CRS, Offshore Bank, EMI, Pre-Paid, Crypto Summary

[Hotzplotz]

After reading this forum, my conclusion for using non-CRS/ secret payments".
Use case: would like to make smaller payments like 400 EUR per month.
Receiver has a crypto account and can cash it out easily. I suppose he has KYC for cashing out.
He is in a different country.

Options
1) Prepaid cards:
Problems:
a) You cannot be sure which information providers share with the government.
Difference might be if there is an account with it. Pure prepaid cards might be exempt from reporting.

Swiss Bankers prepaid cards

How anonymous are these cards? for ATM withdrawals? https://www.swissbankers.ch/en/

www.offshorecorptalk.com

2) Crypto,
Problems:
a) CARF data exchange goes live in 2027.

Bringing Tax Transparency to Crypto-Assets – An Update

Global Forum Report to G20 Finance Ministers and Central Bank Governors

www.oecd.org

b) Movements between CRS bank account and crypto broker.

3) Electronic money / EMI:
a) Again you cannot be sure what they exchange.

Zen.com and CRS?

It is known that according to the DAC8, the 7th amendment to the Directive on Administrative Cooperation (exactly Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU), all EU-operating EMIs are considered Reporting Financial Institutions under CRS effectively...

www.offshorecorptalk.com

4) Non-CRS countries like Serbia
a) Problem is how to get the money in and out this country and
b) what happens when they join CRS later?

Best (non) CRS country to bank in? (as of July 2024)

With the ever dwindling amount of countries that are not part of the CRS reporting rules, which countries as of today have the best banking solutions for not residents or expats that live in country? Banks for personal accounts or foreign businesses?

www.offshorecorptalk.com

5) Crypto with cash / Crypto ATM
Problem:
a) high fees
b) limited amount (in my case ok)
c) and CARF at the receivers side. (see 2)

6) Cash
Problems:
a) Personal encounter required.
b) Limited withdrawal amount (in my case ok)

7) Middle Man / P2P, send via crypto
a) find middle man
b) fees
c) Prefer cash for middle man.

 

[daniels27]

400 EUR per month? You can just use anything, nobody cares.

 

[Hotzplotz]

The amount will rise with time, this is just for a start. expecting 3 times next year. again more later.

Again to clarify: Funds from one western European country to an Eastern European one. Both CRS.

Let me give my opinion (see reasons above):
1) Prepaid cards no option.
2) Crypto is an option only if both sides without KYC, but this will die sooner or later. --> nope (unless somebody tells me something different).
3) EMI will report sooner or already now. -> nope
4) Non-CRS countries too complicated, and might die --> nope
5) Crypto ATM seems to be an option , given that receiver still has lax controls, for now...
6) Cash is king, up to 10K when crossing borders. -- > OK
7) P2P transactions via CRC banks/PayPal only limited amounts, Middle man via cash is OK