NON CRS Countries to Open an Offshore Bank Account
Вставка
- Опубліковано 2 бер 2024
- Fastest Citizenships WITHOUT Investment ▶ • Fastest Citizenships W...
💰 Book a Call and Become Our Client ▶ www.wealthyexpat.com/#calendly
🚨 Join our private mastermind community ▶ www.skool.com/wealthyexpat
Have questions or want to check if we can help you?
Message Me Directly on Whatsapp ▶ wealthyexpatcall.com/whatsapp
Summary of this video:
💼 Opening Offshore Bank Accounts in Non-CRS Countries
- Understanding the concept of banking privacy in non-CRS countries,
- Overview of CRS (Common Reporting Standard) and its implications for banking privacy,
- Limitations faced by US citizens in accessing non-CRS banking options.
🏦 Best Non-CRS Countries for Offshore Banking
- El Salvador: Known for Bitcoin-friendly policies and relatively stringent banking regulations,
- Dominican Republic: Offers fast-track naturalization programs with banking privacy benefits,
- Philippines: Provides banking privacy options, especially for retirees with residency permits.
🌐 More Non-CRS Offshore Banking Options
- Armenia: Offers relatively easy online banking account opening processes,
- Cambodia: Provides citizenship by investment options and favorable real estate investment opportunities,
- Paraguay: Facilitates easy residency and tax residency processes with zero tax on foreign income.
- Serbia: Offers residency, citizenship, and low-tax company options with straightforward banking procedures.
🏦 Careful with These Offshore Bank Account Opportunities
- Qatar: While non-CRS, its banking system is known for strict enforcement and potential legal repercussions,
- Panama: Despite being part of CRS, offers some banking privacy for residents with ties to the country.
🛂 Updates on Former Non-CRS Countries
- Montenegro, Thailand, and Republic of Georgia: Once non-CRS countries, now part of CRS as of 2023-2024,
- Implications of these changes on banking privacy and considerations for individuals seeking offshore bank account options.
DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
Offshore banking is legal, hiding money from your government is NOT. Always do everything legally.
Great stuff - I have been looking in the Philippines recently - they have great residency programs and territorial tax. You should do a video on it Raf.
One my Canadian friends went there.
ARMENIA WILL JOIN THE CRS next year !!
While Armenia does not implement the CRS financial exchange, it does implement the EEU financial exchange. It may not be important to many people but keep in mind that the CRS financial exchange is not the only one in the world. Double check.
BTW, I cannot agree that Armenia is a rough place and Georgia is a nice place with a great cuisine. Both countries have similar macroeconomic parameters (such as GDP PPP per capita) and intentional homicide rates. And unless you are very healthy, Georgian food is very oily, floury and hard to digest. If you eat Khinkali or Khachapuri every day, you'll soon get into trouble.
I need to renounce my U.S. citizenship to be able to do this. Can't wait!
From what I've heard, it's still about a 15-year process with a lot of pain and frustration along the way.... you're just better off looking into dual citizenship.
@@jaimehargrove1212 not unless you purchase a house , do your research properly
@teecee_dj purchase a home to "renounce" your US Citizenship? What's the point of that, if I may ask? 🤔 again, it's something I've heard, not solidified my brother...
@@jaimehargrove1212 Purchasing a home in another country doesn't directly lead to renouncing US citizenship. Renouncing citizenship is a separate, formal process that involves legal steps and has various personal reasons behind it, like tax considerations or personal beliefs.
@@teecee_dj Gotcha, understood though there was never any mentioning regarding to "purchasing a home". I am also off, the 15 year process I had mentioned was regarding living overseas as an expat, that you would still need to pay your US taxes as such...... my bad, my train of thought at the time was on that because I had considered it many years ago. @profortunebaron, there you have it. 👍👍
Can you do a report on Palau
Bitcoin doesn’t use CRS, use that ;)
Yep exactly
Be ready to see your hard earned money go to 0 then
@@ruiferreira992 care to explain
@@ruiferreira992 What are you 80?
