In 2021 with CRS implemented.. does it all point to second residency / second passport?

[Educate]

Since it is no longer enough to simply register an offshore nominee company to hold your assets as per CRS the beneficiaries will be reported to their respective jurisdictions... isn't the right solution simply acquiring a second passport and residency permit in a tax friendly country and using that address when registering literally everything (brokers, banks, offshore companies)?

So the idea is:

1) Individual -> Acquire second passport / residency in tax friendly country
2) Then register an offshore company in a corporate tax friendly jurisdiction, use address and beneficiary info of the second passport jurisdiction.

In end, all data will get send to second, tax friendly jurisdiction.

What do you think? Is this the solution in the age of CRS?

 

[JackAlabama]

Since it is no longer enough to simply register an offshore nominee company to hold your assets as per CRS the beneficiaries will be reported to their respective jurisdictions... isn't the right solution simply acquiring a second passport and residency permit in a tax friendly country and using that address when registering literally everything (brokers, banks, offshore companies)?

So the idea is:

1) Individual -> Acquire second passport / residency in tax friendly country
2) Then register an offshore company in a corporate tax friendly jurisdiction, use address and beneficiary info of the second passport jurisdiction.

In end, all data will get send to second, tax friendly jurisdiction.

What do you think? Is this the solution in the age of CRS?

The best is you move physically where you want to pay tax.
You want 0%? Bahamas might be the choice and some of these.
The best solution with good sleep.

 

[Educate]

The best is you move physically where you want to pay tax.
You want 0%? Bahamas might be the choice and some of these.
The best solution with good sleep.

But are there no options if you don't want to move, yet pay 0% tax by getting second passport or residency?

 

[GiGoGo]

But are there no options if you don't want to move, yet pay 0% tax by getting second passport or residency?

If you live in a country with worldwide taxation, forget it. The only way is to move, you can still visit high tax countries for a period no longer than 183 days a year per country.

 

[Fred]

If you want a good and reliable solution go with a zero tax residence like UAE.

The CRS problem you mentioned is solved when you setup the bank accounts with the residence.

If you open bank accounts in the UAE they consider you as a local residence and no CRS reporting will happen.

The only requirement from the UAE side is to be every 180 days for 24 hours within the UAE to keep the residence active.

In UAE you get residence the easiest and cost effective way by forming a company that grants you the residence visa.

Regarding your part of you don't want to move - we have many clients climing they want to live in Dubai but in reality only show up here 2 times a year to keep the residence together with the local bank accounts active. So far they get away with it because of the non existing CRS reporting of the local UAE residence bank accounts.

The OECD link for this "residence by investment" - as mentioned before the Bahamas is on the list as well:

Residence/Citizenship by investment - Organisation for Economic Co-operation and Development

www.oecd.org

 

[Edge]

I actually think @Admin should add a category in the forum about Golden visas, second passports, citizenship by investment etc ..

 

[IBO Panama]

There are CRS countries and non CRS countries.
However, the CRS countries are divided into NON COOPERATIVE and COOPERATIVE.

Like what fred said, depending on banks can not report CRS when you apply for account as a resident.

UAE has 180 day rule but Panama has 2 years rule.

Just come here every 2 years to keep your residency alive, then get a 2nd passport after 5 years without having to spend too much time and money.

Panama had to be a CRS country but it is non cooperative country as well.

 

[Silvio]

There are CRS countries and non CRS countries.
However, the CRS countries are divided into NON COOPERATIVE and COOPERATIVE.

Like what fred said, depending on banks can not report CRS when you apply for account as a resident.

UAE has 180 day rule but Panama has 2 years rule.

Just come here every 2 years to keep your residency alive, then get a 2nd passport after 5 years without having to spend too much time and money.

Panama had to be a CRS country but it is non cooperative country as well.

You have 0.01% chance of getting a panamian passport after 5 years, and if you only come once every 2 years your chances are less than zero.

 

[Fred]

There are CRS countries and non CRS countries.
However, the CRS countries are divided into NON COOPERATIVE and COOPERATIVE.

Like what fred said, depending on banks can not report CRS when you apply for account as a resident.

UAE has 180 day rule but Panama has 2 years rule.

Just come here every 2 years to keep your residency alive, then get a 2nd passport after 5 years without having to spend too much time and money.

Panama had to be a CRS country but it is non cooperative country as well.

Do you have personal practice experience with it?

I always try to be as open as possible but all the Panama company providers told me about issues with opening of local bank accounts if you don't have any relations to Panama or living there the whole year. I was told that in the past it was enough to mention you want to open a bank account for real estate investment but as this was abused it has stopped several years ago.

Same with the passport. I was told that it's in theory possible like you mentioned but in practice it's like you can apply for it but if you get ever the passport if you really come once every 2 years - nobody could ever confirm.

If I ask other forum members they try to comment against me that I just want to push Dubai.

Would appreciate personal feedback but for me it looks much to easy to come to Panama once every 2 years and after 5 years you get a Panama passport. I mean you would get the Passport with ever been to Panama two days in your life.

I highly doubt this.

 

[Piano]

Since it is no longer enough to simply register an offshore nominee company to hold your assets as per CRS the beneficiaries will be reported to their respective jurisdictions... isn't the right solution simply acquiring a second passport and residency permit in a tax friendly country and using that address when registering literally everything (brokers, banks, offshore companies)?

