Reliable banks in non-CRS countries that allow remote opening for foreign citizens

[WinterSun]

I don't know about practically because of how difficult many of them find it to maintain correspondent accounts. But in terms of reporting, yes, Puerto Rico is currently highly secretive as it's not in scope for CRS or FATCA.

Thank you. I will look into it.

i not see any realy good alternatives, i personally find trnc the best and more easy way, i use i local trust company the ubo of the position is only known to the local lawyer , and is imposssible to emforce any international exchange of information

How is your experience with trnc? Do they allow remote opening as a non-resident foreign citizen?

I read in the following article that it is impossble to transfer funds to another country. Is this still true?
http://www.t-vine.com/how-to-open-a-bank-account-in-north-cyprus/

 

[Forester]

I read in the following article that it is impossble to transfer funds to another country. Is this still true?
http://www.t-vine.com/how-to-open-a-bank-account-in-north-cyprus/

AFAIK, the situation varies over time; but in principle it is really difficult. All it depends on the appetite of Turkish banks to bear the risks. Try to search here at forum(s), it was mentioned/discussed several times, IIRC. But I am afraid that for you, as for the Serbian resident with a Chinese passport, it will be difficult even to open an account in TRNC without having some substance there.

Just a remark – it is not my business; but what the kinda hellish stuff you are dealing with as a freelancer, if it is worth such complications, on condition that financial amount for taxing is insignificant? Helping Martians to prepare invading the Earth or what? (If you were in child pornography or drug trafficking, the financial amount definitely would not be insignificant...)

 

[WinterSun]

AFAIK, the situation varies over time; but in principle it is really difficult. All it depends on the appetite of Turkish banks to bear the risks. Try to search here at forum(s), it was mentioned/discussed several times, IIRC. But I am afraid that for you, as for the Serbian resident with a Chinese passport, it will be difficult even to open an account in TRNC without having some substance there.

Just a remark – it is not my business; but what the kinda hellish stuff you are dealing with as a freelancer, if it is worth such complications, on condition that financial amount for taxing is insignificant? Helping Martians to prepare invading the Earth or what? (If you were in child pornography or drug trafficking, the financial amount definitely would not be insignificant...)

I see. I will forget about TRNC then.

Nothing terrible like that. I am just cautious.

 

[fortunespeculator]

It depends on who you are and what you bring to the table. It's a very different story if you've got a few thousand EUR/USD worth of untaxed money that you want to hide vs. a six–seven figure amount of clean or clean enough money. Why do you want an account? Why should the bank open one for you? As a non-resident foreigner, you pose a significant risk to them. Risk costs money.

Armenia: there are some banks you can try but the trend in the country is towards not allowing non-resident foreigners as easily anymore. SMS is still popular for 2FA with many banks and they only send to local phone numbers.

Belarus: sanctions making banking a big pain if you transact to/from western nations. Bank accounts can be opened by non-residents but almost never remotely.

Cambodia: can be opened in person relatively easily, but almost never remotely.

Dominican Republic: possible to open as non-resident, but banks rarely do it for non-residents.

Guatemala: same as Dominican Republic, but more difficult.

Mongolia: IIRC, there are a few banks there where you can open personal saving accounts in MNT for long-term deposits. Otherwise, not much going on there.

North Macedonia: Silk Road Bank and Halkbank sometimes open accounts for non-residents. Not sure about remote.

Palau: no.

Papua New Guinea: no.

Paraguay: very rare for non-residents.

In many cases, forming a local company with 1-2 local directors will be enough to increase your chances of opening a corporate and a personal account. Some of the countries above are quite attractive for business due to tax or cost of labor.

Honestly, just get your affairs in order and stop chasing non-CRS banks. Most of these countries are going to be engaged in CRS in the next few years anyway. There is no long-term stability in secrecy.

If you don't want to pay tax, move to a place that doesn't have any tax.

But if i understand correctly the deposit that Paraguay takes for providing their residency should provide option for banking there isnt it? However that anyway makes us a resident and not a non resident.

 

[WinterSun]

But if i understand correctly the deposit that Paraguay takes for providing their residency should provide option for banking there isnt it? However that anyway makes us a resident and not a non resident.

