Non CRS Banks?

[Txaxandlxaxwxyxexr]

In your opinion nowadays which are the 5 best non crs banks that allow non residents to open an account?

 

[Martin Everson]

If people mention them in the public part of forum they will become the 5 best non crs banks that no longer take non-residents i.e Ameria bank

 

[Txaxandlxaxwxyxexr]

Your opinion about banking in Cambodia and Georgia is already online, and is plenty online of lists of banks that do it (and that are still in the game even so).
Do you really think that if you write something on a forum everybody in the world is going to run and do it, and crowds will run into opening an account and that a bank will need to change its policies? you are probably overestimating your opinion

 

[avalanche]

If people mention them in the public part of forum they will become the 5 best non crs banks that no longer take non-residents i.e Ameria bank

You can buy simple apartment in Armenia rent it out as individual entrepreneur and gain residence card for business purposes.

 

[Tax Cow]

In your opinion nowadays which are the 5 best non crs banks that allow non residents to open an account?

Top #1 in this category is Citi (NA). Reputable bank and jurisdiction. Too big to fail. Good for deposits and transactions. Streamlined and capable compliance. No paranoia of non-U.S. persons. Keeps adapting and evolving, even after being fined many times.

Before you commit, check if your country of residence recieves something back from FATCA which is the US equivalent of CRS.

Top 2-5 also go to U.S. banks. No real competition.

After a big void, top 25-50, maybe, we get to smaller offshore branches of too big to fails in the non-CRS emerging markets.

 

[Tax Cow]

For personal accounts only, to be more specific (my post above)

Non-CRS Banks that open for exotic non-resident IBCs should be mentioned with great caution. Preferably in Mentor Group or via PM. Let's prolong their lifespan and follow the advice of @Martin Everson

 

[Traveler]

Your opinion about banking in Cambodia and Georgia is already online, and is plenty online of lists of banks that do it (and that are still in the game even so).
Do you really think that if you write something on a forum everybody in the world is going to run and do it, and crowds will run into opening an account and that a bank will need to change its policies? you are probably overestimating your opinion

Depends on your definition of "still in the game". Georgia started gaining popularity on the Internet some 2 years ago. Fast forward to 2020 and .... it's virtually impossible to obtain (and maintain) an account with any of the major banks without demonstrating significant economic substance.

The same can be observed in a very large number of other cases as well. The story is always the same.

 

[clemens]

Your opinion about banking in Cambodia and Georgia is already online, and is plenty online of lists of banks that do it (and that are still in the game even so).
Do you really think that if you write something on a forum everybody in the world is going to run and do it, and crowds will run into opening an account and that a bank will need to change its policies? you are probably overestimating your opinion

you have to be new to the forum or just naive and ignorant if you think you can write something on a public forum without it having any consequences at some point. You are forgiven for getting your foolhardy comment as you have not been here more than barely 2 months. The rest of us have seen the consequences many times already.

 

[Martin Everson]

Do you really think that if you write something on a forum everybody in the world is going to run and do it

Yes

 

[Praetorian]

Depends on your definition of "still in the game". Georgia started gaining popularity on the Internet some 2 years ago. Fast forward to 2020 and .... it's virtually impossible to obtain (and maintain) an account with any of the major banks without demonstrating significant economic substance.

The same can be observed in a very large number of other cases as well. The story is always the same.

They want the big fish, not the time wasters/sketchy clients that bring nothing to them but potential fines.

Tax havens/Non-CRS banks are increasingly discriminating against clients and cherry pick only the ones that can bring them real money otherwise the risk of operating such a model outweighs the potential gains.

Well established tax havens like the Caymans/Bermuda/Bahamas already do that. Even if those countries do CRS they still help the big fish get away with things while pretending to be compliant with the rest of their clients. You can find banks that will go rogue even in on-shore jurisdictions if you have the net worth for it, there's plenty of them in Switzerland/Germany/Baltic nations. Past a certain net worth the CRS issue becomes irrelevant, there's always a way to bypass the rules for the very rich.

 

[coq]

They want the big fish, not the time wasters/sketchy clients that bring nothing to them but potential fines.

Tax havens/Non-CRS banks are increasingly discriminating against clients and cherry pick only the ones that can bring them real money otherwise the risk of operating such a model outweighs the potential gains.

Well established tax havens like the Caymans/Bermuda/Bahamas already do that. Even if those countries do CRS they still help the big fish get away with things while pretending to be compliant with the rest of their clients. You can find banks that will go rogue even in on-shore jurisdictions if you have the net worth for it, there's plenty of them in Switzerland/Germany/Baltic nations. Past a certain net worth the CRS issue becomes irrelevant, there's always a way to bypass the rules for the very rich.

Just a curiosity: what is the usual yardstick that these banks use to consider it to be worth bending the rules? 1M? 10M? 100M?

 

[sonato]

Top 2-5 also go to U.S. banks. No real competition.

You mean US banks (if it will be possible) can be used to avoid any reporting? I assume not really since they also engage in different exchange programs about tax payers like FATCA which you mentioned?

 

[coq]

You mean US banks (if it will be possible) can be used to avoid any reporting? I assume not really since they also engage in different exchange programs about tax payers like FATCA which you mentioned?

The US has different levels of agreement for each country.
FATCA essentially forces other countries to tell automatically if foreign financial institutions have US persons as clients... but there isn't true reciprocity and it is not universal. It depends on the level of agreement of each country.

The keywords are "Reciprocal FATCA IGA", Model 1, Model 2.
The "Non-reciprocal IGA"
and "TIEA"

https://www2.deloitte.com/content/d...ax/us-tax-fatca-iga-global-summary-040620.pdf
https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act

 

[Mark Rucken]

The question should be top5 banks that accept non-residents (offshore) companies

 

[aquarius]

Isn't the solution for this CRS nonsense right here of the forum? In my view no need at all to go for doubtful banks in even more doubtful locations.

 

[Txaxandlxaxwxyxexr]

The US has different levels of agreement for each country.
FATCA essentially forces other countries to tell automatically if foreign financial institutions have US persons as clients... but there isn't true reciprocity and it is not universal. It depends on the level of agreement of each country.

The keywords are "Reciprocal FATCA IGA", Model 1, Model 2.
The "Non-reciprocal IGA"
and "TIEA"

https://www2.deloitte.com/content/d...ax/us-tax-fatca-iga-global-summary-040620.pdf
https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act

Very useful. Thanks.

 

[minotari]

Depends on your definition of "still in the game". Georgia started gaining popularity on the Internet some 2 years ago. Fast forward to 2020 and .... it's virtually impossible to obtain (and maintain) an account with any of the major banks without demonstrating significant economic substance.

How do you know that posting about Georgia here on the forum has made that happen? Only thanks to this forum, that is.