Our valued sponsor

CRS Automatic Exchange Relationships Listing - Bilateral Agreements, Etc.

thegazelle

New member
Aug 3, 2016
46
60
18
53
Visit site
If you have looked through the list, you may have noticed that the USA is not part of CRS. It is ironic that FATCA has caused such global indigestion, and the USA are practising bullying tactics with the 30% withholding for any countries not signed on with FATCA, but when the rest of the world decided "we can play this game too" and set up GATCA/CRS, the USA has not signed on. As such, and you may have heard this elsewhere, but the USA is at the moment one of the best choices for a foreign account as long as it is not an personal interest bearing account, or if it is an interest bearing account - that it be opened up as an entity. The only caveat is that the vast majority, if not all, USA accounts require personal visit, but they don't ask a billion questions. Almost all of them have very decent website and mobile interfaces.

Now that Trump is President, it is virtually guaranteed that the USA will not join GATCA/CRS. It has been argued that even if Trump did not become President, US laws would have made it very difficult for the US to join CRS. But as it stands right now, this is good news for most folks who are considering opening an account in the US.
 
Yeah people need to look more into the EMI accounts if they want to avoid reporting and complicated application processes.
 
No one can be sure that they not get reported when using such services. As most financial services are obligated to report accounts but how they do is not clear as it seems they have not the exact strict obligations as banks have.
 

Latest Threads