Cambodia Residency to Avoid CRS?

[Silvio]

I've heard that it's super easy\cheap to get Cambodian residency (and business visa for 1 year etc), the question is can you open bank accounts using this residency and claim you actually live and pay taxes in Cambodia?

I'm guessing that banks will frown upon this thing and may ask to produce other address proof etc, but just wondering if anybody here tried that.

 

[Martin Everson]

Have you been to Cambodia?....I have to open an account. However would you want to claim to live under a dictatorship to avoid CRS? From a foreign banking point of view I don't think it will be received well but Singapore banking maybe possible.

 

[Silvio]

Any point opening accounts there if you don't intend to live there (I guess you don't want to live there..)

Hmm looks like Singapore Citibank don't accept Cambodia
https://www.ipb.citibank.com.sg/portal/home_english/citi_home.htm

 

[Martin Everson]

Have you been to Cambodia?....I have to open an account.

I meant to say in my previous post I "had to open". I opened an account there with ABABank. Not sure why it came out as "have to open" .

Any point opening accounts there if you don't intend to live there (I guess you don't want to live there..)

Yes, if at some point you plan to invest there perhaps, make use of deposit rates or stay outside CRS as you originally intended.

 

[OTR365]

I've heard that it's super easy\cheap to get Cambodian residency (and business visa for 1 year etc),

A few years ago the situation definitely was like you described (I got a business visa + extended it by 6 months, without even a hint of any business). But somebody on this forum said the rules have changed recently, and getting a business visa is no longer that easy.

 

[Silvio]

A few years ago the situation definitely was like you described (I got a business visa + extended it by 6 months, without even a hint of any business). But somebody on this forum said the rules have changed recently, and getting a business visa is no longer that easy.

Where did you see that?
Did you manage to do any banking using your residency card?

I meant to say in my previous post I "had to open". I opened an account there with ABABank. Not sure why it came out as "have to open" .

Yes, if at some point you plan to invest there perhaps, make use of deposit rates or stay outside CRS as you originally intended.

Looks interesting.. really high yields. Not sure if they have deposit insurance though.

 

[Martin Everson]

Not sure if they have deposit insurance though.

Your really looking for this?

 

[OTR365]

Where did you see that?

This thread.

Even if the rules have tightened, I suspect there are workarounds.

Did you manage to do any banking using your residency card?

It was just a 6-month business visa page on my passport. With the visa, a rental agreement and a local mobile number, I opened an account without issues. I have wired money there a few times, but I don't know if they would e.g. accept a wire from a crypto exchange.

 

[Artemis Eleutheria]

However would you want to claim to live under a dictatorship to avoid CRS?

We all live under dictatorships ... whether they be elected or not.

 

[daxbr]

Biggest problem will be if your country considers a one year business visa as genuine residency.

 

[Artemis Eleutheria]

Biggest problem will be if your country considers a one year business visa as genuine residency.

I did not buy a country yet ..... WIP