Is it easy/possible to dodge the CRS?

[7889]

You don’t have to live in a non-CRS or territorial taxation country. You just have to convince your bank that you do. Two viable options are Maltese residence (chepest is via GRP with estimated annual minimum cost about 30000 euro, which rent pkus minimum tax payment plus health insurance) or Georgia residence via purchase of property (one-time cost about 100k)

 

[BTCNG]

You don’t have to live in a non-CRS or territorial taxation country. You just have to convince your bank that you do. Two viable options are Maltese residence (chepest is via GRP with estimated annual minimum cost about 30000 euro, which rent pkus minimum tax payment plus health insurance) or Georgia residence via purchase of property (one-time cost about 100k)

Are Malta comitted to the CRS?
see number 65 here :
https://www.oecd.org/tax/exchange-of-tax-information/MCAA-Signatories.pdf

Or maybe I'm missing something?

 

[7889]

Are Malta comitted to the CRS?
see number 65 here :
https://www.oecd.org/tax/exchange-of-tax-information/MCAA-Signatories.pdf

Or maybe I'm missing something?

Yes, Malta is commited to CRS, but it's a territorial taxation country so income not transferred to Malta and capital gains (even transferred to Malta) are not taxable

 

[TurnedToRobot]

I believe nothing is easy any longer with legal setups and if you try to avoid taxes! What is easy is to go down under and live in a underground world, so you will be able to avoid taxes and live a live with some sort of risk.

Today you will need real setups, some people here on the forum have the big money I know that, they will be able to setup something legit and bullet proof taxvise.

 

[mickey]

I know this thread is kinda old, but the topic is still relevant.

Here I have a (more or less) dumb idea, but maybe it works.
Establish an IBC/LLC in a tax heaven A. Establish an IBC/LLC in a tax heaven B with bank account. Director/Partner of the IBC/LLC and Beneficial-Owner of the bank account is now the company of tax heaven A.

Could structure work?

 

[happyjohn]

Establish an IBC/LLC in a tax heaven B with bank account.

And here your problems already start. It is getting more and more complicated, not to say impossible, to setup any good banking for new setups in an offshore jurisdiction which also respect your privacy and don't report you.

Today you either need old company setups which alreayd may have some sort of banking relationship or huge setups, which for most simply don't make sense, like trusts and foundations. BUT before you jump into it you must find the professional lawyer that is able to help you. With the lawyer most people here will stop because they don't have the money to pay him.

 

[mickey]

So your you say: No Bank will accept a company of another jurisdiction as a beneficial owner.
Now we would need some experiences by other users.

P.S. The hourly rates of lawyers aren't so high (200-300 USD per hour) as long as you don't go to the Bahamas or Cayman Islands. If someone cannot afford something, well maybe his/her business is the bigger problem than its tax situation.

 

[happyjohn]

So your you say: No Bank will accept a company of another jurisdiction as a beneficial owner.

You need to read what I wrote again. If above is what you read then I understand why you may ask such question. New member does not always mean new member at OffshoreCorptalk.com so I see where you come from.

The hourly rate of a lawyer depend on country, law firm and the lawyer you consult. 200 - 300 USD per hour may be some cheap ******** with his office located at Mc Donalds.

 

[mickey]

You need to read what I wrote again.

Really? I give it back to you!

P.S. The hourly rates of lawyers aren't so high (200-300 USD per hour) as long as you don't go to the Bahamas or Cayman Islands.

The hourly rate of a lawyer depend on country, law firm and the lawyer you consult.

I think we all can ignore the "constructive" contributions of this fellow from now.

Now I repeat the main question:
Do banks accept companies from another jurisdictions as beneficial account owners?

 

[TacitusKilgore]

For AML legislation purposes, beneficial owners are people and not companies. Safe to say no, banks will require you to identify a natural person somewhere in the chain of ownership.

 

[Jea]

They have to under CRS. It is called indica. Any indication a client may be from a reportable CRS country then they must report to all countries where indicia exists.

And secondly, the banks have to report where you are a resident for tax purposes however they may indeed choose to over report also. Such as previously listed residencies, your country of ID (passport for example), mailing address etc.

How to avoid being reported to your country of citizenship if you have no residence there?
Besides not using address, phone number, IP address from that country...

 

[countryfree]

How to avoid being reported to your country of citizenship if you have no residence there?
Besides not using address, phone number, IP address from that country...

I guess the only way is to have an official document stating you're a resident from another country.

 

[Jea]

I guess the only way is to have an official document stating you're a resident from another country.

You can still be resident of other countries in that case...

 

[ziof3ster77]

Out of curiosity, e-money istitutions like Payoneer, TranswerWise, Revolut...adhere to the CRS?