Residence for bank account and offshore company

[fuorissimo]

Since I don't find any solution to the bank account without CRS problems (every country, you tell me it's not good. Delaware no, Puerto Rico no), I was thinking of the second residence (fake) to use to open a bank account.

Do you have suggestions? Or do you also advise me against this solution?

I had opted for BVI + CONTO EURO PACIFIC BANK or DELAWARE LLC + US ACCOUNT: you rejected both solutions, but without giving me a usable solution..

Where i can buy a fake residence?

 

[JohnLocke]

As you may see from various similar threads, this isn't to be discussed in the public forums.

You may also do some more research on this forum, I have seen other users asking for something similar but can't quickly find the threads right now, thye were answered with alternative "legit" options.

 

[sialala]

Since I don't find any solution to the bank account without CRS problems (every country, you tell me it's not good. Delaware no, Puerto Rico no), I was thinking of the second residence (fake) to use to open a bank account.

Do you have suggestions? Or do you also advise me against this solution?

I had opted for BVI + CONTO EURO PACIFIC BANK or DELAWARE LLC + US ACCOUNT: you rejected both solutions, but without giving me a usable solution..

Where i can buy a fake residence?

You can open an acc in non-crs country like Montenegro, Georgia, Armenia etc.

 

[Tax Cow]

Paraguay residence - real one.

Costs next to nothing; usable legit document; if you need to buy or rent an apartment to further prove your Paraguayan residence, real estate in country costs (and rents for) next to nothing. You can even sub-rent it to someone else if you find a tolerant landlord.

Belgium, Portugal, Bolivia are also good - they have taxes on foreign-earned income, but you can just become a non-resident after you get your ID which is valid for years to come. They will not force you to shred your ID when you register as non-resident. Effectively, you pay no tax, but you still use their ID for KYC when banking. Easy Peasy!

Panama is an option, but not as good as the shills claim. Costs more, and the reputational baggage is quite heavy, and it almost never leads to a second passport.

I moved to Paraguay permanently - the best financial decision I ever made.

 

[Mr Magoo]

@xzars how long does it take to process the permanent residency? How much $ approx? Should I use a lawyer for this? NOTE: I speak fluent Spanish and have done this kind of procedures myself in countries in Latin America.

 

[Tax Cow]

Approx $1K for the gov, and you must hold $5K in a Paraguayan bank account to prove solvency while the application is processed. The immigration lawyer fees can vary a lot, and they are seasonal, so it's hard to predict - check relevant lawyers for offers. My total expense incl. gov and lawyer fees was ~$3.5K. Of course, you must consider flight and hotel expenses if you just want to get the document and leave - for me, this was not that relevant. I got my final ID card 4 months after applying for permanent residency.

Possibly you can do it without the lawyer, not 100% sure. My Spanish was, and still is terrible, so a lawyer helped.

 

[Dorothy Atwater]

Paraguay residence - real one.

Costs next to nothing; usable legit document; if you need to buy or rent an apartment to further prove your Paraguayan residence, real estate in country costs (and rents for) next to nothing. You can even sub-rent it to someone else if you find a tolerant landlord.

Belgium, Portugal, Bolivia are also good - they have taxes on foreign-earned income, but you can just become a non-resident after you get your ID which is valid for years to come. They will not force you to shred your ID when you register as non-resident. Effectively, you pay no tax, but you still use their ID for KYC when banking. Easy Peasy!

Panama is an option, but not as good as the shills claim. Costs more, and the reputational baggage is quite heavy, and it almost never leads to a second passport.

I moved to Paraguay permanently - the best financial decision I ever made.

Forget Panama! Banks are on the "gray list" and the criminals can still launder millions, whereas the honest people are penalized. I live here, and if I hadn't become so entrenched over the last 15 years, I'd go elsewhere!

 

[bombastick]

For the personal account you can still use Montenegro.
It will be better than Panama or Puerto Rico, especially if you open account in a normal bank (not the small ones who have been serving offshores for long time).

Montenegro is indeed an interesting country. What I do not understand is: let's say I open a personal bank account and every month I receive a couple of wires from a cyprus company, total amount about 10K euros. Will they make problems? Will they ask me source, reason, etc.?

 

[cheektocheek]

Paraguay isn't a CRS country? News - Organisation for Economic Co-operation and Development

 

[Tax Cow]

@cheektocheek

You missed the point. One solution to CRS is to find a country which has not joined.

The long-term solution is to obtain a second residency or citizenship, and present yourself as someone living in that country to a high street bank in a developed country - better banking options. In this case Paraguay, but in contrast - also Portugal, Belgium work perfectly.

1. With a Paraguayan ID and proof of address, your account will be reported to Paraguay and you pay no tax as per applicable tax laws.
2. As a "Portugese" or "Belgian" - your account gets reported accordingly, and taxes would be due respectively, but you're registered as a non-resident when the CRS report comes in, and no taxes will apply. Giving off an impression of tax residency in a high tax country could be the best option of all.

- You only flash your ID and proof of address to the bank (both of which are real) but you don't tell you're already registered as a non-resident for tax purposes. The bank has fulfilled CRS requirements and is not subject to fines; you pay no tax; and your real country of tax residence is not known to Portugal/Belgium either - so there's even no credible information to push to someone out of scope of CRS (i.e., in the scope of TIEA).

