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How to Avoid CRS - 3 Options as of 2019

#83
macthaiver said:
so its for doing something illegal, right?
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Not at all, legal risk is something even the Pope is exposed to.

macthaiver said:
what is the money are legal?
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It is not you that decide what the law is, what the law means, or that uphold the law

macthaiver said:
is there other reason I mean to hide from crs?
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The main reason not to publish on internet all your account details, including your balance, is presumably to avoid having the money somehow stolen ... same reasoning applies when the criminals are in government.
 
#84
Artemis Eleutheria said:
Not at all, legal risk is something even the Pope is exposed to.


It is not you that decide what the law is, what the law means, or that uphold the law


The main reason not to publish on internet all your account details, including your balance, is presumably to avoid having the money somehow stolen ... same reasoning applies when the criminals are in government.
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What is Pope ?

I mean what IF the money are legal.

which account is published on the internet? i've never seen

thank you
 
#85
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#89
macthaiver said:
can you give more details? you mean to save them in different locations to share the risk?
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Risk management starts with trying to identify and understand the potential risks. Your risk profile will be different from everyone else, as will your tolerance of risk.

I would suggest you start with simply listing all the risks that you can imagine to your wealth (current or potential).

Then try to estimate the probability of the risk event occurring. (This is where most people utterly fail by underestimating events that they themselves have not experienced and overestimating events that they have experienced happening again).

Further consider what damage you will suffer in the case of the risky event happening.

By multiplying the probability with the impact of each event you should have get a map of priorities.

Then you need to consider risk mitigation, risk insurance and risk acceptance for each risky event.


For most people the number one risk they face is theft by the government (also called taxation as the government tend to prefer euphemism).

Probability is close to 100% and impact is often over 50% of your income.

Chance of a complete collapse of the banking system is on the other hand probably less than 1% and impact is unlikely to be 100% of your wealth.
 
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#90
xzars said:
@<<snippet>>

CRS is about year-end account balance reporting, interest income reporting, you get from the bank itself (CFD, savings accounts). The bank does not have a bullet proof way of telling if the money you get from other sources is income or not.

EMIs nor banks report your other income under CRS. It's not in the scope.

If the bank cooperates with your tax office to look in depth into your earnings, it's not CRS but an investigation.

About EMI's and reporting, the relevant factor is if you have a unique IBAN or equivalent in your name. Transferwise is actively breaking the law by refusing to report borderless accounts and respective year-end balances under CRS. They do not have an obligation to report USD balances, but EUR, GBP etc. must be reported as of many years ago. We'll see for how long the authorities let it go on.
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You are talking about personal account correct? Because the corporate bank account of trading company should be not reported because are NFE passive is that correct?
 
#91
@Osleak

Pretty much right, but the classification label you want to maintain is "Active NFE". With all the CRS classification risks and uncertainty around, I wouldn't bet my life savings on that horse. Can't take a bank to a court to redeem tax losses if they send a wrong (but somewhat correct) report to the wrong (but somewhat correct) tax man smi(&%
 
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#92
xzars said:
@Osleak

Pretty much right, but the classification label you want to maintain is "Active NFE". With all the CRS classification risks and uncertainty around, I wouldn't bet my life savings on that horse. Can't take a bank to a court to redeem tax losses if they send a wrong (but somewhat correct) report to the wrong (but somewhat correct) tax man smi(&%
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Yes sure banks could wrong and report also NFE active accounts...
 
#94
xzars said:
@<<snippet>>

CRS is about year-end account balance reporting, interest income reporting, you get from the bank itself (CFD, savings accounts). The bank does not have a bullet proof way of telling if the money you get from other sources is income or not.

EMIs nor banks report your other income under CRS. It's not in the scope.

If the bank cooperates with your tax office to look in depth into your earnings, it's not CRS but an investigation.

About EMI's and reporting, the relevant factor is if you have a unique IBAN or equivalent in your name. Transferwise is actively breaking the law by refusing to report borderless accounts and respective year-end balances under CRS. They do not have an obligation to report USD balances, but EUR, GBP etc. must be reported as of many years ago. We'll see for how long the authorities let it go on.
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So, in theory, if Transferwise was reporting under CRS and you are an EU resident with US LLC (or another location) with a borderless TW account in USD you wouldn't be reported?
 
#95
Reboot said:
So, in theory, if Transferwise was reporting under CRS and you are an EU resident with US LLC (or another location) with a borderless TW account in USD you wouldn't be reported?
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Not in theory but in practice. TW does not comply with CRS - they are very clear about it, stating it on their website. The problem is that it won't last; the governments will only accept it for a while, and then demand action. Once TW starts reporting, there are no guarantees they won't send reports for previous tax years too.
 
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#96
xzars said:
Not in theory but in practice. TW does not comply with CRS - they are very clear about it, stating it on their website. The problem is that it won't last; the governments will only accept it for a while, and then demand action. Once TW starts reporting, there are no guarantees they won't send reports for previous tax years too.
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Yes i think so, they probably start to exchange informations retroactively... i ve sent them an email about it and their reply is not clear...
 
#97
xzars said:
Correct. Belize will relay bank account information via CRS AEOI to 64 countries (as of 2019). Many more than 64 have joined the CRS. Jurisdictions pick their "dating partners".

In contrast, Turkey only reports to 2 jurisdictions - Latvia and Norway. Other CRS members get nothing from Turkish banks.
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Where do u see the list of 64 countries that Belize shares information with? I am using the link you posted in the original post and after trying like 20 countries it says "No result found for these jurisdictions..."
 
#98
In a recent conversation I have been told that Hong Kong tax office ignores all the CRS information they receive.
 
#99
xzars said:
Not in theory but in practice. TW does not comply with CRS - they are very clear about it, stating it on their website. The problem is that it won't last; the governments will only accept it for a while, and then demand action. Once TW starts reporting, there are no guarantees they won't send reports for previous tax years too.
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They don't report because they have a electronic money license (store of value) so legally the don't need to report.
I agree they won't last
 
#100
xzars said:
c. After you get the ID, register as non-resident and leave.
- Try not to do it on the same day you get your ID.
- If they ask why, make even sadder puppy eyes and say you could not find more work.
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Won't my ID be invalidated?
Don't they keep track of those who a) are in the country and posses an ID and b) those posses it and is leaving?

Moreover, the place where I apply for ID and where I then register as non-resident must be the same place or building? They should be able to easily share data with each other.
Right?
 
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