Is it easy/possible to dodge the CRS?

7889

Building Trust
Entrepreneur
Mentor Group
You don’t have to live in a non-CRS or territorial taxation country. You just have to convince your bank that you do. Two viable options are Maltese residence (chepest is via GRP with estimated annual minimum cost about 30000 euro, which rent pkus minimum tax payment plus health insurance) or Georgia residence via purchase of property (one-time cost about 100k)
 

BTCNG

Building Trust
Entrepreneur
You don’t have to live in a non-CRS or territorial taxation country. You just have to convince your bank that you do. Two viable options are Maltese residence (chepest is via GRP with estimated annual minimum cost about 30000 euro, which rent pkus minimum tax payment plus health insurance) or Georgia residence via purchase of property (one-time cost about 100k)
Are Malta comitted to the CRS?
see number 65 here :
https://www.oecd.org/tax/exchange-of-tax-information/MCAA-Signatories.pdf

Or maybe I'm missing something?
 

TurnedToRobot

Trusted Member
Business Angel
I believe nothing is easy any longer with legal setups and if you try to avoid taxes! What is easy is to go down under and live in a underground world, so you will be able to avoid taxes and live a live with some sort of risk.

Today you will need real setups, some people here on the forum have the big money I know that, they will be able to setup something legit and bullet proof taxvise.
 

mickey

Member
I know this thread is kinda old, but the topic is still relevant.

Here I have a (more or less) dumb idea, but maybe it works.
Establish an IBC/LLC in a tax heaven A. Establish an IBC/LLC in a tax heaven B with bank account. Director/Partner of the IBC/LLC and Beneficial-Owner of the bank account is now the company of tax heaven A.

Could structure work?
 

happyjohn

Corporate Services
Business Angel
Entrepreneur
Mentor Group
Establish an IBC/LLC in a tax heaven B with bank account.
And here your problems already start. It is getting more and more complicated, not to say impossible, to setup any good banking for new setups in an offshore jurisdiction which also respect your privacy and don't report you.

Today you either need old company setups which alreayd may have some sort of banking relationship or huge setups, which for most simply don't make sense, like trusts and foundations. BUT before you jump into it you must find the professional lawyer that is able to help you. With the lawyer most people here will stop because they don't have the money to pay him.
 

mickey

Member
So your you say: No Bank will accept a company of another jurisdiction as a beneficial owner.
Now we would need some experiences by other users.

P.S. The hourly rates of lawyers aren't so high (200-300 USD per hour) as long as you don't go to the Bahamas or Cayman Islands. If someone cannot afford something, well maybe his/her business is the bigger problem than its tax situation.
 

happyjohn

Corporate Services
Business Angel
Entrepreneur
Mentor Group
So your you say: No Bank will accept a company of another jurisdiction as a beneficial owner.
You need to read what I wrote again. If above is what you read then I understand why you may ask such question. New member does not always mean new member at OffshoreCorptalk.com so I see where you come from.

The hourly rate of a lawyer depend on country, law firm and the lawyer you consult. 200 - 300 USD per hour may be some cheap bastard with his office located at Mc Donalds.
 

mickey

Member
You need to read what I wrote again.
Really? I give it back to you!
P.S. The hourly rates of lawyers aren't so high (200-300 USD per hour) as long as you don't go to the Bahamas or Cayman Islands.
The hourly rate of a lawyer depend on country, law firm and the lawyer you consult.
I think we all can ignore the "constructive" contributions of this fellow from now.

Now I repeat the main question:
Do banks accept companies from another jurisdictions as beneficial account owners?
 

TacitusKilgore

Building Trust
Entrepreneur
For AML legislation purposes, beneficial owners are people and not companies. Safe to say no, banks will require you to identify a natural person somewhere in the chain of ownership.
 
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