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

[fortunespeculator]

yes, but i had to go in person

Could you run me through the paper work and documents requested.Was it for personal or business.And will they open for a business as well.

You suggest that if one earns little amount of money - one has to pay taxes.
Whereas if one earns a lot of money - one shouldn't pay taxes.

Interesting logic

Yes because a lot of options open up when you are making more money.Economies of scale not withstanding.If one makes more money he has options for going offshore as well as work with btc,zero tax jurisdictions,accountants who can claim tax benefits with clever accounting tricks.

 

[Forester]

And will they open for a business as well.

ProCredit is a German bank group, having two branches: ProCredit hausbank for SME's and ProCredit DIRECT for private clients. It is valid for their Macedonian operations, too. Fro more info, see https://www.pcb.mk, ProCredit Bank Direct.
But I doubt that they open accounts for non-resident companies, it seems to me being aginst their policy of being “a hausbank”.
Furthemore, and maybe more importantly, as their worldwide activities are relatively tightly connected, perhaps I would be a little bit afraid about some information sharing with the German mother, even from non-AEOI/CRS country. But maybe it is just a paranoia?

 

[ikan]

@ Forester
No paranoia. Reality.
I will never ever open an account in Macedonia, Serbia, elsewhere with banks belongings to any europeen bank group ( no matter German Italian Austria) => they use same softwares. And just to easy to report CRS without any notice, even if the Country did not comply to CRS.

 

[Forester]

@ Forester
No paranoia. Reality.
I will never ever open an account in Macedonia, Serbia, elsewhere with banks belongings to any europeen bank group ( no matter German Italian Austria) => they use same softwares. And just to easy to report CRS without any notice, even if the Country did not comply to CRS.

Well, it's, IMO, really an important issue. Thanks for your opinion. Any other input is welcome...

 

[Sols]

I will never ever open an account in Macedonia, Serbia, elsewhere with banks belongings to any europeen bank group ( no matter German Italian Austria) => they use same softwares. And just to easy to report CRS without any notice, even if the Country did not comply to CRS.

Doing so would be illegal: a violation of banking secrecy laws. It's also not technically possible because the data is segregated. Erste Bank in Montenegro cannot access any information about clients of Erste Bank in Austria or vice versa.

It's impossible to rule out 100% but it would require a malicious actor on the inside taking a huge risk. If that's your risk scenario, then no financial service provider is safe.

Banking secrecy for the purpose of hiding from governments is basically gone. Banking secrecy and data protection against snooping by private companies (even intra-group) still exist.

 

[Forester]

Doing so would be illegal: a violation of banking secrecy laws. It's also not technically possible because the data is segregated. Erste Bank in Montenegro cannot access any information about clients of Erste Bank in Austria or vice versa.

It's impossible to rule out 100% but it would require a malicious actor on the inside taking a huge risk. If that's your risk scenario, then no financial service provider is safe.

All the above is pretty understandable; and I basically agree without hesitation. The background of my little uncertainity was a specific situation that follows:
Yes, Erste Bank in Montenegro cannot access client data of Erste Bank in Austria, similarly e.g. with Deutsche Bank Polska and Deutsche Bank Germany. They are independent legal entities, having separate infrastructure, etc.; they only have the same owner/belong to the same group. But, for example, at Polish market there also operates (or at least operated) Bank of China (Luxembourg): it has a branch there (it has small market share, serving some chinese companies and some individuals, but it is not important now). It is just a branch, appropriately registered. Frankly, I doubt that this small branch has sufficient infrastructure to be able to perform all the functions independently of the company headquarters; I guess that some data really have to be shared (and I do not see it as being criminal). (BTW, this branch even – AFAIK – do not participate at Polish Bank Guarantee Fund, the deposits of clients are covered by Fonds de garantie des dépôts Luxembourg.) And the situation of ProCredit DIRECT Macedonia seemed to me a little bit similar, my impression of their webpage (I had known before about ProCredit in Germany but for Macedonia I was checking the web) was that the ProCredit was the group with very tight connections, seeing local entities more of less like branches... So, if the data sharing is (probably) possible in one case, why not in another?
But really, it is possible that I am completely wrong; I was never in such a situation that I was afraid about similar data leakage, so I have no experience. (On the contrary, a few times I encountered the situation that the local entity of a big bank in country A helped me – or someone known to me – to manage something with the local entity of this bank in country B, so I was happy with some de facto data sharing )

Banking secrecy for the purpose of hiding from governments is basically gone.

