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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
What if you establish residence in one of these countries (by renting a place there and getting a utility bill in your name) and then open bank account in some traditional offshore jurisdiction (Singapore, Switzerland, etc)? In this case you will not be CRS reported to any government by the bank, right?

Yes true. However they will ask the length of time you have been resident there. They will ask old address and if that is CRS country and falls in same year they will report to there also.

The question is, which of these countries has a territorial taxation system* and would be (generally) acceptable by banks as a place of residence?

What a fine selection of sh*tholes you provided to choose from smi(&%......im joking ns2.

You can look at Dominican Republic or Namibia etc conf/(%.
 

Peter66

New member
Yes true. However they will ask the length of time you have been resident there. They will ask old address and if that is CRS country and falls in same year they will report to there also.
Where do the banks ask for this info? On the CRS self certification form or the account opening form? And how to get around this in case I had no tax residence from Jan to Sep 2020 and had tax residence in a non CRS country (let's say Georgia) from Oct till Dec 2020?

What a fine selection of sh*tholes you provided to choose from smi(&%......im joking ns2.

You can look at Dominican Republic or Namibia etc conf/(%.
True, haha. Dominican Republic might be a semi-decent option if they have territorial tax system.

The question is, if it's actually worth trying to avoid CRS if I'm not doing anything illegal. Like would it be in issue if I get reported to a CRS country with territorial tax system (for example Panama now or Georgia after 2022) if I legally don't have to pay any tax there?
 

nomad999

Entrepreneur
DEVELOPING COUNTRIES NOT ASKED TO COMMIT AND THAT HAVE NOT YET SET A DATE FOR THE FIRST YEAR OF EXCHANGES (45)
Armenia, Benin, Bosnia and Herzegovina, Botswana, Burkina Faso, CaboVerde, Cambodia, Cameroon, Chad, Côte d’Ivoire, Djibouti, Dominican Republic, Egypt, ElSalvador, Eswatini, Gabon, Guatemala, Guinea, Guyana, Haiti, Honduras, Jamaica, Lesotho, Liberia, Madagascar, Mali, Mauritania, Moldova, Mongolia, Namibia, Niger, North Macedonia, Palau, Papua New Guinea, Paraguay, Philippines, Rwanda, Senegal, Serbia, Tanzania, Togo, Tunisia, Uganda, Ukraine, Viet Nam


What if you establish residence in one of these countries (by renting a place there and getting a utility bill in your name) and then open bank account in some traditional offshore jurisdiction (Singapore, Switzerland, etc)? In this case you will not be CRS reported to any government by the bank, right?

The question is, which of these countries has a territorial taxation system* and would be (generally) acceptable by banks as a place of residence?

(* so you can be 100% certain that you won't be liable taxes on your worldwide income in that country, even though the bank will not report you there in the 1st place)
The Philippines is a good option i believe, will investigate there when the fearmongering on the virus settles a bit ...
for instance I changed my country of residence at a swiss bank to Thailand and I only had to signed a few documents with a TIN but without providing any proof of residency.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Where do the banks ask for this info? On the CRS self certification form or the account opening form? And how to get around this in case I had no tax residence from Jan to Sep 2020 and had tax residence in a non CRS country (let's say Georgia) from Oct till Dec 2020?

They will ask on the opening application forms how long you have been at that address most of the time for bigger banks. I remember Lloyds and Barclays Jersey asked me this at one point. I think they wanted addresses for last 3 years at the time but I suppose you can be liberal with truth. :confused:

The question is, if it's actually worth trying to avoid CRS if I'm not doing anything illegal. Like would it be in issue if I get reported to a CRS country with territorial tax system (for example Panama now or Georgia after 2022) if I legally don't have to pay any tax there?

Yup no point avoiding CRS. If you get reported to a territorial tax country where your resident nothing will be done anyway.
 

rey skywalker

Entrepreneur
for geogia banks in these days they are worst than kgb, i wait 3.6 m from turkmenistan , all papar work ok

medical suplies for local hospital, tbc and bank of geogia they simply refuse operation for political concern,,

they are reaaly asshole , the i open accoutn the said non probelm , than when they see swift from central bank they just send back funds

bunch of idiots
 

Flatworld

Active Member
for geogia banks in these days they are worst than kgb, i wait 3.6 m from turkmenistan , all papar work ok

medical suplies for local hospital, tbc and bank of geogia they simply refuse operation for political concern,,

they are reaaly asshole , the i open accoutn the said non probelm , than when they see swift from central bank they just send back funds

bunch of idiots
the Bank of Georgia ask me to visit their branch during the Covid-19 time to break my Term deposit...or I have to notary and apostille the POA to someone in Georgia to break it...

what make me not happy is: they allow me to open term deposit via their mobile app - easy and simple, and then when I need to break it, it's like a trap...quite similar to your issue...they are idiots~
 

blizz

Mentor Group Gold
what make me not happy is: they allow me to open term deposit via their mobile app - easy and simple, and then when I need to break it, it's like a trap...quite similar to your issue...they are idiots~
gangster methods
 

rey skywalker

Entrepreneur
for geogia banks in these days they are worst than kgb, i wait 3.6 m from turkmenistan , all papar work ok

medical suplies for local hospital, tbc and bank of geogia they simply refuse operation for political concern,,

they are reaaly asshole , the i open accoutn the said non probelm , than when they see swift from central bank they just send back funds

bunch of idiots
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
the Bank of Georgia ask me to visit their branch during the Covid-19 time to break my Term deposit...or I have to notary and apostille the POA to someone in Georgia to break it...
Sounds normal. I think I mentioned on another thread that when I took my money out of BOG during anti Russia protests and tried to close things down they wanted me to travel there also...lol.

