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The list of non CRS countries 2019 - 2020

Sols

Entrepreneur
US has FATCA which predates CRS and is considered good enough as it (theoretically) includes the same type of automatic exchange of information.
 

Educate

Entrepreneur
US has FATCA which predates CRS and is considered good enough as it (theoretically) includes the same type of automatic exchange of information.
I think FACTA is not the same.
FACTA doesn't report BROKER balances, do they now?
Does FACTA report bitcoin exchange balances? I don't think so.
From what I recall it was only for SAVINGS ACCOUNTS. Especially saving accounts not checking.
Might be wrong though, would prefer someone to clarify.
 

ikan

New member
I think FACTA is not the same.
FACTA doesn't report BROKER balances, do they now?
Does FACTA report bitcoin exchange balances? I don't think so.
From what I recall it was only for SAVINGS ACCOUNTS. Especially saving accounts not checking.
Might be wrong though, would prefer someone to clarify.
As far as I know it concern US citizens and US citizens share holders of any corp. world wilde and banking in anyother juridiction out of US.
As some may know, very few juridictions and their banks don't comply FACTA.
 

ikan

New member
Back to very first post and original topic of this thread.
@blueweb : smart and clever minded he opened this topic in 2019 and providing his own list at that time.

Any clever guy around able to draw up a Reverse List updated as of june 2020 ?
Non AEOI, neither commited to CRS ?


That's was good to provide OECD web links for up dates. Thank's to the guys who did it.
Unfortunatly I don't understand at all what OECD Bull...sh..t they say or write. English is not native for me. Maybe I'm too young too old to understand OECD ?

Any good will in the community to clarify or simply do reverse list ?
 

AndersonDrew

New member
Serbia need to be blacklisted

CRS is just a glorified version of FATCA if you read on google. In 2009, OECD approached the Obama administration to get its approval as US was going after Switzerland banks and threatening them and closed Wegellin bank down a very 100 plus old private bank. Obama signed FATCA and wanted wealth to be transferred to USA so US can become the only tax haven for foreigners. Obama never signed on to CRS but wanted info on US citizens residing overseas. I think CRS might be used by OECD countries to start global citizenship based taxation as explained by European golden visa provider.
 

AndersonDrew

New member
lol.

When USD rates go to less than 0% foreigners will have their USD accounts closed anyway by the banks rof/%.
If they go negative interest rate you might be charged by the bank to keep your money there. If I am not mistaken, Germany is already doing that. Feds have stated already in their last conference last Wednesday they might make interest rate negative even before their scheduled meeting next time.
 

reesek

EU IBANs for everyone!
Silver Member
US has FATCA which predates CRS and is considered good enough as it (theoretically) includes the same type of automatic exchange of information.
fatca is only for us tax residents or citizens, if you have no connections to USA FATCA is of non of your concern (although you will still be passed on some costs and ask for some questions by the financial intermediary)


If they go negative interest rate you might be charged by the bank to keep your money there. If I am not mistaken, Germany is already doing that. Feds have stated already in their last conference last Wednesday they might make interest rate negative even before their scheduled meeting next time.
across the whole of europe accounts are charged with some increased comissions to account for negative rates, all accounts above 100k are charged negative rates



As far as I know it concern US citizens and US citizens share holders of any corp. world wilde and banking in anyother juridiction out of US.
As some may know, very few juridictions and their banks don't comply FACTA.
correct
 

ivan1911

New member
One finatial advisor told me that USA is not reporting back yet.. however that FACTA is indeed a two way street but Americans aren't holding up their end of the bargain.. don't know for how long it will last but I wouldn't put all my hopes in the fact that they aren't reporting back.. yet.
Let's all wait and see...
 

AndersonDrew

New member
One finatial advisor told me that USA is not reporting back yet.. however that FACTA is indeed a two way street but Americans aren't holding up their end of the bargain.. don't know for how long it will last but I wouldn't put all my hopes in the fact that they aren't reporting back.. yet.
Let's all wait and see...
They are never going to do that. Obama never intended to sign CRS as he wanted all foreigners money in USA and he wanted to destroy all tax havens and make US the only tax haven for foreigners. You don't know how many trusts for foreigners were moved to USA from Switzerland back in 2010. Yes they have some treaties to exchange data with Netherlands etc. As of yet, IRS isn't reporting them. Banks in USA don't wish to destroy their industry and they have strong lobby in Congress.
 

Educate

Entrepreneur
Now with USD interest being 0% means no reporting?
Yes, if your account does not earn interest, it is not reported. USA is the answer. Loophole.

lol.

When USD rates go to less than 0% foreigners will have their USD accounts closed anyway by the banks rof/%.
More doomer bs.

They are never going to do that. Obama never intended to sign CRS as he wanted all foreigners money in USA and he wanted to destroy all tax havens and make US the only tax haven for foreigners
This actually makes a lot of sense. It is not in US interest to REPORT foreigners deposits in their county to other countries. Why would they do that? What do they gain?

They won't gain anything by these foreigners paying tax to respective governments and they will actually LOSE foreigner deposits.

If anything, it's in US interest to close all other offshore tax havens and remain as single one, thus gathering all the worlds money in USA.

And yes, if they need they can always freeze those accounts and confiscate the money.
 

ivan1911

New member
It wasn't in the Swiss interest to give up bank privacy but they did.. USA is the biggest player out there so perhaps they can get away with it..
Problem is do you see USA not sharing info for the next 3 years.. 5 or 10..
My concern is that facta on paper is a both ways reporting agreement. So they might resist automatic reporting for now but let's say 5 years from now , the rest of the world will for sure try to pressure them into reporting and if they are successful USA can release all data they have..

The sad reality is that the whole reporting / control thing is not going away and is only getting worse..
 

Educate

Entrepreneur
My concern is that facta on paper is a both ways reporting agreement. So they might resist automatic reporting for now but let's say 5 years from now , the rest of the world will for sure try to pressure them into reporting and if they are successful USA can release all data they have..
Rest of world can't pressure US to do shit. US is too powerful, it cannot be pressured. It pressures others.

Also, isn't it so that if enough time passes governments do not check transactions anymore? Something like 5 year history they check usually?
 

xzars

Entrepreneur
Those who go to U.S. only to get around CRS, check FATCA relationships. I.e. a U.S. personal account held by a Frenchman is reportable to French authorities.

Second piece of advice to U.S. accounts is to pick a bad boy state like Nevada where even the federal IRS has systemic friction getting tax-related info of U.S. persons, let alone foreigners.
 
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