The CRS (Common Reporting Standards) has become a nightmare lately, with more and more people trying to figure it out, understand its rules and how it can affect them. It’s particularly important to those with activities in multiple countries, such as offshore entrepreneurs.
The CRS comes with a series of questions as well. Where are your taxes paid? What countries do you use for banking? What country are you a tax resident in? How about your American citizenship? Are there any double taxation treaties?
All these questions and many others are related to the CRS, which has the primary goal of identifying offshore bank accounts that are kept secret. There are also some sophisticated financial issues to consider, so you may require professional help in the process.
You might have seen these issues on the OffshoreCorpTalk forum. People ask about this and that, try to come up with different setups, but somehow, everything goes back to this standard.
But before getting there, it’s important to know a thing or two about the CRS. These being said, let’s find out more about countries ignoring the CRS and whether or not their positions are about to change soon.
What’s the CRS?
The CRS has been introduced by the OECD (Organization for Economic Cooperation and Development). Basically, the concept was for countries adhering to this standard to share everything and make privacy even more of a challenge for people.This standard has created a worldwide system. It covers banks from the countries adhering to it. They have to collect personal information (quite common for all banks), but also share it with everyone in the system.
This means your bank from Georgia will collect data about you and send it to the tax authorities from Germany if you're connected to these countries. Tax authorities and banks from all countries in the system will cooperate.
Some of the details included in these reports include:
- Balances from all of your accounts, including savings or current accounts.
- Dividends.
- Interest rates for your accounts.
The idea is to battle tax evasion. Quite a few countries joined, while many others adhere to this system year by year.
For example, Georgia was a very attractive environment for entrepreneurs due to its growing market. It joined the CRS in 2022, with 2023 being the first reporting year. It became a full CRS participant in 2025 and is now exchanging information automatically with other jurisdictions.
CRS tries to stop people and companies from keeping assets private in other jurisdictions. It does so by tying banks. They’re subject to extremely strict regulations now, so everything has to be reported.
Simply put, banks running in CRS countries must assess their customers, determine their tax residency, and report based on it.
The CRS Effects on Banking Privacy
While banks still offer some sort of privacy, this type of secrecy is mostly against third parties and never against governments. Of course, you don’t want random marketing spam from third parties, but in terms of secrecy, governments in CRS countries have access to all of your information now.Banks have to disclose all these personal details on platforms that can be accessed by other CRS countries.
While offshore ideas are still good in terms of diversifying your assets, they become completely irrelevant when it comes to privacy. If you like to keep your finances and assets hidden, that’s no longer the case.
Governments associate the CRS with a fair approach. They claim that fairness is their primary goal, yet this kind of fairness also exposes everyone to leaks or even mismanagement.
It’s worth noting that this isn’t about banks, but mainly about governments.
A bank cannot legally refuse to share and exchange data. It’s the law now. From this point of view, if privacy is your main concern, there are still some non-CRS countries out there. That’s the goal of our article.
Countries not part of the CRS don’t need to exchange all this data. It’s not required to do it automatically. Banks in these countries don’t have to follow CRS rules, so your account could be private.
However, this doesn’t mean that independent treaties or agreements between countries will keep your data secret. Just because you bank in a non-CRS country, it doesn’t mean you’re fully anonymous.
You still have to do your homework, as there are other laws that may require some form of disclosure.
This means an exception isn’t necessarily the opportunity to hide money or assets. While you will get some extra privacy and protection for your assets, it’s imperative to follow local regulations and tax laws as well.
Why Go for a Non-CRS Jurisdiction
Privacy, discretion and secrecy are the main reasons wherefore more and more people look for non-CRS countries. Banks in such countries may still share data, but it won’t be in the same manner. It won’t be an automatic process.Your data can be handed over if you’re in the middle of an investigation, for example. But generally speaking, you can hold money and assets with extra peace of mind. Your personal details won’t be shared with worldwide databases either, so you can keep your identity safe against attacks and theft.
Being in a non-CRS country also means that you can diversify your assets in more ways. You can have some backup in case of economic crises or perhaps political turmoil.
Once again, remember that it doesn’t mean that you can ignore laws. Each non-CRS country has its own laws. Banking in some places doesn’t mean that you can cheat. Instead, you’re basically picking a place that respects your privacy, fairness and confidentiality.
There are more categories of people looking for privacy in non-CRS countries.
- Entrepreneurs. As a businessperson, you want some sort of privacy. You want your investments to be private, not just for yourself, but for your investors too. Business funds are just as important and should be kept secret.
- Retirees. Living abroad once you retire can be a challenge. And the last thing you want (instead of chilling on a beach) is dealing with tax authorities for some stupid reason. You want to keep your savings safe, without any issues.
- Freelancers. Whether you’re a digital nomad who loves exploring the world or you’re a freelancer making money online, you want simplicity when it comes to your money, as well as easy access anytime, anywhere.
- Investors. Moving assets and funds from one place to another is a great way to diversify your wealth. From this point of view, investors also prefer non-CRS countries to keep risks under control.