P.S Account had a Georgia address though as I have residency there smi(&%
 

JackAlabama

Entrepreneur
Sounds normal. I think I mentioned on another thread that when I took my money out of BOG during anti Russia protests and tried to close things down they wanted me to travel there also...lol.

P.S Account had a Georgia address though as I have residency there smi(&%
I also have a Georgian address there. The lady was so nice to put that one in (I asked her a drink and a dinner and talked abt my intentions of living in Georgia maybe have distracted her compliance handling. (However up until now I still have no residency in Georgia as they raised the limits and are shut until now).

You can get the cash cover loan, no idea how that one works but it is advertised to use that one instead of breaking the time deposit. No idea how well that works. I might have to start to draw down cash by card soon as I am unsure how well the wire procedure will work.
 

avalanche

Entrepreneur
I also have a Georgian address there. The lady was so nice to put that one in (I asked her a drink and a dinner and talked abt my intentions of living in Georgia maybe have distracted her compliance handling. (However up until now I still have no residency in Georgia as they raised the limits and are shut until now).

You can get the cash cover loan, no idea how that one works but it is advertised to use that one instead of breaking the time deposit. No idea how well that works. I might have to start to draw down cash by card soon as I am unsure how well the wire procedure will work.
They put your Georgian address without any proof at any time, no need to ask a drink lol.

Wire transfers work fine as well.
 

Traveler

New member
the Bank of Georgia ask me to visit their branch during the Covid-19 time to break my Term deposit...or I have to notary and apostille the POA to someone in Georgia to break it...

what make me not happy is: they allow me to open term deposit via their mobile app - easy and simple, and then when I need to break it, it's like a trap...quite similar to your issue...they are idiots~
Yep - this is super annoying. Especially as your deposits won't even break upon expiry, but rather automatically renew for another (shorter) period, usually at a lower interest rate than the original, unless you specifically terminate it.

The situation is much better with SOLO (their version of private banking), as then your banker can terminate your deposits remotely.

Or another solution is to create separate deposits, $5,000 at a time, as 5k is, I believe, the limit under which deposits can be terminated (or "violated", as their app calls it, lol) through Internet/Mobile Banking.
 

JackAlabama

Entrepreneur
Yep - this is super annoying. Especially as your deposits won't even break upon expiry, but rather automatically renew for another (shorter) period, usually at a lower interest rate than the original, unless you specifically terminate it.

The situation is much better with SOLO (their version of private banking), as then your banker can terminate your deposits remotely.

Or another solution is to create separate deposits, $5,000 at a time, as 5k is, I believe, the limit under which deposits can be terminated (or "violated", as their app calls it, lol) through Internet/Mobile Banking.
puuh then i am lucky as i have several of below 5k $ term deposits.
Is it the same for tbc? I specified there no auto-roll over.
Also do you know if they give you a hard time when you want to send money out of Georgia or is it better to draw down with the card?
 

Flatworld

Active Member
Yep - this is super annoying. Especially as your deposits won't even break upon expiry, but rather automatically renew for another (shorter) period, usually at a lower interest rate than the original, unless you specifically terminate it.

The situation is much better with SOLO (their version of private banking), as then your banker can terminate your deposits remotely.

Or another solution is to create separate deposits, $5,000 at a time, as 5k is, I believe, the limit under which deposits can be terminated (or "violated", as their app calls it, lol) through Internet/Mobile Banking.
Term deposit under 5000 GEL (about USD 1500) can break via internet/mobile banking...not 5000 USD~

It's as funny as their country's bank deposit insurance, which used to be only 5000 GEL per person (now change to 15000 GEL)...
 

Traveler

New member
puuh then i am lucky as i have several of below 5k $ term deposits.
Is it the same for tbc? I specified there no auto-roll over.
Also do you know if they give you a hard time when you want to send money out of Georgia or is it better to draw down with the card?
Deposits with TBC are problematic to begin with. For non Private Banking clients, you need to physically visit a branch to even open one. I suspect the same will then be true for terminating it.

Sending funds out of Georgia is rarely a problem. The banks here are far more likely to give you hard time over receiving funds than sending.
 

JackAlabama

Entrepreneur
Deposits with TBC are problematic to begin with. For non Private Banking clients, you need to physically visit a branch to even open one. I suspect the same will then be true for terminating it.

Sending funds out of Georgia is rarely a problem. The banks here are far more likely to give you hard time over receiving funds than sending.

I managed to do it by just mailing back and forth. And the auto-reniew is off as specified in the contract they mailed me. So lets see how it will play out.
 

Admin

Forum Moderator
Staff member
I managed to do it by just mailing back and forth. And the auto-reniew is off as specified in the contract they mailed me. So lets see how it will play out.
what did they requested from you if you don't mind to share a little information?
 
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