Confidential Bank Accounts (Remaining options)

[Artemis Eleutheria]

Anonymous bank accounts died with the Austrian Sparbuch some time ago, and banking confidentiality (ie that the bank does not snitch to the taxman) seem to be almost dead, but there are still some options open.

Austria: Bank confidentiality remains in place for local residents. That is, they will not snitch to the Austrian taxman, they will only snitch to the US taxman and to those in CRS countries. So, provide the right papers at account opening time, that proves that you live in Austria, and no taxman will be alerted. Move away, and tell the taxman, but not the bank (certain to break terms and conditions). Austria still have numbered accounts, for those who are concerned about the next massive leak from the resident IT guy.

Belgium: Bank confidentiality remains in place for local residents. Same operation as for Austria, no numbered accounts.

Bank in Non-CRS countries: Still a few around (but not many) where you can open an account, but getting harder.

Change of residence to Non-CRS country: Technically, the banks should not report you (neither to the residence country, not to your passport country), however they may still end up doing so to other CRS countries (e.g. your passport country) based on indicia. Not adviceable unless being reported will cause a problem.

 

[Tax Cow]

The most time-proof are the fully compliant CRS + FATCA + FATF jurisdictions. Only takes one bank who believes in your false narratives.

"A criminal within the walls of a church" - my personal motto. Whore houses come and go, but the church stays.

 

[KJK]

The most time-proof are the fully compliant CRS + FATCA + FATF jurisdictions. Only takes one bank who believes in your false narratives.

Care to explain what you mean? I'm no expert but from what I've read I don't think such case is realistic...

Usually the contrary happens (overreporting now to multiple countries, in a few years maybe global automatic Big Brother) - even if you convince someone now it doesn't mean they won't report in a year to your citizenship country or to country of your phone number or some other bulls**t. For a bank it is better to overreport than risk huge fines from the regulator.

 

[Silvio]

Austria: Bank confidentiality remains in place for local residents. That is, they will not snitch to the Austrian taxman

You mean if an Austrian resident deposits lots of money into his account the Austrian Tax office won't find out and ask him why his bank account balance differs from his declared tax?
I find it very hard to believe

 

[Tax Cow]

Care to explain what you mean? I'm no expert but from what I've read I don't think such case is realistic...

Usually the contrary happens (overreporting now to multiple countries, in a few years maybe global automatic Big Brother) - even if you convince someone now it doesn't mean they won't report in a year to your citizenship country or to country of your phone number or some other bulls**t. For a bank it is better to overreport than risk huge fines from the regulator.

Harmonize all indica, get a second home and residency. Include a name-change passport from another country of citizenship if you want to be extra safe. Minor things, like phone numbers, are the obvious basics.

Everyone but the celebrities can do it.

 

[KJK]

Okay xzars... you bet I'd want to be extra safe. Maybe change name / omit one letter from my last name, then get a new passport. And have all "indica" point towards the new country instead of the country of my birth. Sounds pretty cool.

The darkest place is under the candlestick - can maybe apply to USA, to compliant countries, to many things in life.

I still think the OP's post and opinion is bulls**t the be honest. There is no such thing as banking secrecy, all you need is a simple police request or tax office request - in some countries you don't even need subpoena/court for that, the state can get all info just like that.

I'd believe maybe in these countries (Austria, Belgium...) there is more bureaucracy needed and maybe some approval but if some part of the state/government wants to get that info, you can be pretty sure they will get it.

 

[Tax Cow]

@KJK

Correct, those privacy properties the Austrians and Belgians enjoy won't hold up to real scrutiny from global super-powers like the U.S., France, Russia, China, the UK, etc.

"US person" posing as AT/BE resident will be sacrificed upon information request as you pointed out. The OPs contribution could still be somewhat viable for someone from a non-super-power country, i.e. Zambia or Vietnam. The same as with the infamous Swiss banking secrecy, which has drastically reduced in size, but still hasn't died; now focused on clientele from frontier markets, the nation states which have no means to punch back as hard as the U.S.

 

[EliasIT]

The same as with the infamous Swiss banking secrecy, which has drastically reduced in size, but still hasn't died; now focused on clientele from frontier markets, the nation states which have no means to punch back as hard as the U.S.

What you say is that Austria was the same as Switzerland.

So if they both are out like Cyprus went out for some years ago, then we can conclude no banking secrecy exists any longer. We will only have crypto and darks as we see it in the mentor group