How to Avoid CRS - 3 Options as of 2019

[JustAnotherNomad]

IMO Bahrain and UAE do not differ that much in terms of quality of life. It more depends if you wanna have a laid back lifestyle or an big city hustle bustle thingy like in DXB.

Is there some way to PM or email you directly?

 

[Davis123]

Just to be clear, Emirates and Qatar Airways don’t partner with each other.
But Emirates and Qatar Airways both Partner with Japan Airlines and Qantas. So if you collect bonus miles from flying Emirates in Japan Airlines’ or Qantas’ program, you can redeem them on Qatar for example.
But if you already have Skywards miles, you can’t use them on Qatar Airways or transfer them to a different program. But maybe you can use them on Japan Airlines, I’m not sure. You can also use Skywards bonus miles for EasyJet flights, lol.

Thanks dear. A lot of info for all nomads. I was confused about Emirates/Qatar sharing on miles earlier. Yes it makes sense now.

 

[ih8socialism]

Is there some way to PM or email you directly?

Shouldn't we be able to send a PM according to this thread I can't send PM, what can I do? ?

 

[JustAnotherNomad]

Ah, thanks! I thought you needed to be a Gold member for that...

 

[ih8socialism]

Ah, thanks! I thought you needed to be a Gold member for that...

Well I cannot send any PMs somehow lol

 

[JustAnotherNomad]

I think I sent you a PM. Did you receive anything?

 

[Morrad]

I can see that an option is to choose a non-CRS country. Let's assume that a person lives in a heavily taxed country and is able to open a bank account for personal use in a non-CRS country. What happens if the country that the person lives in (the heavily taxed one) starts to investigate the person in relation to a possible link to the bank account located in the non-CRS country? What will the bank in the non-CRS country respond?

 

[ikan]

@Morrad : in your figure => the non-CRS bank will not respond or provide spontaneously, neither automaticaly to your local tax man. First they don't know each other. Second the non-CRS bank has nothing to do with you local tax man.
Your local tax man must request TAEI with the administration of that non-CRS country where you have that bank and personnal account. Process can take months and more (depending countries) for your tax man to get infos.
It is well known some countries in Central and West Africa will mostly never reply (for several reasons) any TAEI request from you local tax man.
-------
If you are under Police + tax man investigation for big burden. That non-CRS country may act faster to provide infos to your local tax man + Police.

 

[Morrad]

@Morrad : in your figure => the non-CRS bank will not respond or provide spontaneously, neither automaticaly to your local tax man. First they don't know each other. Second the non-CRS bank has nothing to do with you local tax man.
Your local tax man must request TAEI with the administration of that non-CRS country where you have that bank and personnal account. Process can take months and more (depending countries) for your tax man to get infos.
It is well known some countries in Central and West Africa will mostly never reply (for several reasons) any TAEI request from you local tax man.
-------
If you are under Police + tax man investigation for big burden. That non-CRS country may act faster to provide infos to your local tax man + Police.

Oh, okay. I get it. Thanks!

 

[Piano]

For best results, lowest risk, don't bank in EU at all.

You can do something like this:

1. Italian (presumably) citizenship
2. Permanent resident in Malta as non-dom
3. Proxy resident in Mexico
4. Hide your funds in the Carribean as "resident of Mexico"

how to get Italian citizenship fast ?

 

[Asiatrade]

Just for ask, i am e.u citizen, if ihave a bank account for personal use in a non-CRS country, like vanuatu, my country never know ? (never wiretransfert from/to, never credit card used in e.u).
Also if my bank is an american bank under fatca, in non crs country, my country never know?

 

[burden]

Also if my bank is an american bank under fatca, in non crs country, my country never know?

you say your country don't comply to fatca or?

how to get Italian citizenship fast ?

is there a fast way to get that, I don't think so but if you are an EU citizen you can simply just move there, no one to ask.

 

[Asiatrade]

you say your country don't comply to fatca or?

My country in europe is under fatca. Vanuatu also. But vanuatu not under crs list. So i suppose if i am not american citizen my country never know, right?

 

[RexS9999]

I spoke to a Japanese guy in Singapore who said the Japanese tax authorities don't care about anything under one million USD. In other words if a Japanese had $100,000 in an offshore bank account and was not reporting interest earned he would be safe. Now this may or may not be factual. Yet it makes sense that tax authorities are not going to waste time and effort to chase down some guy with $10,000 in an offshore account who earned a few dollars in interest.

In regards to CRS, can anyone provide any info on what size of accounts (bank/stock) most countries would take action on? I have not read anything on this.

 

[Piano]

well just open an account in north cyprus offshore bank , it should work no crs report for sure

Yes, that is an option BUT how easy is it to open an account overthere ?

 

[Walter Rowe]

Yes, that is an option BUT how easy is it to open an account overthere ?

Easy to open .. not easy to get your money out ie expect to wait months for transfers to be actioned.

 

[rey skywalker]

i use north cyprus last 3 years no problem at all, any not so many other options on the table
if any i would like to ear about that

 

[ivan1911]

i use north cyprus last 3 years no problem at all, any not so many other options on the table
if any i would like to ear about that

Did you go there to open account yourself or did you do it through introducer remotely ?
Thank you

 

[ImKing]

To avoid CRS you need to be a digital nomad or you have to move to a place where it is suitable for you with the tax that has to be paid.

North Cyprus sounds to be a viable road to take, anyway, the last few years it has been almost impossible for anyone to open an account with any bank in Cyprus if you didn't lived there.

UAE is straitening the tax rules, so far they don't report as far as I understand but under CRS it will soon be a reality that they are forced to do so.

What other options we have left I don't know, one that will work is to move to a place where you don't need to care about all the tax reporting and dictatorships of controlling the small man.

 

[Piano]

i use north cyprus last 3 years no problem at all, any not so many other options on the table
if any i would like to ear about that

personal Or corporate account ? Which banks ?