Personal bank account/private banking in non CRS / CRS countries for Canadian/European resident

[backpacker]

PH: No, can‍ not be done with a reputable local bank anymore.
Even if you appear with an⁠ ACR-I-card which says "Tourist" you'll have a hard time. The branch might open an account⁤ and once you receive your first SWIFT (which goes through the banks' headquarter) you will⁣ get a one-month deadline to produce a residemce permit (a Tourist ACR is not a⁢ residemce permit!).

EG: Read this (post #21) -> Investing in Georgia real estate
before boarding︁ a plane.

As expected: Armenia also joining CRS - Caucasus now under︃ full control by OECD 😛
smi(&%

 

[boy20hki]

This sounds like a great option esp. the Egypt & UAE banks connection. So just want︆ to confirm again:

+Just have that UAE setup and visit UAE 1 day every 6︇ months to keep UAE residency status, then UAE will not report any of my UAE︈ bank account (both personal + company account) to Canada, right?
+If I will stay and︉ be tax resident of Canada (183 days rule), would staying in UAE for 90 days︊ per year to get UAE tax residency status offer any extra value? I guess probably︋ not?
+And to keep UAE residency status while living most of the time in Canada,︌ do I need to rent an apartment in UAE whole year around? How to save︍ this unnecessary cost? Maybe just rent a UAE place for short term like 2-3 months︎ and get the utility bill and use that to register foreign bank account and EMI️ is okay, then even in those non-CRS country my personal account would have UAE address‌ and if they ever report they will report to UAE, not Canada ?

 

[Forester]

Financial institutions in countries being involved in CRS should primarily report to the country of⁠ the tax residence (which should be checked while onboarding); if they are aware about your⁤ residence country, they should report there as well (but this mechanism is not completely clear⁣ to me as in this case they do not have your TIN).
Another questions of⁢ you should be answered by somenone having good knowledge of UAE-related issues... (Nevertheless, I guess︀ that having the tax residence in UAE should be beneficial 😉 )

 

[boy20hki]

This was confirmed by a post in 2021: So yes, UAE does not report⁢ those accounts of UBO with Emirates ID.
UAE free zone - anonimity

I think in︀ this case, both UAE FZCO and US LLC do not report to Canada under CRS/FATCA.︁ If Canada finds out, well then the consequence is the same for both because Canada︂ has CFC rule for tax resident: they will tax both in the same way

If I︇ keep all money in the company bank account of UAE FZCO / US LLC then︈ UAE or US are both equally suitable option.
But if I want to do distribute︉ from companies account big amount to any non-CRS countries's personal bank accounts like Egypt, Cambodia︊ then having UAE tax residency (aka choose UAE FZCO over US LLC) will help out︋ a lot as I will have the legit tax return in UAE to show that︌ I pay personal income tax in UAE & the money transfer is legal, and avoiding︍ having to show Canadian tax return which could pose some risk of being reported even︎ thought they are non CRS banks and risk of being suspected of undeclared income. In️ this situation then having to live in Canada for 6+ months and UAE 3 months‌ is the expected "lifestyle".

 

[Forester]

Really an interesting discussion between @Fred & @Gediminas, thanks for pointing at it.⁠ All their posts worth reading, IMO.
It's only necessary to check whether after two years⁤ it still describes the situation well – as you have just done 🙂

Yes, my perception of the︊ situation is the same; it was the background for my statement “I guess that having︋ the tax residence in UAE should be beneficial”. (BTW, the personal income tax in UAE︌ is zero, AFAIK.)

 

[PinkCat]

About the 3 months you have to be in UAE to be tax resident, how‌ do they check that if at all? What I'm asking I spend there few weeks‍ every year anyway, but can it be gamed so that looks like 3 months?

 

[Ivkide]

What is your current residency and passport? Can share some contacts in Africa.