Banking in Georgia for small amounts?

[biker]

Hello everyone it's my first post.

I live in EU - before I lived in UK for couple of years
I would like to try to sell digital products and not sure it this will bring some good money. I will not have any invoice on my name but only on my customer name (I need to buy producs on customer name using my payment method). I am not sure if this will bring some good money so wanna try to bank somewhere and hide it a bit.
In next month I will go to Georgia for travel and I was thinking to open personal bank account there. They are non-CRS country so If I will transfer my money from customer (2-10k EUR or less monthly) they cannot report me to my EU country where I live ? Then I would need to reinvest this money using bank card or some EMI and buy another producst for my customer on their names.

Can anybody tell more about this idea ? Bad/Good?
Looking for cheap and quite safe solution cause I am not so rich at the moment just wanna try if this kind of business will work

 

[Martin Everson]

Welcome aboard .

They are non-CRS country so If I will transfer my money from customer (2-10k EUR or less monthly) they cannot report me to my EU country where I live ? Then I would need to reinvest this money using bank card or some EMI and buy another producst for my customer on their names.

Georgia is committed to its first CRS Exchange in 2024.

Can anybody tell more about this idea ? Bad/Good?

Not a good idea. I don't know which EU country you are from but you may want to investigate how bad the tax will be first before you go down this route or structuring anything.

 

[biker]

Welcome aboard .

Georgia is committed to its first CRS Exchange in 2024.



Not a good idea. I don't know which EU country you are from but you may want to investigate how bad the tax will be first before you go down this route or structuring anything.

The problem is that I cannot have an invoice in my name or company name but only in customers names... so I wouldn't have any costs invoices... that's why thinking about this way

 

[FantomOffshore]

Georgia is committed to its first CRS Exchange in 2024.

So, Serbia and Belarus are the only viable non-African / non-Asian options going forward. That is wild…

 

[JackAlabama]

So, Serbia and Belarus are the only viable non-African / non-Asian options going forward. That is wild…

You also have latam options. The nice country of aml terror squad Seprelad, Paraguay. Also El Salvador and Honduras.
There is also Bosnia and North Macedonia afaik.
The CRS thing must be approached by a different angle today and mostly by moving physically or good structures or a combo thereof.

 

[biker]

You also have latam options. The nice country of aml terror squad Seprelad, Paraguay. Also El Salvador and Honduras.
There is also Bosnia and North Macedonia afaik.
The CRS thing must be approached by a different angle today and mostly by moving physically or good structures or a combo thereof.

So don't you recommend Georgia ? Im from the middle of the Europe.

 

[VESTANON]

@OP
tryout The UAE, or asia/africa, better still as @Martin Everson stated, take up georgia, carryout a trial run, learn from the test run, adjust accordingly on the fly, and tweak towards going for a longterm solution down the line.

testing would be cheaper, temporary functional and familiarizing with aspects within a one year window.

though Georgia CRS coming in 2024 as @Martin Everson rightly stated.

 

[offsho]

Welcome aboard .



Georgia is committed to its first CRS Exchange in 2024.



Not a good idea. I don't know which EU country you are from but you may want to investigate how bad the tax will be first before you go down this route or structuring anything.

What are the consequences from joining the CRS auto reporting besides knowing everything an individal does with his money? If you are not doing anything illegal what effects are there from this move?

 

[Martin Everson]

What are the consequences from joining the CRS auto reporting besides knowing everything an individal does with his money? If you are not doing anything illegal what effects are there from this move?

CRS is about preventing tax crimes. If you are not doing anything illegal you have nothing to worry about. Your account is only being reported to your country of residence. Search the forum for CRS threads if you want to know more.

 

[biker]

@OP
tryout The UAE, or asia/africa, better still as @Martin Everson stated, take up georgia, carryout a trial run, learn from the test run, adjust accordingly on the fly, and tweak towards going for a longterm solution down the line.

testing would be cheaper, temporary functional and familiarizing with aspects within a one year window.

though Georgia CRS coming in 2024 as @Martin Everson rightly stated.

What about if I lived in UK 2-3 years ago and i have bank account still opened there on my old UK addres... will they report me to me EU country?

 

[JackAlabama]

What about if I lived in UK 2-3 years ago and i have bank account still opened there on my old UK addres... will they report me to me EU country?

How would they know? To answer it: Inspect every detail of your account.
This is your key question when you determine your risk here.

However we are at 2023 and your ideal strategy should not be based on hopes of not being reported.

 

[biker]

How would they know? To answer it: Inspect every detail of your account.
This is your key question when you determine your risk here.

However we are at 2023 and your ideal strategy should not be based on hopes of not being reported.

I left UK but bank account is till active with full UK address, is it safe to transfer money there ? CRS does't report residents but in their system I am like a resident I think because i didn't change address after leaving UK.

 

[VESTANON]

What about if I lived in UK 2-3 years ago and i have bank account still opened there on my old UK addres... will they report me to me EU country?

Highly likely if it comes to that, as you didnt change addresses on the bank acct before departing the UK as well as banking acct still active, and hence correspondence,emailing, acct maintainance/updates, etc from banking side would still be active and synced with all details provided prior to departure.

 

[biker]

Highly likely if it comes to that, as you didnt change addresses on the bank acct before departing the UK as well as banking acct still active, and hence correspondence,emailing, acct maintainance/updates, etc from banking side would still be active and synced with all details provided prior to departure.

So you are saying that this account is not under CRS in this case ? If I live abroad now ? Can they do sth bad to me if I will have transfer to this account from earnings abroad ?

 

[VESTANON]

as

So you are saying that this account is not under CRS in this case ? If I live abroad now ? Can they do sth bad to me if I will have transfer to this account from earnings abroad ?

UK is under CRS as per your UK entity's jurisdiction, Bulgaria is under CRS to report your tax residency.

so yes sth bad can happen as both countries are eligible and functional to CRS.

Uk would report when you add banking to the entity, as it triggers the financial and functional aspect of CRS..

You could set up UK address, UK entity. BG address UK entity which is relatively safe.

however CRS would be triggered, when an EMI or Physical banking attached to the Mix.

Emis/banking are forced to report, so as to keep up with good standing on licensing, jurisdictional regulations etc.

 

[biker]

as

UK is under CRS as per your UK entity's jurisdiction, Bulgaria is under CRS to report your tax residency.

so yes sth bad can happen as both countries are eligible and functional to CRS.

Uk would report when you add banking to the entity, as it triggers the financial and functional aspect of CRS..

You could set up UK address, UK entity. BG address UK entity which is relatively safe.

however CRS would be triggered, when an EMI or Physical banking attached to the Mix.

Emis/banking are forced to report, so as to keep up with good standing on licensing, jurisdictional regulations etc.

What is your best solution in my case ? really don't know if this will work and bring some good money, so don't want to invest in this so much now

 

[VESTANON]

What is your best solution in my case ? really don't know if this will work and bring some good money, so don't want to invest in this so much now

intentions to make money, would be relational to the case in question.

you made no mention/specifics on intended digital products etc..?

payment methods to be adopted?

from a solution point of view, simply get a fully setup package consisting on biz Entity+ plus banking that blurs you out transactionally.

on the other hand as @Martin Everson rightly stated,pay taxes on a timely manner, reveal all aspecta of entity ownership, POA etc...pay taxes in BG and The Uk simultaneously.