Facts to Know about the CRS
It’s important to fully understand the CRS. And while you don’t necessarily have to go into all the small details (quite difficult if you’re not a legal specialist), you can still get a few facts straight, so you know where you stand. Here are a few considerations worth your attention.- US residents and citizens are covered by the FATCA (Foreign Account Tax Compliance Act), meaning international banks share account data with the US government, let alone the IRS. This is a separate act.
- Even if you live in a non-CRS country, it’s worth noting that in some of these countries, you may have to report your foreign bank accounts. The bank won’t do it for you, but you may have to do it yourself legally. Check the laws first.
- US citizens are stuck with their nationality. For instance, a British citizen can become non resident in the UK and move to a country that won't report anything. A US citizen can do it too, but not without renouncing their citizenship.
- Many countries that ignore the CRS may still report under FATCA. It won’t affect too many people, apart from US citizens and residents. Normally, you should report all these foreign accounts yourself.
- Check the laws in your current country. While rare, some countries don’t allow their citizens to open bank accounts in other jurisdictions. If you live in a developed country, chances are you won’t have to worry about it.
Best Non-CRS Countries for Offshore Banking
A non-CRS country isn’t necessarily the best solution. A country ruined by internal wars, political corruption and famine won’t be a good idea. Sure, the last thing the government cares about is the CRS. However, it’s too unstable to even be considered.Therefore, our list covers countries with a decent presence on the market and safe solutions for foreigners.
Cambodia
When it comes to Asian havens, Cambodia often goes overlooked. Most people think about Singapore or Thailand, but no one really bothers about Cambodia. However, it has a pretty solid financial industry that keeps growing. And it doesn’t follow any CRS requirements either.
Opening a bank in Cambodia is an easy job. Foreigners are widely accepted by most banks. You need to bring some form of ID and sometimes proof of address. Always double check the requirements upfront. Also, keep in mind that you may even be able to do it on a tourist visa.
Big cities offer access to most banks and even online access, but you may struggle in rural areas. Interest rates are considered quite high, sometimes going up to 5%.
While it looks like a perfect destination, Cambodia isn’t the most stable place in the world when it comes to politics or laws. While there are no discussions regarding the CRS implementation at the moment, things may change.
Paraguay
Paraguay is an excellent location in South America that doesn’t really align with the CRS. Banks offer all sorts of accounts and you don’t even need to be a resident. Compared to nearby countries, Paraguay is laid back and more lenient.
The local economy runs well, yet it’s mostly based on agriculture and commerce. Banks retain their accessibility by being available to foreigners too. Trying to stay competitive, they’re renowned for their low fees and taxes.
Simplicity is essential in Paraguay. According to some of the reviews here on the OffshoreCorpTalk forum, opening accounts in Paraguay could be easier than in your own country.
Like other countries in our list, Paraguay isn’t perfect either. This means there’s a lack of transparency in the public sector, so the political climate could shift slightly. This isn’t about wars or revolutions, but about the possibility of adopting the CRS at some point in the future. All clear for now, though!
Guatemala
Guatemala isn’t part of the OECD and doesn’t have anything to do with automatic CRS data exchanges, so your assets will be fine there. Banks keep their customers’ information within Guatemala, so there should be no issues whatsoever.
Some of the country's biggest banks (such as Azteca Bank, for example) have multiple branches around big cities, let alone mobile applications, access to more currencies, and even staff who can speak perfect English.
Throw in the low cost of living, low banking fees and beautiful scenery and you have the perfect destination. Do double check the requirements upfront, as you may have to show proof of income when opening an account.
As for the negative side, Guatemala has some political tension, but nothing major. Crime rates could be an issue in some parts of the country, so pick your location wisely.
North Macedonia
Located in the heart of the Balkans, North Macedonia is an excellent option for Europeans because it’s not too far from home, yet it offers a stable scenario for non-CRS applications. As a foreigner, you’ll be able to open an account in no time. Show some form of income, bring identification and you’re done.
There are a few big banking names in North Macedonia, such as Erste Group or ProCredit Bank, just to name a few. Some big banks are part of larger international chains with branches in CRS countries, so pay attention.
There are also some online banking solutions, yet this segment is fresh. The country is stable politically and if you're after international currencies, the euro is the most popular one.
Other than that, North Macedonia is trying to be part of the EU. That’s one of the reasons why it’s changed its name so many times (an ongoing issue with Greece). As it gets closer, rules on the CRS implementation may change. It will most likely take years before it happens.
Belarus
Belarus is seen as Russia’s little sister, yet Russia is actually a CRS country, while Belarus isn’t. Despite being in Europe, Belarus doesn’t plan to join the EU. In fact, it stays away from it. Foreigners can deposit money with no issues regarding reports to other countries.
Banks in Belarus are straightforward and adhere to local rules with no exceptions, despite the level of corruption in the country. There’s a high level of privacy though, especially in front of outside governments.
The problem with Belarus is that it doesn’t feel very stable. The political situation isn't too predictable. It might join Russia in the war, but it hesitates. Then, the same president ruling the country for years is considered a dictator by the Western media.