So the idea is:

1) Individual -> Acquire second passport / residency in tax friendly country
2) Then register an offshore company in a corporate tax friendly jurisdiction, use address and beneficiary info of the second passport jurisdiction.

In end, all data will get send to second, tax friendly jurisdiction.

What do you think? Is this the solution in the age of CRS?

is CRS not only for personal accounts ?

 

[Fred]

is CRS not only for personal accounts ?

No - for business bank accounts as well.

 

[IBO Panama]

You have 0.01% chance of getting a panamian passport after 5 years, and if you only come once every 2 years your chances are less than zero.

the people that you see first on the google search cannot get you any s**t done, most gringo expats don't know s**t.
That is why they fail. Anyone can get you a PR easily, even a beginner lawyer can, naturalization is another story.
If you are interested you can let me know after you have finished your 5 year maintenance of your PR.
We have naturalized Italians and other foreigners who only come every 2 years.
Don't listen to crooks like AH

 

[IBO Panama]

I always try to be as open as possible but all the Panama company providers told me about issues with opening of local bank accounts if you don't have any relations to Panama or living there the whole year. I was told that in the past it was enough to mention you want to open a bank account for real estate investment but as this was abused it has stopped several years ago.

that is why you pay someone for a bank account made in YOUR name not PAY someone to get BANKER INTRODUCTION SERVICE because this is not 100%.
Any cheap person will try to do things on his own and ultimately fail, hello 2021 byebye 2016.

Would appreciate personal feedback but for me it looks much to easy to come to Panama once every 2 years and after 5 years you get a Panama passport. I mean you would get the Passport with ever been to Panama two days in your life.

you only get the right to apply for naturalization after 5, but it takes up to 2 years for the judge to decide.
The result of your case will ultimately depend on the lawyer how he covers your.

Btw Fred, why aren't you replying to my telegram messages?

 

[MurrayRothbard]

Remember DUBAI (UAE) reports to the CRS every single year. They report everything. Just check OECD.

Don't trust anyone selling you a "NON-CRS Company in Dubai", because you will end in jail for 10 years.

 

[bizniz]

I have many years of personal experience in Panama before I moved to Serbia. Here is my take on it:

• Residence in Panama - very easy
• Naturalization - very difficult but not impossible. Being in the country, speaking Spanish etc certainly helps. Can you get naturalized after 5 years of residence having spent only 2 days in the country and not speaking a word of Spanish? Probably yes, but you need an extremely well connected lawyer and they will ask so much money that you would be much better off just going for one of the Caribbean Citizenship Programs where you invest 100k and get naturalized after a few months. There are rumors that Panama will launch its own Citizenship by Investment Program but nothing concrete as yet.
• Panama Banking - medium difficulty. As a non-resident owner of a Panama company you can open bank accounts and do business but expect to put in some effort, have good documentation, get your financial statements certified by a Panamanian auditor etc.

 

[Fred]

Remember DUBAI (UAE) reports to the CRS every single year. They report everything. Just check OECD.

Don't trust anyone selling you a "NON-CRS Company in Dubai", because you will end in jail for 10 years.

Not true!

UAE is part of CRS since 2018 but if you setup the bank accounts with residence visa the Dubai Company grants you - no CRS reporting is triggered.

It's called residence by investment:

Residence/Citizenship by investment - Organisation for Economic Co-operation and Development

www.oecd.org

 

[MurrayRothbard]

Not true!

UAE is part of CRS since 2018 but if you setup the bank accounts with residence visa the Dubai Company grants you - no CRS reporting is triggered.

It's called residence by investment:

Residence/Citizenship by investment - Organisation for Economic Co-operation and Development

www.oecd.org

Why do you say not true? What I said is 100% TRUE and you can check it in the OECD site. Read my post again, it is 100% TRUE.

UAE started reporting in 2018.

CRS by jurisdiction - Organisation for Economic Co-operation and Development

CRS by jurisdiction 2018

www.oecd.org

If you live in a country for 180 days and get resident VISA of course you are not going to get reported back to your home country, you are going to be taxed in UAE. And in many other countries you don't need to make a company at all. That trick is older than Rasputin (The Pre Soviet abuser and criminal that some old loser has in his profile pic).

Stop telling people UAE is a NON-CRS Country. Because that is not true, Freddy. UAE is a CRS country.

 

[Fred]

Why do you say not true? What I said is 100% TRUE and you can check it in the OECD site. Read my post again, it is 100% TRUE.

UAE started reporting in 2018.

CRS by jurisdiction - Organisation for Economic Co-operation and Development

CRS by jurisdiction 2018

www.oecd.org

If you live in a country for 180 days and get resident VISA of course you are not going to get reported back to your home country, you are going to be taxed in UAE. And in many other countries you don't need to make a company at all. That trick is older than Rasputin (The Pre Soviet abuser and criminal that some old loser has in his profile pic).

Stop telling people UAE is a NON-CRS Country. Because that is not true, Freddy. UAE is a CRS country.

You repeat exactly what I mentioned one Post before.

What I mention all the time is a NON-CRS Setup and this is 100% true when the setup is done right.

This is in 2021 worth a lot because in the same time you are able to still open local UAE banks without having a flat the whole year.