Is this how you avoid CRS?

[ineednewinfo]

What stops anyone from doing this type of set up to keep funds safe and avoid CRS reports in your current residency country?


1) Open bank accounts in country A and deposit funds in that bank account

2) Move abroad to country B without notifying country A, change your own personal name in country B to something totally different and get a new passport with the new name

3) Keep earning money in country A with the old bank account and never get reported in country B for the above mentioned reasons? (change of name + never reported moving out the country)

 

[joseph15]

Of course you can do that and probably some already are. However you will have to always be very paranoid when transferring money back to your country of residence, withdrawing cash, making a big purchase (car, land, etc.) It's difficult to say how long you can do this for. Also there are people on this forum who believe that the banks are constantly checking login/IP address activity and may report you anyways, or ask questions if it's big amounts.


Of course it always helps if country B where you live is poorer, since they will have generally have less leverage and less money invested in going after people like you.

 

[sinos]

2) Move abroad to country B without notifying country A, change your own personal name in country B to something totally different and get a new passport with the new name

Why not get a second passport from a Caribbean country and avoid all this hassle of changing names. A second passport has become invaluable. Even google's Eric Schmidt went for one.

IMHO a second passport is the only means to avoid CRS . There's no other way.

 

[ineednewinfo]

Why not get a second passport from a Caribbean country and avoid all this hassle of changing names. A second passport has become invaluable. Even google's Eric Schmidt went for one.

IMHO a second passport is the only means to avoid CRS . There's no other way.

How would you avoid CRS with a second passport?

 

[sinos]

How would you avoid CRS with a second passport?

By getting a second passport through investment and renting /buying a property and getting a utility bill on that property. Many countries in the Caribbean you also get a Tax ID and a Drivers License. Use these documents to open Bank account in any other country of residence( in case you don't want a Caribbean bank account). Bank only ask you for your passport, it doesn't matter from where you are.

 

[Dandyline]

An easier way, get residency in a 0% tax country, open bank accounts and show the residency of that country. CRS reporting goes to the 0% tax country, which doesn't matter. Case closed.

 

[JackAlabama]

An easier way, get residency in a 0% tax country, open bank accounts and show the residency of that country. CRS reporting goes to the 0% tax country, which doesn't matter. Case closed.

and actually live there as well...

 

[Dandyline]

and actually live there as well...

Doesn't matter regarding CRS, as long as you can show that you are resident in a certain country the bank will report to that country.

Banks cant know where you live.

 

[ineednewinfo]

Doesn't matter regarding CRS, as long as you can show that you are resident in a certain country the bank will report to that country.

Banks cant know where you live.

Banks will also report to your citizenship country.

 

[Dandyline]

Banks will also report to your citizenship country.

No, they will not. They will report the country where you are tax resident.

 

[ineednewinfo]

No, they will not. They will report the country where you are tax resident.

mmmh depends from the bank

 

[Dandyline]

mmmh depends from the bank

No, it doesnt.

 

[kkein]

What stops anyone from doing this type of set up to keep funds safe and avoid CRS reports in your current residency country?


1) Open bank accounts in country A and deposit funds in that bank account

2) Move abroad to country B without notifying country A, change your own personal name in country B to something totally different and get a new passport with the new name

3) Keep earning money in country A with the old bank account and never get reported in country B for the above mentioned reasons? (change of name + never reported moving out the country)

It very much depend on the country A. This might work for a while but it might cause triggers down the road, and when country A Taxman will come to you asking about this, you better have evidences you declared the money in your country of residence, else, you will have to pay taxes and the fine.
Not a solid plan, nor something anybody sane would like to explore

 

[Martin Everson]

Step 2 i.e changing your name and getting a new passport to avoid CRS seems a bit extreme to me . The reality of doing all this is not practical at all. But I guess if people in witness protection programs can do it then anything is possible...lol.

 

[KJK]

Step 2 i.e changing your name and getting a new passport to avoid CRS seems a bit extreme to me . The reality of doing all this is not practical at all. But I guess if people in witness protection programs can do it then anything is possible...lol.

People do all sorts of weird things...

Perhaps Man legally changes his gender to identify as a woman 'so he can retire five years earlier' in Argentina
or even Woman who sawed off own hand found guilty of fraud

Name change doesn't seem so strange, as far as I know even the Cypriot citizenship program unofficially allowed this - if you payed more, the new passport would have a slightly different name, especially convenient for the Chinese, you can always blame a mistake in transliteration. At least it was possible before Cyprus closed the program down.

 

[CaptK]

Doesn't matter regarding CRS, as long as you can show that you are resident in a certain country the bank will report to that country.

Banks cant know where you live.

Your bank account will show where you are spending money. If that bank account is in a tax free country they won't care.

 

[Dandyline]

Your bank account will show where you are spending money. If that bank account is in a tax free country they won't care.

Yes, just take out everything in cash if you want to spend or transfer to a No name CC if you dont want to show in which countries you are spending money.

 

[joseph15]

Yes, just take out everything in cash if you want to spend or transfer to a No name CC if you dont want to show in which countries you are spending money.

Won't there be a trigger if you withdraw cash in X country? Also what's a no name CC and how do I get one

 

[Martin Everson]

People do all sorts of weird things...

Perhaps Man legally changes his gender to identify as a woman 'so he can retire five years earlier' in Argentina
or even Woman who sawed off own hand found guilty of fraud

lol..damn. I take it back then .

 

[boomy]

Step 2 i.e changing your name and getting a new passport to avoid CRS seems a bit extreme to me . The reality of doing all this is not practical at all. But I guess if people in witness protection programs can do it then anything is possible...lol.

Why not, if that would help me to avoid to pay taxes I would not hesitate to do so!