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The list of non CRS countries 2019 - 2020

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
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.
Yup Switzerland introduced this also. Imagine losing 15,000chf a year and every year just to park 2m CHF in cash. Yup I took out my money only to find out UBS is reversing policy now for some clients. I guess they thought clients will put up with BS like paying to keep money on top of high fees they already charge :confused:.

 
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AndersonDrew

New member
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.
Well every bank account has a social security number attached for a US person to it gets reported to IRS automatically. IRS can get anything in a US bank even a foreign bank that has a branch in US can be attached to a levy by IRS if a US perso.n is suspected of an offshore account in that bank anywhere else in the world. A few keystrokes will be all that is required. If you are dual national yes it could be done using your other passport but not advisable. I doubt US would sign on to CRS ever as US bank lobby is too strong.
 

pipona

Entrepreneur

Even after a country commits to CRS, there's the second step to undertake: entering the bilateral or multilateral exchange of information agreements. It's a misconception that CRS member states will receive information from all other member states automatically. Use the link above to see if your country of residence will receive information from the country where you bank.

For example, Turkish non-resident bank accounts are invisible ghosts to 99% of countries altough they already participate in CRS AEOI.
Is it really this easy to avoid reportable accounts? Just sift through the list and find out which countries don't report to your country of residence? Sure many are in third world shitholes where I wouldn't trust holding even $100, but I am seeing some hidden gems in there after checking it myself. And it would broaden the options considerably, beyond the very short and unimpressive list of countries not participating in CRS at all.

If anyone has any input about potential risks here about accounts getting reported regardless, your thoughts are appreciated.
 

Educate

Entrepreneur
Is it really this easy to avoid reportable accounts? Just sift through the list and find out which countries don't report to your country of residence? Sure many are in third world shitholes where I wouldn't trust holding even $100, but I am seeing some hidden gems in there after checking it myself. And it would broaden the options considerably, beyond the very short and unimpressive list of countries not participating in CRS at all.

If anyone has any input about potential risks here about accounts getting reported regardless, your thoughts are appreciated.
What about indicating jumbled data? Incorrect street name, slightly incorrect name and country, etc...maybe personal ID with one number different. Enough that you can claim you made a mistake, but also enough to fool digital computer data base systems not to find a match.
 

Admin

Forum Moderator
Staff member
Elite Member
Is it really this easy to avoid reportable accounts? Just sift through the list and find out which countries don't report to your country of residence?
it is even easier, but the problem is that you will have to live the rest of your life with fear of being discovered. For some people that is okay for others it is impossible.
 

reesek

EU IBANs for everyone!
Silver Member
correct, also you never know when they finally start tracking so might prepare yourself for a big surprise

misreporting has the best risk adjusted value
 

AndersonDrew

New member
it is even easier, but the problem is that you will have to live the rest of your life with fear of being discovered. For some people that is okay for others it is impossible.
Its very very true. You get into a very big problem for the rest of your life. Always try to clean up your mess as no one will else will. It will get more messier as things are proceeding this way the more I have seen so far. With all the blackmailing and threats, tax havens are buckling more and more.
 

CiccioBanana

New member
Hello and sorry for my english,
if I can share my experience, I opened an account at Ameriabank (Armenia), I did everything remotely from Italy, the procedure was fairly quick (connection with Skype, exchange of signed documents etc ...)
I have been in this bank for 3 years and have never had any problems, I have two credit cards that I use for anything in USD and EUR, I have also invested in deposit accounts.
Deposits and withdrawals without problems, this is my definitely positive experience (for now ...)

Regards
 

ivan1911

New member
Hello and sorry for my english,
if I can share my experience, I opened an account at Ameriabank (Armenia), I did everything remotely from Italy, the procedure was fairly quick (connection with Skype, exchange of signed documents etc ...)
I have been in this bank for 3 years and have never had any problems, I have two credit cards that I use for anything in USD and EUR, I have also invested in deposit accounts.
Deposits and withdrawals without problems, this is my definitely positive experience (for now ...)

Regards
Do you mind sharing what did you say was the reason for opening account.. I mean what's the best answer here..?

Also did you have to provide source of wealth , tax payments etc..etc..

Thank you
 

CiccioBanana

New member
Hello,
they asked me for my proof of residence and passport.
They wanted also an account opening wire transfer of 50 dollars, from my bank in Italy to their bank.
Then the account was opened to me without any particular problems, now I receive wire transfers from the State of Israel and, after a few initial questions, they have never asked me anything and now I do all the operations with online banking.

Regards
 
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