OECD is not a particularly a bright bunch - just a bunch of big-brother-complex sissy boys. I'm 95% sure CRS will fail completely. At one point in the future, the FI's may fall under further pressure to detect #1 or #2. Logically, CRS may introduce IP address logging requirements (solution is to use VPN or safe web proxies every now and then), or card payment tracking requirements (solution is to not use a payment card of hide&seek account). Any further requirements will only bloat the compliance burden, but more importantly - introduce new loopholes to take advantage of (more code = more bugs).

 

[GrumpyMess]

- You only flash your ID and proof of address to the bank (both of which are real) but you don't tell you're already registered as a non-resident for tax purposes. The bank has fulfilled CRS requirements and is not subject to fines; you pay no tax; and your real country of tax residence is not known to Portugal/Belgium either - so there's even no credible information to push to someone out of scope of CRS (i.e., in the scope of TIEA).

OECD is not a particularly a bright bunch - just a bunch of big-brother-complex sissy boys. I'm 95% sure CRS will fail completely.

Or simply they can send CRS info both to your country of residence which is a non tax country, to country of your birth, passport or any other country they find a connection with.

 

[Tax Cow]

Or simply they can send CRS info both to your country of residence which is a non tax country, to country of your birth, passport or any other country they find a connection with.

Indeed, multiple report destinations are possible. This option can be further fortified with odds of non-detection if your real country of tax residence is neither the country of birth nor the country which gave you the secondary residence ID for banking relationships.

Born in Country A - registered as non-resident
Using ID, PoA, phone number of Country B - registered as non-resident
Living in Country C - present no connections to that country to your bank (no standing order payments, no phone numbers, no more card payments than that of a typical tourist - ideally none)

 

[Dorothy Atwater]

Paraguay isn't a CRS country? News - Organisation for Economic Co-operation and Development

Paraguay? I spent a lot of time and money (trips, lawyers) and was going for citizenship without living there when they suddenly changed the rules at the last minute. I live in Panama. I had about 5K in a bank in Paraguay. I asked the bank to send the funds to my bank account in Panama. This was several years ago, even before Panama was on the "gray list." The bank in Paraguay refused to send my money to Panama.

 

[Gueco]

Paraguay residence - real one.

Costs next to nothing; usable legit document; if you need to buy or rent an apartment to further prove your Paraguayan residence, real estate in country costs (and rents for) next to nothing. You can even sub-rent it to someone else if you find a tolerant landlord.

Belgium, Portugal, Bolivia are also good - they have taxes on foreign-earned income, but you can just become a non-resident after you get your ID which is valid for years to come. They will not force you to shred your ID when you register as non-resident. Effectively, you pay no tax, but you still use their ID for KYC when banking. Easy Peasy!

Panama is an option, but not as good as the shills claim. Costs more, and the reputational baggage is quite heavy, and it almost never leads to a second passport.

I moved to Paraguay permanently - the best financial decision I ever made.

dont you find paraguay dangerous and backwards ?
honest question

I was once at a border town close to Brazil and it scared me

 

[Tax Cow]

dont you find paraguay dangerous and backwards ?
honest question

I was once at a border town close to Brazil and it scared me

I find Berlin more dangerous than Asuncion.

 

[Gueco]

In order to get the portuguese ID did you have to buy real estate?
Can you use the portuguese ID to open bank accounts just in portugal or all over the world?

 

[Gueco]

could you recommend me a good real estate website for Asuncion ?

 

[Gueco]

Why do you say that in Panama you rarely get the citizenship? I thought all you needed was to speak spanish and prove you have some money. Thats what I was told by a local panamian lawyer.

 

[Tax Cow]

In order to get the portuguese ID did you have to buy real estate?
Can you use the portuguese ID to open bank accounts just in portugal or all over the world?

A Portugese ID is about as good as non-passport documents get.

With a Portugese ID and PoA, you can open in all EUEA member states, but not necessarily in all banks. Outside EUEA, you may have to show a secondary ID (i.e. Portugese driver's license) or the passport from your citizenship country to pass KYC.

To get the ID, you can buy or rent (long-term). If you don't mind a modest one-time tax loss and real estate fees, you can buy, and re-sell your property after you get the ID. Keeping a Portugese condo as an investment is not a bad idea either.

could you recommend me a good real estate website for Asuncion ?

Try Google, but search in Spanish.

Why do you say that in Panama you rarely get the citizenship? I thought all you needed was to speak spanish and prove you have some money. Thats what I was told by a local panamian lawyer.

He has a solution to sell you. You need to speak Spanish, live there, pay tax there, and know Panamanian history to get the citizenship. Dream on that you will get the citizenship if you live elsewhere and only come back for a week or two every few years.

PS, the Panamanian Permanent Residency card (E Cedula), the solution he sells you is not accepted by banks outside Panama. It has no machine-readable code, and no way to digitally verify the document. Not even s*** EMIs will open an account if you present a Panamanian ID card. Most local banks will not accept it either and ask for your passport instead. Real Cedula that the banks in Panama and elsewhere accept is only given to citizens - passport being the pre-requisite. Non-citizens get "E" Cedula, the handy capped ID document, but the lawyers who market and sell Friendly Nations Visa, Re-forestation Visa etc claim it is "Cedula", as if it were the real thing.

 

[Gueco]

Thanks a lot, that helps me tremendously.
So in Paraguay you really get the citizenship ? Its easier? Is the resident ID also better?