Emi have CRS?

[IllIlllIII]

The magic TIN missing is in no means any obstacle for a successful report. The name and birthday on file are more than enough to ensure a match at the locals tax office.
At best it serves as an indication that report might not take place right now but they could equally just decide to report some past periods in the future.
I would not bank on this secrecy.

Tax authorities usually not going for old reports, even notorious IRS don't go past 6 years and usually it's within 3 years.

 

[Delta]

<...>
According to the OECD, on an annual basis, nations in the agreement will automatically exchange the following information:

• • Name, address, and Taxpayer Identification Number
• • Date and place of birth
• • Bank account number
• • The account balance at the end of the proper calendar year, or, if the account was closed, report of its closure
• • Information on the relevant financial institution
• • Relevant information on capital gains in that year, depending on the type of account

<...>

https://offshorebankaccounts.com/blog/how-does-crs-affect-your-taxes

What informations r provided, if its personal and not business acc? Do they report capital gain in personal accs? If no, then just withdrawing, transfering before 31st dec will be prolly very easy to be true.

Are there any emi that still doenst have crs or have rather only fatca? I assume, those that have fatca, will not have crs, therefore that could be the way.
Was looking for non-crs countries with emis but no result.

 

[wellington]

What informations r provided, if its personal and not business acc? Do they report capital gain in personal accs? If no, then just withdrawing, transfering before 31st dec will be prolly very easy to be true.

Are there any emi that still doenst have crs or have rather only fatca? I assume, those that have fatca, will not have crs, therefore that could be the way.
Was looking for non-crs countries with emis but no result.

31st is just an arbitrary number - in Thailand they do the interest and tax on the bank account in the first two weeks of the month - so that’s the point they do the CRS information up to.

Which brings me to another point to point out yet again - move to a territorial tax country.

 

[Delta]

31st is just an arbitrary number - in Thailand they do the interest and tax on the bank account in the first two weeks of the month - so that’s the point they do the CRS information up to.

Which brings me to another point to point out yet again - move to a territorial tax country.

Which one is the cheapiest territorial tax country or the easiest? Still this will require at least half a year to lose the residency I currently have, not sure if I can just say I dont want this residency, gonna get new one and for the time be without residency.

 

[JackAlabama]

Which one is the cheapiest territorial tax country or the easiest? Still this will require at least half a year to lose the residency I currently have, not sure if I can just say I dont want this residency, gonna get new one and for the time be without residency.

paraguay would be an option for cheap and easy.

 

[Piano]

paraguay would be an option for cheap and easy.

Can you elaborate a bit how easy/cheap it is ?

 

[ilke]

Can you elaborate a bit how easy/cheap it is ?

Easy in the fact that a visit is only required once every 3 years. It is the easiest tax residency to hold.

Cheap, well, that depends on you. If you have a law firm do it for you, you'll probably pay around 2500 USD to get it done, plus of course the costs to make the visits and accommodation in Asuncion. The fee itself isn't that high - around 400-700 USD, but relocation firms need to make a living somehow. Then, it's about 3 months to get the document issued (or you can give the governmental office an extra 300 USD to get it done within 2 weeks).

You also need to send in your blank VAT filings (otherwise you won't get a tax residency certificate), or pay an accountant to do it, which will be like 500 USD yearly. They are empty (in most cases), because Paraguay has a territorial tax system, and you don't pay anything on what is earned in Paraguay. For the revenue in Paraguay, it's 10% income (for person and for corporate). The VAT is also 10% on Paraguayan income.

Keep in mind that Paraguay doesn't have many double taxation agreements, so if it is of any use to you depends where you live. Paraguay also doesn't have any CFC regulations. A company not in Paraguay and not selling to Paraguay with you as the tax resident will not be liable for the 10% tax rate.

 

[Jerry1911]

And what would be next best alternative to Paraguay?