Yes, unfortunately.

Banking secrecy and data protection against snooping by private companies (even intra-group) still exist.

Another question is, to what extent this protection is bullet-proof (or perhaps corruption-proof, especially in some countries); but it is a different problem – and as you said, “If that's your risk scenario, then no financial service provider is safe.”

 

[lostguy]

To try to find a bank today in any part of the world that is not going to report you now or later is a fairy tail, it does not exist in 2022 and forward!

 

[dread pirate]

You suggest that if one earns little amount of money - one has to pay taxes.
Whereas if one earns a lot of money - one shouldn't pay taxes.

Interesting logic

you do understand variable tax rates and income brackets, right?
thats what i was talking about - risk vs. reward

 

[Forester]

@I'mRobot: I would personally prefer North Macedonia – Halkbank (English - Home) or Silk Road Bank (https://silkroadbank.com.mk/index.php?lang=en); or maybe (if I wanted extra safety) ProCredit Direct (ProCredit Bank Direct).
But
1) It is just my personal preference, probably mainly because of I am currently in Europe; and it is not stone-founded.
2) I have no direct experience with abovenamed banks yet, I am just thinking about opening an account there in the short- or mid-term future...

 

[Marzio]

if I wanted extra safety ProCredit Direct

Why ProCredit would be safer than the other two?

 

[Forester]

Why ProCredit would be safer than the other two?

Just IMO – it's a branch of the German bank with reputation. Halkbank is a branch of the Turkish bank (it is nothing wrong!) with some disputable issues in the past where the majority stakeholder is the Turkish government and Silk Road Bank claims to be backed by swiss capital but I think there are chinese money behind, furthermore it operates (AFAIK) only in Macedonia and Georgia.

 

[Mike Forman]

The type of ACR-I card you are referring to is called "Tourist ACR-I card". A person who intends to stay in the Philippines for more than 60 days in PH needs to apply for a so-called "extension of stay" one week before the first 60 days of his uninterrupted stay expires. Once extension of stay has been granted the person will receive a "Tourist ACR-I card" about 3 weeks later (waiting period for printing) at the local Bureau of Immigration (BI) office. So, after 81 days of uninterrupted stay this person would be in possession of this plastic card.
The only problem: This specific type of card is called "Tourist ACR-I card". Most banks refuse to open accounts on this type of card.

Even if you find a small bank who is opening you an account you will have a hard time maintaining it: They will not open a foreign currency account on the basis of a tourist ACR card, the will not even give you a debit card on a Peso-account anymore!
Then comes annual physical reporting with BI https://immigration.gov.ph/services/alien-registration/annual-report-a-r at the turn of each year, annual renewal of the card and the bank asking you to every year present the newly issued card.
All in all very much impractical procedure for somebody who does not live in the country. And for most people it is useless anyway because on this card even the tiniest bank will refuse to open a separate FX (i.e. USD) account.

Even local electronic wallets like PayMaya and G-Cash have in the last couple of months become stricter and do not allow easy opening solely on the basis of this obscure "Tourist ACR-I-card". They demand a second Philippine ID now.

See the different types of ACR-I-cards who quite clearly show for what purpose they have been issued -> View attachment 3791

Quite frankly, it is very good that Philippine banks have become strict and that BSP is now having a tight grip on the entire financial industry. After the Bangladesh Bank Heist BSP they put a lot of effort in cleaning up the banking system and it really shows positive results.