When it comes to potential risks, foreign transactions can be frozen based on how the situation evolves, so you’ll have to be careful.
The Philippines
You can’t go wrong with the Philippines. It’s beautiful, it has warm people and English is an official language. Large local banks allow foreigners to open accounts with basic documentation, such as a visa, an ID and proof of address.
Big cities also host international bank branches. For example, you can find branches of HSBC or Bank of China, just to name a few. Big local banks are also worth some attention, with Metrobank being one of the front runners.
You won’t get a fortune in interest, but the fact that personal data is kept private and not shared with international agencies can be the main advantage. Currency controls are part of the game though, especially when it comes to large transactions.
Political changes can, indeed, happen, yet the Philippines can be considered one of the most stable countries in our list.
USA
Most people wouldn’t expect the USA to be part of our list, but it is. The USA will most likely never join the CRS system. However, it doesn’t mean that you can hide your assets freely, as the country is targeted by a different act, the FATCA.
This act gathers information on US nationals and their assets abroad, yet data isn't shared between CRS countries. It's not an automatic process. Since there are no CRS connections, you can basically bank in states like Delaware or Wyoming and avoid global tax agencies glaring over your money.
Since it’s a developed country, the US doesn’t mess when it comes to KYC and AML rules. You’ll have to offer all kinds of documents and everything must be clear, from the source of your funds to the purpose of your funds.
On a side note, keep in mind that while you may avoid the CRS in the USA, you’ll still struggle if your home country has its own unique rules.
Exploring Further Options
We’re not going to get into small details here, but introduce you to a concept that’s worth some attention. There is, however, some risk involved in terms of future changes, so if you do follow this idea, make sure you keep an eye on the latest news and developments.So, the idea is that many countries don't necessarily want to be part of this CRS drama. They'd rather bring money in. What's the point of chasing foreigners for another country's benefit? No one cares about other countries, so stick to yours. More money in your country means better for the economy.
Unfortunately, some countries signed up because they were intimidated.
Besides, without the CRS compliance, they’re in a gray area, so their ratings might be reduced.
Then, there are also countries that are skeptical about it. What would a small country have to gain? Not much. This is mostly made for big economies to chase everyone.
From this point of view, you may find countries where compliance forms are messed up. No one knows what’s going on and no one’s really reporting much. For example, you could find a box asking you if you’re a US citizen. Both options could be “no”.
Then, there are countries that signed up, but mechanisms aren’t fully in place. Things are less likely to change too soon. Such errors would be quickly implemented by countries like France or Belgium, but almost never by countries like Bermuda.
There are no general rules regarding how to find such countries or what kind of banks are messy about it, so you’ll have to do your own research.
How to Choose a Non-CRS Country for Banking
Once again, some non-CRS countries are actually alright and safe. Some others are stuck in civil wars or political conflicts. It’s pointless to relocate your money to Somalia because there’s no CRS ruling there when the country is struggling with famine and internal wars.These being said, here are a few things to consider when not sure about the perfect non-CRS country.
- Stability. Look for a country with stability in all directions. You need the economy to be quite stable. You need the political stage to be stable as well. The more stability you can find in other domains, the better.
- Smoothness. Just because you can find a decent non-CRS country, it doesn't mean it's perfect if you can't do anything there. You need a smooth setup. You need to be able to open an account without any headaches. Look for basic requirements only.
- Reputation. A country with a good reputation is a must. Avoid blacklisted nations that have no regulations whatsoever or are torn apart by wars. Countries with a history of freezing foreign funds should also be avoided.
- Secrecy. It’s worth considering secrecy and privacy laws and regulations too. A solid record of protecting customers’ information is always a good indicator.
- Modern solutions. Pick a bank with access to modern features, such as online banking, more types of accounts and even more currencies.
Potential Challenges
No matter what non-CRS country you pick or how appealing it may seem, you may still experience all kinds of challenges. It’s perfectly normal.Some countries have unstable politicians and a risky environment. Policy updates could come out of nowhere, not to mention assets that could be frozen. That’s the last thing you expect, especially in a country you’re not familiar with.
Other than that, you may also find less advanced features, depending on the country you choose. Some banks may not have all the services and features you’re used to, not to mention financial products or maybe some payment solutions.
Moving funds could be a challenge then, yet it’s still worth it.
Furthermore, large economies keep an eye on non-CRS countries. Transactions to and from such places are often double checked.
Pay attention to corruption levels as well. In some countries, you may have to work your way in with bribery, let alone hidden taxes or fees.
Bottom line, there are loads of non-CRS options out there. Many of them aren’t worth being mentioned because of how unstable they are. Others are safer, but there’s still a bit of a risk, so you need to pay attention.
While there are clearly some benefits regarding these questionable jurisdictions, you also have to be cautious and do your homework. If you’re not 100% sure about something in particular, get a professional service to help out.
In the end, let us know if you’re experienced with any non-CRS countries or what kind of suggestions you may have. Tell us about your challenges and concerns and we’ll try to address them accordingly.
