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How to Avoid CRS - 3 Options as of 2019

#181
microw said:
What do personal accounts typically require nowadays? Is it enough to just show them some rental deed and a utility bill? They don't ask for any other proof of actual tax residency in the said country? (Like say a tax certificate or a recent declaration etc.)
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In Georgia it's only your passport, which may not be from "undesired" countries.
 
#187
Outlander said:
All countries under sanctions, plus all or most of Africa, as well as poor Asian countries. This is an unwritten rule, it's just the way it is.
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Under what sactions? Whose sanctions? Iranians, since there're lots of them in Georgia and they do business, are permitted to open accounts there too despite the fact that Iran and US are rivals and Iran is under sactions of the US.

Some parts of Russia are under sanctions of the US. Yet I, being russian, have opened accounts in Georgia with my russian passport.
 
#188
parmateruanez said:
Under what sactions? Whose sanctions? Iranians, since there're lots of them in Georgia and they do business, are permitted to open accounts there too despite the fact that Iran and US are rivals and Iran is under sactions of the US.

Some parts of Russia are under sanctions of the US. Yet I, being russian, have opened accounts in Georgia with my russian passport.
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As I told you, these are unwritten rules based on numerous people I've dealt with, so I don't have a hard list to give you. Yes, Russians are welcomed. Your mileage may vary with other passports, and they may deny account opening or demand more time and scrutiny. Try showing up with a Nigerian passport at BoG and see what happens.
 
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#189
rowena said:
I agree, The best option is proxy residency.

Get UAE residency and rent contract/utility bill and use it for bank account openings. UAE is the most powerful country with zero tax and because of their multi-billion dollar economic volume, no one can blacklist them. Unlike other countries, you just need to enter the country 2 times per year to keep your residency active and OECD trying to change this rule since 5 years but no luck.
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So what is not 100% clear to me is what you need to open a bank account in the UAE.
Because you can get a residency visa with a freelancing licence, which costs 7500 Dirham ( https://gofreelance.ae/index.php#header3-b ).
You need to enter the country twice a year for the residency visa to remain valid, and according to the minister of finance, you are resident in the UAE if you have a residency visa and an Emirates ID ( https://www.mof.gov.ae/en/StrategicPartnerships/Documents/UAE AEOI Guidance Notes 08Dec2016.pdf )
So for opening the account are you required to show that you plan to rent something?Can you rent something for three months just to open the account?What if you open the account as non resident but you have an emirates ID and a residency visa? ( I don't think you need to show that you have a rental agreement to get either, I might want to live as a digital nomad and come to the UAE just twice a year, so it doesn't look like the residency visa is tied to a rental contract ).
 
#190
shikari said:
So what is not 100% clear to me is what you need to open a bank account in the UAE.
Because you can get a residency visa with a freelancing licence, which costs 7500 Dirham ( https://gofreelance.ae/index.php#header3-b ).
You need to enter the country twice a year for the residency visa to remain valid, and according to the minister of finance, you are resident in the UAE if you have a residency visa and an Emirates ID ( https://www.mof.gov.ae/en/StrategicPartnerships/Documents/UAE AEOI Guidance Notes 08Dec2016.pdf )
So for opening the account are you required to show that you plan to rent something?Can you rent something for three months just to open the account?What if you open the account as non resident but you have an emirates ID and a residency visa? ( I don't think you need to show that you have a rental agreement to get either, I might want to live as a digital nomad and come to the UAE just twice a year, so it doesn't look like the residency visa is tied to a rental contract ).
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few banks need DEWA bills (electricity and water bills in your name) to open bank account or at least utility bills like smartphone utility bills. But some banks can open account as uae resident with your foreign utility bills and address yet
 
#191
Osleak said:
few banks need DEWA bills (electricity and water bills in your name) to open bank account or at least utility bills like smartphone utility bills. But some banks can open account as uae resident with your foreign utility bills and address yet
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Be careful now. You also need to show economic substance of what you are doing for UAE ? They are strong arming UAE and it passed laws recently to show economic substance of what you are doing here? You have to start showing some economic substance to UAE. EU, OECD at its game ever since Obama passed FATCA and banks brokerages, certain types of investments shut down on Americans with open blackimailing to them. He with OCED paved the way for this kind of monstrosity. I am trying to look for another jurisdiction too as I am in UAE.
 
