If you are Panama resident CRS will report to Panama but even if it's reported to passport country who cares since you should not be tax resident there anymore.
Our valued sponsor
Setting Up an Anonymous, Low-Cost Tax-Free Company Globally in 2024 with Minimal Compliance Requirements?
- Thread starter happyjohn
- Start date
If you are Panama resident CRS will report to Panama but even if it's reported to passport country who cares since you should not be tax resident there anymore.
Indeed. But you know, you might want to go back to that country one day. If possible I would prefer to stay anonymous, since I have no obligation to declare it unless it surpasses a certain threshold of balance.
However, suppose you have a paper residency in Panama, you might end up being tax resident there. What usually ppl having a paper residency in Panama do?
It is on the bank's discretion where they want to report. They must report to your residence and must ask you for it. They are free to report anywhere else on the globe. And that is also the reason why I am not afraid of giving banks a long list of residencies where I haven't set foor for a decade.
What I meant is that for example for those living in countries which do not tax interest income nor have wealth tax, people do not need to get nervous if the banks also report to countries where they are not resident as they will simply discard the reports.
If you live in Germany and you give the banks all other countries, except Germany, it will be tax evasion unless you declare it in Germany yourself (which you must do regardless of the CSR reports).
I read that in Panama they give some residency card which is initially bound to your passport, but they are always used as a couple. It is later replaced by a Cedula card, which does not need a Passport anymore (hence why people prefer that). But that's it.
Also here states something similar (regarding avoiding CRS): https://abcoffshore.com/panama-offshore-residency/
I agree that this might depend from the bank, but... it would not make sense all these lawyer services out there offer such residency service if they could not guarantee that banks will not report to your passport country.
No its not at all confusing. Even as a resident you will be asked to provide a passport. If this is from a different country, reporting will take place.
Tell that to all of the people that are in the aftermath of dealing with tax filings with their passport country.
guidelines is the key word. it is still boiling down to the discretion of the individual countries. if you currently see how religiously they are hunting for taxes... you have the answer to "guidelines" and how they are interpreted.
I've personally assisted in various countries citizens and or residents with their tax quests. Documentation, because cases went to court, from various tax departments have shown and confirmed that.
There can be many reasons for this and probably not CRS. In many countries the bank needs to flag suspicious activity by law. In that case everything is checked and the travel rule can reveal a lot about the transactions. There can also be spontaneous exchange of information.
But I do agree banking secrecy is dead and I do not recommend doing anything fishy and hoping that you won't get reported by CRS
Latest Threads
-
Best bank account for a Cyprus Ltd which is a consulting business?
- Started by A Rebours
- Replies: 6
-
Trusted List of service providers, exclusive for Mentor Group Gold members!- Started by JohnLocke
- Replies: 3
-
-
-
Dubai Golden Visa Bank Deposit - Crypto
- Started by bwy
- Replies: 4