True. In fact, I have been meaning to apply for residency in Paraguay but there are no diplomatic relations between our countries (I am a Chinese citizen-PRC) and the two countries are not on good terms. To make matters even worse, China is not a member of the Hague Apostille Agreement. So I do not even know how to authenticate the necessary documents, such as a notarized copy of birth certificate endorsed by the Paraguayan Consulate in the country of origin and legalized in the Ministry of Foreign Affairs of Paraguay.

 

[Forester]

True. In fact, I have been meaning to apply for residency in Paraguay but there are no diplomatic relations between our countries (I am a Chinese citizen-PRC) and the two countries are not on good terms.

It might be a problem but not the crucial one, see below.

To make matters even worse, China is not a member of the Hague Apostille Agreement. So I do not even know how to authenticate the necessary documents, such as a notarized copy of birth certificate endorsed by the Paraguayan Consulate in the country of origin and legalized in the Ministry of Foreign Affairs of Paraguay.

This formally should not be any problem, there are many countries that did not sign the apostille agreement, including i.e. Canada, Malaysia, Indonesia, ... AFAIK. There is a clear mechanism for that, involving usually Ministry of Foreign Affairs of an issuing country (or some other governmental office); ask a lawyer competent re: China. But I understand that there can be a practical problem, as in this process must deal with the Chinese institutions and you are in Serbia.
And furthermore, AFAIK, it is not possible to apply for a PG residency without visiting a country, with a visa. (It does not seem surprising to me.)

 

[WinterSun]

It might be a problem but not the crucial one, see below.

This formally should not be any problem, there are many countries that did not sign the apostille agreement, including i.e. Canada, Malaysia, Indonesia, ... AFAIK. There is a clear mechanism for that, involving usually Ministry of Foreign Affairs of an issuing country (or some other governmental office); ask a lawyer competent re: China. But I understand that there can be a practical problem, as in this process must deal with the Chinese institutions and you are in Serbia.
And furthermore, AFAIK, it is not possible to apply for a PG residency without visiting a country, with a visa. (It does not seem surprising to me.)

Normally the following process is carried out in place of the apostille: 1. Documents certified by Chinese local notary offices, 2. Certification of the Consular Department of the Ministry of Foreign Affairs of China, 3. Certification of the Embassy of the respective country. It seems impossibke to get the 3rd step done since there are no diplomatic relations between the two countries.

In practice, visiting the country could be problematic too since it's really difficult for Chinese citizens to even get a tourist visa there since we need special clearance from the Ministry of Foreign Affairs or something.

So I was thinking maybe I could get a lawyer in Paraguay to deal with the application process and only go there to get the ID after the approval of the residency. Would this be possible as far as you know?

 

[fortunespeculator]

Normally the following process is carried out in place of the apostille: 1. Documents certified by Chinese local notary offices, 2. Certification of the Consular Department of the Ministry of Foreign Affairs of China, 3. Certification of the Embassy of the respective country. It seems impossibke to get the 3rd step done since there are no diplomatic relations between the two countries.

In practice, visiting the country could be problematic too since it's really difficult for Chinese citizens to even get a tourist visa there since we need special clearance from the Ministry of Foreign Affairs or something.

So I was thinking maybe I could get a lawyer in Paraguay to deal with the application process and only go there to get the ID after the approval of the residency. Would this be possible as far as you know?

I think you have to go twice ,once for application second time for collection.Maybe the second time can be avoided through the lawyer

 

[Forester]

3. Certification of the Embassy of the respective country. It seems impossibke to get the 3rd step done since there are no diplomatic relations between the two countries.

Not inevitably. It is often so that if the country A has no diplomatic relations with the country B; then country A asks (and makes an agreement with) a country C, who has diplomatic relations with the country B, to represent their interests in the country B, at least for consular affairs. A simple question directed to Paraguayan Ministry of Foreign Affairs can resolve the problem.

In practice, visiting the country could be problematic too since it's really difficult for Chinese citizens to even get a tourist visa there since we need special clearance from the Ministry of Foreign Affairs or something.

Yes, it can happen

So I was thinking maybe I could get a lawyer in Paraguay to deal with the application process and only go there to get the ID after the approval of the residency. Would this be possible as far as you know?

I think you have to go twice ,once for application second time for collection.