#193
shikari said:
So what is not 100% clear to me is what you need to open a bank account in the UAE.
Because you can get a residency visa with a freelancing licence, which costs 7500 Dirham ( https://gofreelance.ae/index.php#header3-b ).
You need to enter the country twice a year for the residency visa to remain valid, and according to the minister of finance, you are resident in the UAE if you have a residency visa and an Emirates ID ( https://www.mof.gov.ae/en/StrategicPartnerships/Documents/UAE AEOI Guidance Notes 08Dec2016.pdf )
So for opening the account are you required to show that you plan to rent something?Can you rent something for three months just to open the account?What if you open the account as non resident but you have an emirates ID and a residency visa? ( I don't think you need to show that you have a rental agreement to get either, I might want to live as a digital nomad and come to the UAE just twice a year, so it doesn't look like the residency visa is tied to a rental contract ).
[/
Look this kind of behavior is exactly why UAE is in problems with OECD/EU. I think you all need to think carefully this kind of plan will not work too long.
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#194
Davis123 said:
Be careful now. You also need to show economic substance of what you are doing for UAE ? They are strong arming UAE and it passed laws recently to show economic substance of what you are doing here? You have to start showing some economic substance to UAE. EU, OECD at its game ever since Obama passed FATCA and banks brokerages, certain types of investments shut down on Americans with open blackimailing to them. He with OCED paved the way for this kind of monstrosity. I am trying to look for another jurisdiction too as I am in UAE.
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I can be a freelancer (I'm already a software developer freelancer) in the UAE, get a UAE client and that should give some "substance".
 
#196
The gofreelancer.ae ( https://gofreelance.ae/ ) package is 13.000 Dirham with the residency visa, and once you are a freelancare, they have a marketplace, so I guess getting a client is not impossible. And at the end of the day I wouldn't need to prove I'm resident in the UAE to someone, I just need a bank account which considers me a resident for CRS purposes, which is what happens once you have a residency visa in the UAE. Once I'm a freelance it's clear that part of my income will come from international clients, having 1-2 clients in the UAE would make more believable that I'm really freelancing also in the UAE ( and gives me an excuse for the residency visa in case someone asks ). In any case, like everything else in this world, things change fast and you have to adapt.
 
#197
shikari said:
The gofreelancer.ae ( https://gofreelance.ae/ ) package is 13.000 Dirham with the residency visa, and once you are a freelancare, they have a marketplace, so I guess getting a client is not impossible. And at the end of the day I wouldn't need to prove I'm resident in the UAE to someone, I just need a bank account which considers me a resident for CRS purposes, which is what happens once you have a residency visa in the UAE. Once I'm a freelance it's clear that part of my income will come from international clients, having 1-2 clients in the UAE would make more believable that I'm really freelancing also in the UAE ( and gives me an excuse for the residency visa in case someone asks ). In any case, like everything else in this world, things change fast and you have to adapt.
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Substance law started recentlay and is retroractive law. If you are not from EU and high tax country you wouldn't have problems with your local govt. They are thinking to tax corporates but haven't done so. Google it. I think this year they are also letting go of Ajman E channel deposits that were there previously. If you are rich enough that it becomes better for you for to leave CRS country then this is a good option.
 
#198
Davis123 said:
Be careful now. You also need to show economic substance of what you are doing for UAE ? They are strong arming UAE and it passed laws recently to show economic substance of what you are doing here? You have to start showing some economic substance to UAE. EU, OECD at its game ever since Obama passed FATCA and banks brokerages, certain types of investments shut down on Americans with open blackimailing to them. He with OCED paved the way for this kind of monstrosity. I am trying to look for another jurisdiction too as I am in UAE.
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Yes i’ve got notification from consultant to fill economic substance...

They ask if company is owned of 50% or more from uae government, but nothing about customers I think what you suggest me to have customer in uae? If no customer in uae they should exchange information with my country of passport?
 
#199
Osleak said:
Yes i’ve got notification from consultant to fill economic substance...

They ask if company is owned of 50% or more from uae government, but nothing about customers I think what you suggest me to have customer in uae? If no customer in uae they should exchange information with my country of passport?
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If you are living here full time then they won't. Be careful they are thinking of corporate taxes too as evident by gulf news recently. Always have a second plan. They are now asking every company to show them economic proof of being beneficial to UAE.
 
#200
Davis123 said:
If you are living here full time then they won't. Be careful they are thinking of corporate taxes too as evident by gulf news recently. Always have a second plan. They are now asking every company to show them economic proof of being beneficial to UAE.
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Sorry it’s not clear whar you are telling... visa residence just need to come in dubai 1 time every 6 months, this is the law.... when you get visa residence you are resident in uae in fact.... maybe banks don’t open bank account, this probably will be every year more hard because banks want substance in uae... but they will not exchange information if you have visa
 
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