You still have to cash out to fiat if you want to have use of the value of btc
Interesting about EvocaBank in Armenia the fact being online but still requires residence permit on the country to open an online bank account
You don't need residency if you can place a $20k deposit
What if Im a non resident foreigner who has US LLC in Texas and I pay taxes. Will I be able to easily open a bank account in UAE and will I be under CRS bcoz I have a US LLC although Ive never been to US in my life?
@WealthyExpat I checked the list of CRS countries and I found El Salvador and even Qatar.
Here are my questions.
1. Can you explain that.
2. What about Switzerland.
Appreciate your education.
I thought Uruguay had banking secrecy
The mentioned bank in Armenia does not work. Not unless you have a residency permit there, plus many other things.
All you need is a minimum 10.000 USD deposit if you're not resident to open a bank account at Evocabank
thanks for mentioning and including our country Philippines 🇵🇭 as non crs.
Excellent video, as always !
I didn't know about Qatar, that's something to consider.
Thailand report also now ?
Can you do a report on Bangladesh for crypto please
Pretty sure gold storage is exempt from crs.
Yes, that's true; but the question is that of what happens when you sell it.
Thanks. Is UAE member of CRS-system??
Yes they are
I am not US citizen. Can ı cash out usd to my bank account in other countries slowly?
I have asked you to talk about guyana for a while now but you never did. Was going to advertise my land I have for sale but now I will not. Land is going to get very expensive in guyana soon because of the rapid developments in oil and gas. I have land in a already developing area. not too far for the supermarket and coastline. I will share it elsewhere.
How about Belize, Portugal, Brazil???
Rafael I have bank account in Mexico, is it save from CRS?
Mexico is part of CRS unfortunately
Non-CRS: Jamaica??🇯🇲🤔
If you live in non CRS country and open an account in CRS country, Do they still report your account?
Nope
I like other countries for lifestyle more than Cambodia but I can see some great benefits with it. What type of property can foreigners buy in Cambodia?
All roads lead to Bitcoin dude! Why the hell would you want to hold much garbage fiat, that someone else is constantly creating for free and diluting you, whilst you have to work for it, in any bank account?!!
bangladesh is also not part of crs.
Sure but who’s going there to bank
@WealthyExpat depends. Suppose you could connect the bank account to a crypto account; that way, you'd never have to keep much fiat currency in the bank. For example, if you transferred $5,000 from the crypto exchange to the bank, and the bank proceeded to steal the money, it wouldn't be a disaster.
It Vietnam part of the CRS? What’s your thought of becoming Vietnamese citizenship? Thanks
It's probably very difficult to get Vietnamese citizenship.
All Asian citizenships are not offered to foreigners
Anyone else is catching to this guy BS. The video did not cover restrictions on these banks for outgoing wire limitation, on amount and frequency. Be aware of newbies trying to sell you over the internet. And yes, he is probably going to reply, but hey it is an open platform.
You’re right I suck
@@WealthyExpat😂😂😂😂
I love dealing with trolls like that, bravo!@@WealthyExpat
@@WealthyExpat I checked the list of CRS countries and I found El Salvador and even Qatar.
Here are my questions.
1. Can you explain that.
2. What about Switzerland.
Appreciate your education.
Do you live in Mexico now?
Define “live” haha
@@WealthyExpat stay?
@@pratheeshm400no, most of these UA-camrs speak highly of Mexico and south America but they almost always live in South East Asia or Dubai.
nice video...... could you make a video about El Salvador?? or an interview with max keyser about how to chash out crypto there and get a residence there? would like to move there...
If you have recurring income.... and you're willing to spend at least 6 months per year there, you could probably get a residence permit.
@@dlukton Thank you my friend!!!
1:25 to tell me my country can’t do it.
Lead with that next time, sir! That’s one minute, twenty five seconds I can’t get back.
There are 200 countries. You live in one. Be thankful he mentioned your specific situation. That's kind of arrogant, like you are the focus of the world. Sorry it took 1:25 to serve you.
I'm gonna have to get rid of my US citizenship
Second that
The Dominican Republic really is a hidden gem. I would like to see more videos talking about how great it is as a long term option. There are Latin American countries with weaker economies that have visa access to Schengen. I'm sure the Dominican Republic will get Schengen visa access in the near future.
What about Mexico?