I also think so. Do not forget that for an application for a residency you need an address of stay, etc. But generally, paraguayan immigration lawyers (yes, there is such a specialisation) are competent and friendly (and not horribly expensive, AFAIK – just by coincidence, I know something about Paraguay); so you can easily ask. Internet does magic... sometimes.

 

[lostguy]

Armenia: there are some banks you can try but the trend in the country is towards not allowing non-resident foreigners as easily anymore. SMS is still popular for 2FA with many banks and they only send to local phone numbers.

Belarus: sanctions making banking a big pain if you transact to/from western nations. Bank accounts can be opened by non-residents but almost never remotely.

Cambodia: can be opened in person relatively easily, but almost never remotely.

Dominican Republic: possible to open as non-resident, but banks rarely do it for non-residents.

Guatemala: same as Dominican Republic, but more difficult.

Mongolia: IIRC, there are a few banks there where you can open personal saving accounts in MNT for long-term deposits. Otherwise, not much going on there.

North Macedonia: Silk Road Bank and Halkbank sometimes open accounts for non-residents. Not sure about remote.

Palau: no.

Papua New Guinea: no.

Paraguay: very rare for non-residents.

we are really depending on some low level banks and countries.

 

[Forester]

we are really depending on some low level banks and countries.

Well... what does it mean “low level banks and countries“? (For example, I personally do not count all Paraguayan banks as low-level...)
( Generally: All it is as good, as it gets )

Maybe more importantly:

Just accidentally, I have just found that among Balkan countries, also Bosnia and Herzegovina did not enter AEOI/CRS system. (I always thought that they did and I did not verified it, as I had not been so interested, now I am a little bit more )
So
1) @WinterSun, isn't it an option for you?
2) @Sols, could you share your opinion re: Bosnia and Herzegovina? (Sorry for bothering you but you really seem to be knowledgeable at this field )

 

[Sols]

2) @Sols, could you share your opinion re: Bosnia and Herzegovina? (Sorry for bothering you but you really seem to be knowledgeable at this field )

A lot like Serbia but worse. It has recently been on US and EU watch lists for money laundering and subject to sanctions related to the regional wars.

The banks have even less experience dealing with non-residents, whereas in Serbia the banks have at least some understanding of non-residents.

 

[fortunespeculator]

A lot like Serbia but worse. It has recently been on US and EU watch lists for money laundering and subject to sanctions related to the regional wars.

The banks have even less experience dealing with non-residents, whereas in Serbia the banks have at least some understanding of non-residents.

Which would be the banks in Serbia that you may recommend?

 

[Forester]

A lot like Serbia but worse. It has recently been on US and EU watch lists for money laundering and subject to sanctions related to the regional wars.

The banks have even less experience dealing with non-residents, whereas in Serbia the banks have at least some understanding of non-residents.

Oh, well. Thanks...

 

[Sols]

Which would be the banks in Serbia that you may recommend?

That's hard to answer. There are basically two categories of banks in Serbia: big foreign banks (that dominate the market) and smaller, local banks.

The big banks, if you are lucky and get the right person handling your case, will sometimes take non-residents without flinching. They have the compliance tools to onboard you with ease.

The smaller banks might have a higher risk appetite (out of desperation) but quality of services are often lacking or outdated, and fees tend to be higher.

If you are not resident in Europe or Russia, though, your chances of success are near zero.

 

[WinterSun]

Not inevitably. It is often so that if the country A has no diplomatic relations with the country B; then country A asks (and makes an agreement with) a country C, who has diplomatic relations with the country B, to represent their interests in the country B, at least for consular affairs. A simple question directed to Paraguayan Ministry of Foreign Affairs can resolve the problem.

Yes, it can happen



I also think so. Do not forget that for an application for a residency you need an address of stay, etc. But generally, paraguayan immigration lawyers (yes, there is such a specialisation) are competent and friendly (and not horribly expensive, AFAIK – just by coincidence, I know something about Paraguay); so you can easily ask. Internet does magic... sometimes.

Thank you. That sounds reassuring.

An address of stay seems difficult to get without physical presence.

Do you happen to know any competent and affordable paraguayan immigration lawyers?