Maya still allows to open accounts without an ACR card and even without an address in Philippines, this was done two months ago. They also have a full banking license now with savings account and mastercards and visa cards can easily be obtained.

There is no option to open a foreign currency account with Maya, so only save in a devaluation Php. To get the money out of Philippines will be a different story as well, so it wouldn't make sense if you aren't in the Philippines.

Open bank accounts in local and foreign currencies are very easy if you live here and have an ACR (non tourist card). Withdrawing, transferring and depositing EUR, USD is also very straight forward

 

[backpacker]

Maya still allows to open accounts without an ACR card and even without an address in Philippines, this was done two months ago. They also have a full banking license now with savings account and mastercards and visa cards can easily be obtained.

There is no option to open a foreign currency account with Maya, so only save in a devaluation Php. To get the money out of Philippines will be a different story as well, so it wouldn't make sense if you aren't in the Philippines.

Open bank accounts in local and foreign currencies are very easy if you live here and have an ACR (non tourist card). Withdrawing, transferring and depositing EUR, USD is also very straight forward

They are currently working through there customer data base to get the transformation from EMI to "bank" done. Specifically with regards to people with loans and savings accounts. Wallet comes last.
Expect the account to be closed if you added a foreign address. So, change the address to a local one, be able to provide proof of address and have at least one local ID ready.

Devaluation of PHP:

• Against Dollar -> Yes.
• Against most other currencies -> No.

In fact, even compared to USD, todays' value of the Phillipine Peso is about the same as it was in 04/2004 . This is relative stability for a currency of a developing nation.

Pure fun: Compare the value of PHP against EUR. It is amazing to see how much supposingly strong first-world fiat has lost against a 'weak' currency of a developing nation.
It is just another proof that the Euro is nothing more than weak hybrid fiat of an unstable artificial currency area (Eurozone = it is not a country, it does not even represent the EU itself)

 

[fortunespeculator]

They are currently working through there customer data base to get the transformation from EMI to "bank" done. Expect the account to be closed if you added a foreign address. So, change the address to a local one, be able to provide proof of address and have at least one local ID ready.

Devaluation of PHP:

• Against Dollar -> Yes.
• Against most other currencies -> No.

In fact, even compared to USD, todays' value of the Phillipine Peso is about the same as it was in 04/2004 . This is relative stability for a currency of a developing nation.

Pure fun: Compare the value of PHP against EUR. It is amazing to see how much supposingly strong first-world fiat has lost against a 'weak' currency of a developing nation.
It is just another proof that the Euro is nothing more than weak hybrid fiat of an unstable artificial currency area (Eurozone = it is not a country, it does not even represent the EU itself)

Ha ha ha well said.

 

[csp dubai]

forget puerto rico the first mistake you make you will find yourself behind american bars in a matter of seconds for many many years , rest of your life basicly

 

[mythoffshore]

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.

It is possible to open a non-resident account in Paraguay. A trip to the local area is required.

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

If you hold a Chinese passport, I will have some solutions for you, please chat to me privately.

 

[Sols]

If you hold a Chinese passport, I will have some solutions for you, please chat to me privately.

Why not share it on a post? Are you trying to advertise something in private?

 

[mythoffshore]

Why not share it on a post? Are you trying to advertise something in private?

Unfortunately, this solution is only available to residents of Mainland China, Hong Kong, Macau and the Republic of China (or Taiwan Province of China). And the bank does not want to advertise it publicly.

 

[Forester]

Unfortunately, this solution is only available to residents of Mainland China, Hong Kong, Macau and the Republic of China (or Taiwan Province of China). And the bank does not want to advertise it publicly.

OK then

It is possible to open a non-resident account in Paraguay. A trip to the local area is required.

Do you have a personal experience with it? And/or some contacts there?

 

[mythoffshore]

OK then

Do you have a personal experience with it? And/or some contacts there?

To avoid suspicion of advertising, I can't make a recommendation either. And the local banking industry is still underdeveloped. LOL