Non CRS bank for foreign owned disregarded entity LLC?

[bigbite100]

Hello,
besides typical US banks, are there any other good banking countries for this type of LLC? Georgia will enforce CRS next year.
Any other ?

 

[Martin Everson]

You got the below bunch of countries that have not yet signed up to CRS. You need to decide yourself if any are good banking countries for your needs...lol.



Algeria, Belarus, Benin, Bosnia and Herzegovina, Botswana, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Chad, Congo (Republic of the), Côte d’Ivoire, Djibouti, Dominican Republic, Egypt, El Salvador, Eswatini, Gabon, Guatemala, Guinea, Guyana, Haiti, Honduras, Lesotho, Liberia, Madagascar, Mali, Mauritania, Mongolia, Namibia, Niger, North Macedonia, Palau, Papua New Guinea, Paraguay, Philippines, Senegal, Serbia, Tanzania, Togo, Uzbekistan, Viet Nam

 

[Forester]

Algeria, Belarus, Benin, Bosnia and Herzegovina, Botswana, Burkina Faso, Cabo Verde, Cambodia, Cameroon, Chad, Congo (Republic of the), Côte d’Ivoire, Djibouti, Dominican Republic, Egypt, El Salvador, Eswatini, Gabon, Guatemala, Guinea, Guyana, Haiti, Honduras, Lesotho, Liberia, Madagascar, Mali, Mauritania, Mongolia, Namibia, Niger, North Macedonia, Palau, Papua New Guinea, Paraguay, Philippines, Senegal, Serbia, Tanzania, Togo, Uzbekistan, Viet Nam

+ Cuba, IIRC. Just to make it (perhaps) complete

 

[Martin Everson]

+ Cuba, IIRC. Just to make it (perhaps) complete

Why not add North Korea also?

 

[Soterus]

To the best of my knowledge, the US does not report company bank accounts to other countries' tax authorities at all. Data exchange is only for personal accounts. Why fear? On the other hand, I believe it is extremely difficult for any US entity to obtain a bank account outside of the US. This is because of FACTA, the foreign bank has to report everything to the IRS, which is costly. Therefore US clients are not welcome.

 

[lifeisfun]

Even Martin Everson wrote you a list of countries, you have to remove countries which banks will not open account to anything what has any connection to US, due to costs of bank to fulfill FATCA conditions.
There will remain less than 5 countries in a list.

 

[csp dubai]

you forget western sahara , gambia , kirghisystan, there is more in list

 

[Don]

+ Cuba, IIRC. Just to make it (perhaps) complete

+Countries not recognized by many other countries are not invited to join the automatic exchange of information initiative, such as Transnistria, Palestine, Kosovo, South Ossetia & Abkhazia, Nagorno-Karabakh, Sahrawi Arab Democratic Republic, Novorossiya, Crimea.

 

[Calyx]

Hello,
besides typical US banks, are there any other good banking countries for this type of LLC? Georgia will enforce CRS next year.
Any other ?

Did it get delayed? I thought it was supposed to join in 2023. Cannot find much online. Best regards

 

[Forester]

you forget western sahara , gambia , kirghisystan, there is more in list

Status of Western Sahara is similar to the countries quoted below; but re: Gambia and Kyrgyzstan you are truly correct. And as I see, e.g. Afghanistan, Angola, Congo (DRC), the Congo Republic, Kenya, Mozambique, Rwanda, Tajikistan, Tanzania, Turkmenistan, Uganda, Zambia or Zimbabwe are missing, too (Well, the fundamental problem is, whether you want to bank in these countries.)

+Countries not recognized by many other countries are not invited to join the automatic exchange of information initiative, such as Transnistria, Palestine, Kosovo, South Ossetia & Abkhazia, Nagorno-Karabakh, Sahrawi Arab Democratic Republic, Novorossiya, Crimea.

Good point. In context of banking it's perhaps worth adding the Turkish Republic of Northern Cyprus (TRNC).

Did it get delayed? I thought it was supposed to join in 2023. Cannot find much online. Best regards

OECD claims (as of 13 March 2023) that Georgia will undertake first exchange in 2024. Just generally, such delays are common; but for the background some local should be asked.