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Which non-CRS country would you recommend for a bank account ?

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tyrexoid

New member
I think Montenegro is a good option (legally) because you pay only 9% tax either on income or business. Becoming a tax resident there and paying taxes at a lower rate, is best option IMHO (and a few other countries). They're non- CRS too, I saw they'll be in 2023 so will report everything, but when you're their tax resident, you pay their tax rate legally and are not evading or hiding. It just feels better, not to worry about being on the illegal side.
 

fortunespeculator

Active Member
the government owns me money , after 12 years still got nothing back ..so FU.. them , not 1 dollar in taxes I will pay to that inefficient,corrupt system, now it is MY turn

the taxes I should pay , will go to charity
Ah finally a like minded individual.Lets have a drink together some time my friend or if we can collaborate on something that is also fine.
 

permabear

New member
Decent banking options in a non- CRS country ?

still safe this strategy from the tax man ?
Currently Georgia (although will begin information exchange from 2023), Armenia and Philippines just to name a few. These aren't jurisdictions where you'd stash the rainy day fund and sleep like a baby every night but the banks are more reliable than many would initially deem, as always, diversification is the key here.
 

Piano

Active Member
Currently Georgia (although will begin information exchange from 2023), Armenia and Philippines just to name a few. These aren't jurisdictions where you'd stash the rainy day fund and sleep like a baby every night but the banks are more reliable than many would initially deem, as always, diversification is the key here.
lets say they start from 1 January 2023 , when you have to close your account at latest to be not reported ?
 

permabear

New member
lets say they start from 1 January 2023 , when you have to close your account at latest to be not reported ?
It would be prudent to assume they would backdate reporting from (at the minimum) when they signed up to CRS, but they would probably do so even before that. A lot of people are getting their panties wet, somewhat unnecessarily I feel, over CRS and AEOI. Just because a country has signed up (voluntarily), it doesn't mean that EVERY single bank in the country is going to be comprehensively implementing it and rigorously checking all clients. Do you really think that every Swiss and Panamanian bank is just handing over everything they have on their most profitable and juicy clients willy-nilly? There are numerous 'mistakes' and 'clerical errors' along the way which mean certain information is never submitted to the regulator, let alone actually exchanged with other countries.

We all know how disorganised, incompetent, corrupt and useless many banks are and it isn't uncommon for them to not even request proof of one's tax identification number or a subsequent change of fiscal residence, as long as it fits the correct format that's the last you'll hear from them. Realistically, you need chunky deposits (low 7-figure plus which you cannot explain) concentrated in a single/or only a few institutions for the taxman to get a hard-on and really go for you.
 

tyrexoid

New member
It would be prudent to assume they would backdate reporting from (at the minimum) when they signed up to CRS, but they would probably do so even before that. A lot of people are getting their panties wet, somewhat unnecessarily I feel, over CRS and AEOI. Just because a country has signed up (voluntarily), it doesn't mean that EVERY single bank in the country is going to be comprehensively implementing it and rigorously checking all clients. Do you really think that every Swiss and Panamanian bank is just handing over everything they have on their most profitable and juicy clients willy-nilly? There are numerous 'mistakes' and 'clerical errors' along the way which mean certain information is never submitted to the regulator, let alone actually exchanged with other countries.

We all know how disorganised, incompetent, corrupt and useless many banks are and it isn't uncommon for them to not even request proof of one's tax identification number or a subsequent change of fiscal residence, as long as it fits the correct format that's the last you'll hear from them. Realistically, you need chunky deposits (low 7-figure plus which you cannot explain) concentrated in a single/or only a few institutions for the taxman to get a hard-on and really go for you.
I believe this might be true, which means smaller hamsters who hide nuts and berries abroad in various jurisdictions, are a waste of time for the tax authorities to go after. So if one is a 5 figure hamster who doesn't want to give 30-50% of hard earned currency to the greedy tax man, current non-CRS countries are good enough for his small stash of berries for the rainy day :D
 

zzzzzz

New member
USA is the best option if you have no american residency/citizenship. I've never heard of a single case of IRS reporting your income to your home country.
In 2016 I got a letter from my taxman (EU) about interest and dividend income made in USA in 2014 and 2015. I was never a resident, nor citizen of USA. I only had personal brokerage account there and the amount in question was a few hundred USD.

Their letter started with that friendly five-letter word called "FATCA".
 

tasos

New member
In 2016 I got a letter from my taxman (EU) about interest and dividend income made in USA in 2014 and 2015. I was never a resident, nor citizen of USA. I only had personal brokerage account there and the amount in question was a few hundred USD.

Their letter started with that friendly five-letter word called "FATCA".
The FATCA agreement with the (majority) EU countries, states it clearly that if you earn more than $10 in interest/dividends, your account becomes a "reportable account"
 
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