Ukrainian with ~100k in a Liechtenstein bank - How to avoid being reported via CRS?

[Toly]

It's all in the subject. The account is of an individual, not a company.

 

[polonieth]

Ask Zelensky; he's done something similar, albeit with a few more 0s on the end of his balance

Where are you a resident and tax resident?

 

[JackAlabama]

Ask Zelensky; he's done something similar, albeit with a few more 0s on the end of his balance

Where are you a resident and tax resident?

as a billionaire like Z, its pretty easy to do. But with 100k, not that much. Choices are limited and base line cost eat a big chunk out of it.
With 100k, best is to exit the banking system.

 

[Toly]

Ask Zelensky; he's done something similar, albeit with a few more 0s on the end of his balance

Where are you a resident and tax resident?

I did not vote for the Clown.
It is Ukraine and Ukraine.

 

[Martin Everson]

100k is only 100 x 1000CHF bank notes. @JackAlabama is right.

Me personally I would have this money in my pocket and not a bank. Just carry around the bank withdrawal slip in case anyone asks later.

 

[Sols]

Take up residence in a place where there is no CRS applicable or where CRS doesn't matter.

Exit banking (cash).

Exit fiat (buy crypto).

Put the money somewhere out of scope of CRS, such as an investment in a company you don't own. The amount is too low for a sophisticated trust/foundation type setup to be worthwhile, not to mention the unfortunate complications of being Ukrainian resident.

Furthermore, it's probably too late to avoid CRS for this and previous years. Anything you do today would likely only prevent/change CRS for 2025.

 

[Don]

Have you opened an account, or do you plan to do so?

For reporting to be triggered, it's important to know what information you provided to them, so in case you have already opened the account, let us know what information you provided them. e.g., your Ukrainian utility bill, etc.?

What's more, it's important to understand who is reported for the purpose of CRS. Normally, it's someone who is considered to be the Account Holder, which might not be the person in whose name the account has been opened.

The term “Account Holder” means the person listed or identified as the holder of a Financial Account by the Financial Institution that maintains the account. A person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account for purposes of the Common Reporting Standard, and such other person is treated as holding the account.

 

[Marshal]

as a billionaire like Z, its pretty easy to do. But with 100k, not that much. Choices are limited and base line cost eat a big chunk out of it.
With 100k, best is to exit the banking system.

Agree. Makes more sense just to keep it in a safe deposit box, or perhaps get residency in another EU country. Easy with a Ukrainian passport. But it might be a bit tricky to achieve if OP is unable to leave the country.