Decent banking options in a non-CRS country ?
still safe this strategy from the tax man ?
still safe this strategy from the tax man ?
Do corporate accounts also fall under this CRS deal?It's a shrinking list of countries and even if you open an account today in a non-CRS country, you're not guaranteed that there won't be retroactive reporting once they finally do sign up.
No country is actively fighting against OECD on the CRS/AEOI initiative. That ship has sailed. The momentum is too great now.
Countries that haven't signed up yet have simply not been a priority yet. It'll all be done within the next 10 years.
Yes, reporting is done to the owner's home country or owners' home countries.Do corporate accounts also fall under this CRS deal?
I read somewhere this was only for personal accounts..Yes, reporting is done to the owner's home country or owners' home countries.
Which banks would you recommend ?Georgia does not have CRS reporting yet.
You can fly there and just open a personal bank account in 1 day. Maybe even remote.
But they will implement CRS in 2023.
Don't know how reliable their banks are.
That is not correct. CRS applies to company accounts as well. Reporting should be done to where the company is resident, which can include the owners' home jurisdictions as well as the jurisdiction of incorporation.I read somewhere this was only for personal accounts..
Countries that haven't signed up yet have simply not been a priority yet. It'll all be done within the next 10 years.
Exactly.This non-CRS topic is pointless. All countries will sign up for it and report back dates.
You have to find other ways to structure your business and personal matters.
USA is not a part of CRS.
Anyway, if you do genuine business with substance in foreign country like UK , USA, Estonia, there should be no problem of CRS.
Hiding assets in personal accounts and not reporting to tax authorities will end up you in jail, except if you live in tax heaven like Bahamas or UAE
At least nine more years will pass. Mark my words.What else will happen within 10 years?
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 turnHow about just NOT evading taxes? Then there would be no problems with CRS.
It's not because TRNC is actively fighting against it. It's because they (somewhat similar to Taiwan) can't enter into international agreements due to limited recognition.The only “country” that will never sign up is Northern Cyprus , they don’t even care where the money is coming from .. I just answered my own question![]()
Assuming you have tried all legal avenues (suing the government, suing the tax authority, et cetera) and been unsuccessful, the smarter thing to do would be to relocate to another country first, rather than to become a tax evader and money launderer.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
It's not because TRNC is actively fighting against it. It's because they (somewhat similar to Taiwan) can't enter into international agreements due to limited recognition.
If/when enough bad money has moved to TRNC and it becomes a higher profile jurisdiction, the likes of OECD, FATF-GAFI, and Moneyval will simply pressure Turkey and Turkish banks to report on behalf of TRNC banks since that's how TRNC banks are effectively connected to the outside world. What are they going to do? Say no and risk losing access to USD, EUR, and other international currencies? The Turkish economy is already in a terrible state.
Assuming you have tried all legal avenues (suing the government, suing the tax authority, et cetera) and been unsuccessful, the smarter thing to do would be to relocate to another country first, rather than to become a tax evader and money launderer.
What if substance in UK, US or Estonia is a problem? How would one do it otherwise?Anyway, if you do genuine business with substance in foreign country like UK , USA, Estonia, there should be no problem of CRS.
You have bank accounts in Norther Cyprus already, right? All smooth with them?The only “country” that will never sign up is Northern Cyprus , they don’t even care where the money is coming from .. I just answered my own question
No , not yet , I will go there to check things outYou have bank accounts in Norther Cyprus already, right? All smooth with them?