NON CRS Countries to Open an Offshore Bank Account | Summary and Q&A
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TL;DR
Discover the top countries where you can store your wealth with banking privacy by avoiding participation in the Common Reporting Standard (CRS).
Key Insights
- π©π΄ El Salvador and the Dominican Republic offer banking privacy, fast-track programs, and investment opportunities.
- π΅π The Philippines provides limited banking privacy, primarily for retirees with a residency permit.
- ποΈ Armenia, Cambodia, and Paraguay offer varying levels of non-CRS banking, investment prospects, and residency opportunities.
- πΆπ¦ Qatar should be approached with caution due to strict loan enforcement practices.
- π Serbia offers non-CRS banking, residency and citizenship options, and a low-tax business environment.
- ποΈ Panama, despite being part of CRS, provides some level of privacy for residents with connections to the country.
Transcript
if you want to store your wealth in Banks all over the world but you don't want those Banks reporting to pretty much any other country or you want some privacy you're not doing anything illegal you're not evading taxes illegally you're not hiding money but you want a certain level of banking privacy which becomes less and less over the years bankin... Read More
Questions & Answers
Q: What is the Common Reporting Standard (CRS)?
The CRS is a system that enables information sharing among banks worldwide, requiring participating banks to disclose client information to other countries.
Q: Can US citizens take advantage of non-CRS countries for banking privacy?
Unfortunately, due to FATCA, US citizens must disclose their US information at any bank they open around the world, preventing them from benefiting from non-CRS countries.
Q: What are the risks associated with Qatari banks?
Qatari banks are known for their strict loan enforcement, and missing loan deadlines can lead to the flagging of fraud through INTERPOL, potentially causing legal issues globally.
Q: Are there any notable advantages of Panama for banking privacy?
While Panama is officially part of CRS, it tends to not report to other countries for individuals with ties to Panama, providing a certain degree of banking privacy.
Summary & Key Takeaways
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Traditional banking privacy no longer exists, but certain countries are not part of CRS, which enforces information sharing among banks worldwide.
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El Salvador: Famous for Bitcoin and offers banking privacy for residents and investors.
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Dominican Republic: Provides a fast-track naturalization program and relatively easy access to non-CRS banking.
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Philippines: Limited banking privacy, except for retirees with a residency permit.
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Armenia: Offers non-CRS banking, developing rapidly, and accessible from Europe.
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Cambodia: Provides a citizenship-by-investment program and growing investment opportunities.
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Paraguay: Straightforward residency and zero taxes on foreign income, making it an excellent plan B.
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Qatar: Despite being non-CRS, Qatari banks are known for strict loan enforcement and have legal precautions.
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Serbia: Allows for residency, citizenship, low-tax companies, and non-CRS banking.
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Panama: Although officially part of CRS, it offers some level of privacy for residents with ties to Panama.
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Montenegro, Thailand, and Republic of Georgia were previously non-CRS but have now joined.
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