The list of non CRS countries 2019 - 2025

Spinat · Sep 28, 2019

I have compiled the below small list for all of you to get a quick overview of what countries don't participate in the CRS (The Common Reporting Standard) which is an information standard for the Automatic Exchange of Information (AEOI) regarding bank accounts on global level, between the tax authorities, which the Organisation of Economic Co-operation and Development (OECD) has developed. It's purpose is to combat tax evasion.

Lots of information I know, but hope it helps people to understand what the list is about and how important it can be for one looking for total privacy.

here is the list in alphabetical order:

Armenia
Cambodia
Dominican Republic
Republic of Georgia
Guatemala
Kazakhstan
Macedonia
Montenegro
Paraguay
Philippines
Puerto Rico
Serbia
Ukraine
United States (Consider FATCA RULES) !!

You need to check each country as time goes since this is a ever changing world and the fact that some countries actually will be part of the CRS is a ever lasting threat.

Mark Rucken · Feb 5, 2021

I am gonna repeat my questions from the last year, was anyone from this board (or anyone you know) ever reported according to CRS rules?

Piano · Apr 4, 2021

Martin Everson said:
If you bank with its local branch and want to use its foreign branch in an non-CRS country to avoid CRS its not a good idea from sleep well at night situation even if facts say otherwise. In general I avoiding CRS by using a non-CRS bank is not a good idea. Just relocate.

Hello Martin,

which banks/jurisdictions would you consider now to open an account ?
what about cape verde ?

Piano · Apr 4, 2021

Martin , the question is for both personal and corporate accounts

Rprox · Apr 5, 2021

Martin Everson said:
Whats interesting is that there is only 3-4 countries on that list that I would consider banking in . This means the OECD's AEOI CRS has largely achieved its goal at this stage.

@Martin Everson , thats for this post. I am a little late but which four countries and why ? Please elaborate a little more.

Rprox · Apr 5, 2021

Martin Everson said:
From the list I would consider banking in Georgia, Kazakhstan, Cambodia.

P.S I only banked from the list so far in Cambodia and Georgia.

@Martin Everson , your banking preference, would this mean that the company exists in a different jurisdiction and the bank exists in another jurisdiction?

fortunespeculator · Apr 5, 2021

Can anyone confirm if Nepal crs or non crs .And if they report to India if I am Indian citizen?

Martin Everson · Apr 5, 2021

Piano said:
which banks/jurisdictions would you consider now to open an account ?
what about cape verde ?

Any good international bank if your willing to relocate. I wouldn't bother with Cape Verde for banking.

Rprox said:
@Martin Everson , thats for this post. I am a little late but which four countries and why ? Please elaborate a little more.

Since 2019 when post was made I would say none any longer. Covid has killed some of those countries economies and some have joined CRS since like Georgia. 2 years is a long time in offshore worlds sadly .

Rprox said:
@Martin Everson , your banking preference, would this mean that the company exists in a different jurisdiction and the bank exists in another jurisdiction?

No not necessarily.

Martin Everson · Apr 5, 2021

fortunespeculator said:
Can anyone confirm if Nepal crs or non crs .And if they report to India if I am Indian citizen?

Nepal is not a signatory to CRS or even a pending signatory as of Feb 2021.

http://www.oecd.org/tax/transparency/AEOI-Commitments.pdf

Sols · Apr 5, 2021

But there is a Double Tax Treaty between India and Nepal. Sometimes those contain clauses for exchange of information. Might not be automatic (like CRS) but upon request (like a TIEA).

JohnLocke · Apr 7, 2021

Nepal, I just question what are you setting up in Nepal that could work international?

deepsudeep · Apr 8, 2021

Checking the OECD website and seems UAE is CRS complaint under Automatic exchange of information (AEOI) since 2018. So does offshore make sense there

http://www.oecd.org/tax/transparency/country-monitoring/

biz1 · Apr 12, 2021

@deepsudeep Maybe would be covered in another thread: What is EOIR/Global Forum?

fortunespeculator · Apr 12, 2021

Admin said:
Nepal, I just question what are you setting up in Nepal that could work international?

If Nepal is non crs then opening bank account should be fine which will not be reported to India. Because for Indians it is possible to stay 150 days continuously in Nepal without any visa. . A cheap offshore destination to bank maybe.

fortunespeculator said:
If Nepal is non crs then opening bank account should be fine which will not be reported to India. Because for Indians it is possible to stay 150 days continuously in Nepal without any visa. . A cheap offshore destination to bank maybe.

A person having seychelles ibc - wont it be a perfect place to stash some cash in Nepal ?

JohnLocke · Apr 27, 2021

fortunespeculator said:
If Nepal is non crs then opening bank account should be fine which will not be reported to India. Because for Indians it is possible to stay 150 days continuously in Nepal without any visa. . A cheap offshore destination to bank maybe.

Not bad finally there is a loophole spotted here for our fellows in India. Not bad, I always was in the believing India had a tight chain around the balls of their citizens.

fortunespeculator · Apr 27, 2021

Admin said:
Not bad finally there is a loophole spotted here for our fellows in India. Not bad, I always was in the believing India had a tight chain around the balls of their citizens.

Yes they do and thats why i am trying to find something of value.I think this could be a good start.I Invite others to share their comments and thoughts.

Piano · Apr 27, 2021

MiddleEuroAsia said:
for the first question, yes! I know some reputable people who work at companies that work with international clients and have a vast networking and local knowledge within Egypt. for a start you can take a look at (Andersen Egypt - Maher Milad Iskander & Co.) or (Levari Law Firm | Cairo, Dubai, London).

Personal accounts are guaranteed. for corporate accounts, Yes, they will accept you. But you may have to have a local nominee director (but that's not always the case). So, it depends on what kind of business you're into!. but don't worry 99% you'll have both corporate and personal bank account!. your nationality won't matter, but I can say that you have an advantage not a disadvantage being European when dealing with Egyptian banks.

Please come here and update as if you go through with this setup!

cheers

Any idea about prices for opening personal and corporate accounts ?
You have accounts yourself ?

JohnLocke · Jun 29, 2021

Piano said:
Any idea about prices for opening personal and corporate accounts ?
You have accounts yourself ?

you want to open a new thread in a one of the other forum categories.

Please stick to the topic if you post here!

stevy777 · Jul 13, 2021

Martin Everson said:
From the list I would consider banking in Georgia, Kazakhstan, Cambodia.

P.S I only banked from the list so far in Cambodia and Georgia.

I think BDO Philippines is a nice bank

though wouldn’t want to hold lots of money there

JohnLocke · Aug 27, 2021

I made a change to the title so that it fits the current year. Please keep updating the thread if you like it

noname · Sep 5, 2021

Bosnia and Herzegovina my country signed this CRS agreement but first year of automatic exchange is not set yet. So many freelancers here use services such as Payoneer and avoid paying income tax. But I wonder one day when exchange starts if the data exchanged will go back from previous years too or just from the year it started.

The list of non CRS countries 2019 - 2025

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