Well... what does it mean “low level banks and countries“? (For example, I personally do not count all Paraguayan banks as low-level...)
( Generally: All it is as good, as it gets )

Maybe more importantly:

Just accidentally, I have just found that among Balkan countries, also Bosnia and Herzegovina did not enter AEOI/CRS system. (I always thought that they did and I did not verified it, as I had not been so interested, now I am a little bit more )
So
1) @WinterSun, isn't it an option for you?
2) @Sols, could you share your opinion re: Bosnia and Herzegovina? (Sorry for bothering you but you really seem to be knowledgeable at this field )

Bosnia and Herzegovina could be an option in this respect but from my friend's experience, it's almost impossible to move funds out of there without visiting the banks in person. So I will only leave it as a last resort.

As to Serbian banks, I have had the most frustrating experiences ever with them. Many banks don't open accounts for non-residents. Even if they do, you can only get non-resident accounts with or without cards depening on the banks. You can't send or receive funds internally. You have to go through international bank transfer via swift system even when transferring funds between your own accounts in the same bank or deposit cash into your own account. It's such a nightmare to say the least.

Thank you. That sounds reassuring.

An address of stay seems difficult to get without physical presence.

Do you happen to know any competent and affordable paraguayan immigration lawyers?


Bosnia and Herzegovina could be an option in this respect but from my friend's experience, it's almost impossible to move funds out of there without visiting the banks in person. So I will only leave it as a last resort.

As to Serbian banks, I have had the most frustrating experiences ever with them. Many banks don't open accounts for non-residents. Even if they do, you can only get non-resident accounts with or without cards depening on the banks. You can't send or receive funds internally. You have to go through international bank transfer via swift system even when transferring funds between your own accounts in the same bank or deposit cash into your own account. It's such a nightmare to say the least.

And they have got the most weird rules about the definition of residents. You can only be considered a resident after staying here for more than 1 year even though you have a resident permit.

 

[Forester]

Do you happen to know any competent and affordable paraguayan immigration lawyers?

Not directly/personally; but I will ask an appropriate person. Stay tuned

Bosnia and Herzegovina could be an option in this respect but from my friend's experience, it's almost impossible to move funds out of there without visiting the banks in person. So I will only leave it as a last resort.

See also info given by @Sols above in this thread.

As to Serbian banks, I have had the most frustrating experiences ever with them. Many banks don't open accounts for non-residents. Even if they do, you can only get non-resident accounts with or without cards depening on the banks. You can't send or receive funds internally. You have to go through international bank transfer via swift system even when transferring funds between your own accounts in the same bank or deposit cash into your own account. It's such a nightmare to say the least.
And they have got the most weird rules about the definition of residents. You can only be considered a resident after staying here for more than 1 year even though you have a resident permit.

Yes, taking into account all the info given by @Sols above in this thread, it makes sense.
(There are two posts by @Sols re: Serbian banks
Reliable banks in non-CRS countries that allow remote opening for foreign citizens and
Reliable banks in non-CRS countries that allow remote opening for foreign citizens (just above yours last).

 

[nobel]

Many thanks. Would banks in Puerto Rico work in my case?

This you can try: Safe, Digital, Global — Euro Pacific Bank i think always CRS free!

 

[mvstreet123]

As to Serbian banks, I have had the most frustrating experiences ever with them. Many banks don't open accounts for non-residents. Even if they do, you can only get non-resident accounts with or without cards depening on the banks. You can't send or receive funds internally. You have to go through international bank transfer via swift system even when transferring funds between your own accounts in the same bank or deposit cash into your own account. It's such a nightmare to say the least.


And they have got the most weird rules about the definition of residents. You can only be considered a resident after staying here for more than 1 year even though you have a resident permit.

Sorry, but you talk (sorry to say) bulls**t.
At most big banks (Intesa, Unicredit, OTP...) have branches in Belgrade where minimum one person has focus on foreign customers.
Open an account is so easy. You need only your passport, the white paper (registration from your hotel at police), proof of address (for example bank statement of other current account) and half hour time - thats all. After half hour you have your multi currency account (Dinar, EURO, Dollar....) and online banking.
Of course you can transfer between your own accounts at same bank without additional costs and for transfers from and to Serbia you will use SWIFT - so simple, so easy.
Also "cash in" is for free - only between 500 and 600 Dinars maintance every month.
Oh - of course you get cards - for example Mastercard Platinum and Dina Card (for local payments in Serbia)

 

[cuno]

Which would be the banks in Serbia that you may recommend?

please share yes..