄

 

[Fred]

You repeat exactly what I mentioned︂ one Post before.

What I mention all the time is a NON-CRS Setup and this︃ is 100% true when the setup is done right.

This is in 2021 worth a︄ lot because in the same time you are able to still open local UAE banks︅ without having a flat the whole year.