I think Montenegro is a good option (legally) because you pay only 9% tax either on income or business. Becoming a tax resident there and paying taxes at a lower rate, is best option IMHO (and a few other countries). They're non-CRS too, I saw they'll be in 2023 so will report everything, but when you're their tax resident, you pay their tax rate legally and are not evading or hiding. It just feels better, not to worry about being on the illegal side.
Which non-CRS country would you recommend for a bank account ?
- Thread starter Piano
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Ah finally a like minded individual.Lets have a drink together some time my friend or if we can collaborate on something that is also fine.
USA is the best option if you have no american residency/citizenship. I've never heard of a single case of IRS reporting your income to your home country.
Even if you open an account on TRNC, it's ALL Turkish banks because TRNC is not legally recognized!
Yes you can open accounts with all high street banks. Issue is that you have to visit personally to open the accounts, you can't open bank accounts remotely.
Currently Georgia (although will begin information exchange from 2023), Armenia and Philippines just to name a few. These aren't jurisdictions where you'd stash the rainy day fund and sleep like a baby every night but the banks are more reliable than many would initially deem, as always, diversification is the key here.
It would be prudent to assume they would backdate reporting from (at the minimum) when they signed up to CRS, but they would probably do so even before that. A lot of people are getting their panties wet, somewhat unnecessarily I feel, over CRS and AEOI. Just because a country has signed up (voluntarily), it doesn't mean that EVERY single bank in the country is going to be comprehensively implementing it and rigorously checking all clients. Do︀ you really think that every Swiss and Panamanian bank is just handing over everything they︁ have on their most profitable and juicy clients willy-nilly? There are numerous 'mistakes' and 'clerical︂ errors' along the way which mean certain information is never submitted to the regulator, let︃ alone actually exchanged with other countries.
We all know how disorganised, incompetent, corrupt and useless︄ many banks are and it isn't uncommon for them to not even request proof of︅ one's tax identification number or a subsequent change of fiscal residence, as long as it︆ fits the correct format that's the last you'll hear from them. Realistically, you need chunky︇ deposits (low 7-figure plus which you cannot explain) concentrated in a single/or only a few︈ institutions for the taxman to get a hard-on and really go for you.
We all know how disorganised, incompetent, corrupt and useless︄ many banks are and it isn't uncommon for them to not even request proof of︅ one's tax identification number or a subsequent change of fiscal residence, as long as it︆ fits the correct format that's the last you'll hear from them. Realistically, you need chunky︇ deposits (low 7-figure plus which you cannot explain) concentrated in a single/or only a few︈ institutions for the taxman to get a hard-on and really go for you.
I believe this might be true, which means smaller hamsters︈ who hide nuts and berries abroad in various jurisdictions, are a waste of time for︉ the tax authorities to go after. So if one is a 5 figure hamster who︊ doesn't want to give 30-50% of hard earned currency to the greedy tax man, current︋ non-CRS countries are good enough for his small stash of berries for the rainy day︌ 😀
In 2016 I got a letter from my taxman (EU) about interest and dividend income made in USA in 2014 and 2015. I was never a resident, nor citizen of USA. I only had personal brokerage account there and the amount in question was a few hundred USD.
Their letter started with that friendly five-letter word called "FATCA".
Their letter started with that friendly five-letter word called "FATCA".
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