Recent content by xzars

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    5 AML - How can company prepare?

    Is this correct: you are operating a consulting services company; you're not sure what AML (5) due diligence you must perform on your clients? - If yes, nothing will change for you.
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    High interest rate accounts

    Look into USD-denominated CD's in Latin America. GEL and other exotic currency CD's may pay 2-digit interest, but they tend to lose value against the big ones proportionally.
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    How to Avoid CRS - 3 Options as of 2019

    ...Further to KJK's question. (High-risk CRS indica) Second report destination could be added by the bank if any of the following apply: 1. Phone number in Country B 2. Standing order payment(s) to Country B 3. Frequent payments (very vague term) to Country B Taking that into account, for...
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    How to Avoid CRS - 3 Options as of 2019

    @KJK Bank's report is just a supplement to your self-certification - not more important, but not less either. If you say Country A, but the bank sees a sufficient link to Country B, they will just add a second report destination in benefit of Country B without consulting this matter with you...
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    Bank account for an US LLC

    Mercury.co, Transferwise allow remote opening. But you are likely required to get a business EIN first which is not a matter of one or two days. Wells Fargo, TD, BoA will not do remote account openings, but you might be able to avoid a flight if you appoint a local lawyer to open the account...
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    How to Avoid CRS - 3 Options as of 2019

    @alischuler83 FYI, you can update your address with your personal bank. Let them know your UAE address, and they will update it for you. In some cases, you might be able to do it yourself via online banking. Next time you generate an account statement, it shows your UAE address. Use that...
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    How to Avoid CRS - 3 Options as of 2019

    1. It will get you passed @ AML/Source-of-Funds checks. 2. This address on that statement alone is not subject to AEOI under CRS - the document as a whole is just a component of AML due diligence. 3. BUT it's a risk you will have to live with - your bank now knows a little more about you than it...
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    How to Avoid CRS - 3 Options as of 2019

    @alischuler83 I've focused this thread on CRS evasion for individuals. With business accounts, it's hilariously easy to avoid CRS. It's not even a real challenge. The rule set applicable to businesses is substantially bulkier - which is good because there are more lines of code. And more lines...
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    How to Avoid CRS - 3 Options as of 2019

    This exact dilemma happened in 2018 (and will happen again in 2019) in Eastern EU on a huge scale. People who live in low wage countries go abroad to work and study, but they still use their old home addresses and ID's for the banking relationships abroad (they can't afford to wait 3 months for...
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    How to Avoid CRS - 3 Options as of 2019

    Hello, A few members have reached out and asked for private advice on how to proceed in regards to my comments in this thread: Residence for bank account and offshore company I'm not on this forum for financial gain or service advertisement reasons. With that said, I will not engage in...
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    Residence for bank account and offshore company

    Indeed, multiple report destinations are possible. This option can be further fortified with odds of non-detection if your real country of tax residence is neither the country of birth nor the country which gave you the secondary residence ID for banking relationships. Born in Country A -...
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    Residence for bank account and offshore company

    @cheektocheek You missed the point. One solution to CRS is to find a country which has not joined. The long-term solution is to obtain a second residency or citizenship, and present yourself as someone living in that country to a high street bank in a developed country - better banking...
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    Help: Bank account for HK company in EU

    Similarly, check out Belgian banks - they have business ties with HK (incl. DTA) and lots of HK companies maintain EU bank accounts in Belgium. If you have a valid reason for an account (you sell products or services to EU), you should get an account.
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    Help: Bank account for HK company in EU

    Luxembourg branch of the ING might let you in, but of course, CRS applies, and they might ask for proof of EU VAT registration before considering your application. EU VAT registration (i.e. MOSS), even if you don't sell to EU that much, is a good asset to improve your chances of getting a...
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    Residence for bank account and offshore company

    Approx $1K for the gov, and you must hold $5K in a Paraguayan bank account to prove solvency while the application is processed. The immigration lawyer fees can vary a lot, and they are seasonal, so it's hard to predict - check relevant lawyers for offers. My total expense incl. gov and lawyer...
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