CRS

[Scout]

CRS UAE - can anyone tell me how CRS works in UAE? Is it just banks that share all your personal information or government and freezone regulating institutions too? I understand that you have to register for VAT now, even if you have none to pay. Does this result in the personal information you provide being shared through CRS? Any input gratefully received - as sounding out the pros and cons of orchestrating international consultancy remotely from a freezone vs incorporating / basing the company in a freezone but moving around various countries to provide services

 

[Sols]

CRS is only applicable to financial institutions, which means that banks but not government registers are required to automatically exchange information.

UAE has signed a few TIEA (Tax Information Exchange Agreement) with some countries. Under these agreements, the UAE government will share information about companies upon request.

 

[ivan1911]

Maybe slight off topic but if you are interested in crs i recon you want to avoid getting reported.. if that's the case then best would be to get a resident Id and open business / personal account using that id. That way you aren't reported as you are seem as a resident of UAE and not some other country.. at least that is what I gather from various topics on this forum. Setup costs a quite a bit but that's relative I guess.

 

[Spinat]

Can't agree more with what already is posted. The very best to avoid CRS is to relocate to a country where you don't need to care about CRS!

 

[Scout]

Can't agree more with what already is posted. The very best to avoid CRS is to relocate to a country where you don't need to care about CRS!

Could you recommend anywhere in particular which isn't too complicated for getting residency?

 

[bigdaddyleon]

Could you recommend anywhere in particular which isn't too complicated for getting residency?

would say uae or paraguay