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SWISSMONEY Iban Accounts with Sepa

How to Avoid CRS - 3 Options as of 2019 - 2025

#281
As already mentioned UAE is the simplest way. It don't require much time and as time is money I even think it's the cheapest way.

Just setup your company in UAE get your residence VISA and open a local company bank account. For that you even don't need a utility bill. Just mention hotel were you stay during your trip.

As the account is opened with the residence Visa - no CRS reporting at all. Just stay in the country you are and once your business is big enough or you have saved enough money inside the company - move for 2-3 years to UAE to legitimate the funds.

Especially in 2021 the best solution for high tax EU country passport holders to have there feet between the door should it come that bad inside EU as forum users like @Martin Everson believe.
 
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#287
offshorinator said:
any updates for 2024 ?
Click to expand...
Here is the latest I found on UAE Official Website:
https://mof.gov.ae/wp-content/uploa...tes-for-the-Common-Reporting-Standard-CRS.pdf

From what I understand, there are supposed to be enhanced due diligence & indicia for high value accounts and accounts being opened for Visas with validity of 5 years or more.

I don't know how it goes in practice but will be researching it lot more and how to get around it - but that's a topic for later. It seems quite easy to avoid most indicia:

(a) identification of the Account Holder as a resident of a Reportable Jurisdiction;
(b) current mailing or residence address (including a post office box) in a Reportable Jurisdiction;
(c) one or more telephone numbers in a Reportable Jurisdiction and no telephone number in the jurisdiction of the Reporting Financial Institution;
(d) standing instructions (other than with respect to a Depository Account) to transfer funds to an account maintained in a Reportable Jurisdiction;
(e) currently effective power of attorney or signatory authority granted to a person with an address in a Reportable Jurisdiction; or
(f) a “hold mail” instruction or “in-care-of” address in a Reportable Jurisdiction if the Reporting Financial Institution does not have any other address on file for the Account Holder.

The only thing which REALLY concerns me is this:

Relationship Manager Inquiry for Actual Knowledge. In addition to the electronic and paper record searches described in subparagraphs C(1) and (2), the Reporting Financial Institution must treat as a Reportable Account any High Value Account assigned to a relationship manager (including any Financial Accounts aggregated with that High Value Account) if the relationship manager has actual knowledge that the account is held by a resident for tax purposes in a Reportable Jurisdiction.

I wonder what actually defines as ACTUAL KNOWLEDGE. And, when can they rat you out and what must never be spoken.

That's a question for plato and something I intend to research later as things progress for me.
 
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#288
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#289
I don't know how to edit my last post but it seems Singapore CRS Guidelines go much more in-depth into the role of Relationship Manager's Actual Knowledge: https://www.iras.gov.sg/media/docs/...standard_e-tax-guide-2.pdf?sfvrsn=58627c6a_35

The Relationship Manager also has an important role in identifying any change in circumstances in relation to a High Value Account. A Reporting SGFI must ensure that it has procedures in place to capture changes that are made known to the Relationship Manager in respect of the Account Holder’s Reportable status.
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A Reporting SGFI must implement procedures to ensure that a Relationship Manager identifies any change in circumstances of an account. For example, if a Relationship Manager is notified that the Account Holder has a new mailing address in a Foreign Jurisdiction, the Reporting SGFI is required to treat the new address as a change in circumstances and, if it elects to apply the curing procedure described in Section 10.4.4.e above, the Reporting SGFI is required to obtain the appropriate documentation from the Account Holder.
Click to expand...

If I understood it correctly, it simply means if you report circumstances that can trigger CRS to your relationship manager that has to be reported.

Well, I am just trying to imagine what can happen e.g. when someone is using his card for withdrawing cash from ATMs in some country... whether Relationship Manager decide this person might be tax resident there and needs to be reported...
 
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#292
ikan said:
DAC8 : new tax and reporting rules for all EU crypto transactions => almost the same purpose as CRS .

Check on the web for differents sources.
https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2023)739310
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Not only EU, but in total 54+ jurisdictions plan to implement CARF, including Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America; the Crown Dependencies of Guernsey, Jersey, and Isle of Man; and the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar.
 
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#293
Thank you for keeping the thread updated; it’s helpful for everyone who reads it, even those coming across it now. I’ve updated the thread title to include 2025, making it more informative. A lot has changed over the past five years, and it’s interesting to follow the progress here.
 
#294
Don said:
Not only EU, but in total 54+ jurisdictions plan to implement CARF, including Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America; the Crown Dependencies of Guernsey, Jersey, and Isle of Man; and the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar.
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So as long your exchange is outside of these jurisductions , you should be safe for reporting ?
 
#296
My setup still work:
- company in the caribbean, I have a LLC in san vincent and the grenadines and a Wise account, since 2019. LLC principal place of business is UAE
- residence in the UAE ( I first did freelancer visa, then virtual work visa )
- Bank accounts with NOMO in the UAE, one UAE bank, Interactive brokers with residence in the UAE
Company pays me on UAE bank, I am resident, no CRS.
As long as you don't trigger residency somewhere else, no issues, I live 4.5 months in spain, 4.5 months in home country, 3 months travelling. No kids, no family. turnover is 200k a year which is all profit
 
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