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The list of non CRS countries 2019 - 2020

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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:.

 

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
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.
 
I only opened a fixed deposit account a while back till it expired with ababank. I am no more banking with them. Had no problems with the bank in my time with them.
When did you open that account,once lockdown ends I am planning to go there and open one account - does anyone has any updated experience on this.As far as I know they would need some long term visa and a letter from an employer.The second one is the problem for me.Long term visa of more than six months is easy to get I suppose.Any more details on this will be well appreciated.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
You can look at international banks in the less desirable countries. Banks like Standard Chartered, Standard Bank, Citi, HSBC and Barclays have branches in these countries.

The interest rates are very good 6-8% on USD and 11-14% on local.

Kenya, Rwanda and Tanzania are good examples.
 

Tax Cow

Moo Moo! I contribute 60% of my milk to the state.
Add Northen Cyprus to that list as well as they dont report to CRS
Great find.

Yet mainland Turkey works for most Europeans. CRS activated but no MCAA.

Stronger economic backbone. Less slut aura. Whereas incoming funds from NoCy would be a red flag for countless banks.

In the EUEA, only Latvia and Norway recieve CRS AEOI reports from Turkey.

Also @Walter Rowe , if you have some experience with NoCy, would be great to hear how you utilize it. Do you maintain proxy banking relationships in places like Russia, Armenia or Kazakhstan to make use of funds on your accounts in NoCy?
 
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clemens

Corporate Services
Mentor Group Gold
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:.

I read a lot of your really good posts here on the forum, you know something about the topic it is clear to read. Now I'm a little curious, forgive me for asking, but do you have a permanent residence outside the EU or do you travel around or change places to live all the time?

Whereas incoming funds from NoCy would be a red flag for countless banks.
What does it mean, please explain?

With all the respect for Turkey as a holiday destination, but my money I simply will not dare to keep there. So also on an EMI owned by a homeless Mexican.

Are we not gradually getting to the point where it is virtually impossible to move to a country physically even to avoid reporting tax information and save on tax unless you want to live in a shithole like Somalia or the like?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
We are getting to the point where you have to move first, where as before it was set up and move later if at all.
Eventually CRS will be worldwide
 

Tax Cow

Moo Moo! I contribute 60% of my milk to the state.
@clemens

Northen Cyprus is out of CRS but the jurisdiction lacks economic backbone to make it a safe deposit jurisdiction. Even less safe than Turkey or Cyprus. So what is this special territory useful for - international transactions? Too much slut aura for that. Smoke alarms will go off immediately.

So while I recognize it as a place to do non-CRS banking, I'm also raising the question of utility.
 

Paper Chaser

Came for the chicks, stayed for the biz.
Mentor Group Gold
I don't know for the other countries on the list, but Georgia recently confirmed to apply to the CRS in 2023. Right now it's still safe, but you should add that note to the list I think.
 

lory

Mentor Group Gold
I don't know for the other countries on the list, but Georgia recently confirmed to apply to the CRS in 2023. Right now it's still safe, but you should add that note to the list I think.
3 years left to do what you have to do and leave the company before they put it into operation or how would you say in regards to Georgia?

Is anyone setting up a company in Georgia for online business?
 

crs

Mentor Group Gold
Can reporting be a 1 way thing or does it only operate if 2 way? Eg. would a country that started with CRS/OECD in 2017 report info annually (or on request) to a country that's signed up but not due to start reporting until 2023?
 

aquarius

New member
Can reporting be a 1 way thing or does it only operate if 2 way? Eg. would a country that started with CRS/OECD in 2017 report info annually (or on request) to a country that's signed up but not due to start reporting until 2023?
Could be one-way. Take HK-France. France will likely aggressively salivate about any accountholders in HK whereas HK could't care less as their tax system does not tax any holdings in France.
 
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