😢
It’s crazy anti freedom to have US citizenship for wealthy seems like
armenia joined to CRS and start report from 1 january 2025
USA GOV ; the largest Washers of money in history
Literally
I don't participate in CRS, send your money to me 😂
Yeah, basically the same argument bitboys use🤣
What about BVI ?
Only locals and multi-billionaires can open bank accounts there. The reason BVI is left alone as a tax haven is both because the mega rich love it but also because BVI makes it extremely difficult for outsiders to do anything there unless mega rich. The only way in for most people is to naturalize as a local through marriage, or to be born to a BVI national.
@@matthewnirenberg but you can register a company and get the bank account with the help of a business setup agency!
@@kidfas786 That used to work but hasn't since 2010 when BVI banned that to get off the EU Blacklist.
Also thanks to CFC rules it would be pointless to do so as then you'd have to pay 70% tax to the EU, CANZUK or CUNA as the people who can afford that are living in those places or are already in tax havens and wouldn't care about BVI.
Not to mention that the EU, CANZUK or CUNA will prohibit you from doing anything with BVI unless you're a citizen of BVI or living in a tax haven that isn't blacklisted.
@kidfas786 you would have to report ownership of the corporation to the US government.... if you're a US citizen... and if you own more than 50% of the company.
@@dlukton im not us citizen and i add a nominee director for the company and remain as the 100% stake holder
isn't USA non CRS? they don't share information with FATCA isnt it?
huh ? USA invented FATCA, now guess again ...
The US don't report non US citizens, they invented it but don't participate in it, so for a non US citizen the US is the best offshore strategy
@@lylefranksaunders2113 This was the ansawer I was looking for as Im about to open a US LLC for Amazon reseller account and I'll be a non resident US tax payer. I'll also be opening a UAE LLC , hope CRS won't bother me according to your answer.
@@lylefranksaunders2113 Um if you have more than $60k in a US bank account, own US real estate worth over $60k or have a US company ie LLC or corporation worth over $60k, and you die then those US situs assets are subject to a 40% federal US estate tax as a non-resident alien and may also be subject to the estate tax of the US state or territory where the property is located. I mean the US is not that great for nonresident aliens with limited exceptions that require very astute structuring to avoid the US estate tax.
Most of the structuring required to avoid the US estate tax will subsequently get you onto the radar of CRS countries. What is more any income from those assets will be subject to US withholding tax up to 30% absent you living in a country with a double tax treaty with the US which would also get you onto the radar of that country for reporting when you claim treaty benefits as sharing information is part of the double tax treaties.
@@lylefranksaunders2113at the same time if anything goes against US by deposited person, they will easily freeze all funds !
So never trust US😂
Bank without Bankers. #BTC
I made since 2020 more than 400k with initial income 18k
You mean Banksters? ;-)
@@cryptoadventurer4798good one ☝️
Let’s stack up on that BTC, boys!
bitcoin is fully transparent/public. If you want privacy use Monero instead of Bitcoin.
US is non CRS, provided your not a US citizen, green card holder, or tax resident it’s one of the best places to bank with privacy, security and superb service.
Except it is pretty much impossible for a non-US corporation to obtain a bank account in the US, at least directly, and if you obtain banking in your own name or via a US entity, then your US situs assets are subject to US estate tax at a rate of 40% starting at $60k if you are a nonresident alien. No thank you.
Bit concerned about the bank failures though.
@@cindycindy7978 That applies to all banks globally though. The US Gov't has saved every failed bank since 2008 so a de facto guarantee.
If you are really concerned about a bank run though, store your excess capital in treasury bonds, or Bitcoin if you can stand the volatility.
Thanks à lot for your precious videos, but please: AVOID THIS SPECIAL EFFECTS which just hurts the eyes!!! 👍🏼👍🏼
Sorry !!
But these countries where life at Risk
Bro you haven’t talk about it yet 😥 it’s seems like people need another passport but Mexico passport become a less powerful now they recently lost access to Canada 😩
Who cares about Canada. Most people watching this channel are U.S. or eu citizens who already have visa free to Canada. Either way, having to get a visa to Canada doesn’t bother me one bit. Too cold and boring.
The thing you mentioned about Qatar is the same in the west. Many people get arrested for not paying loans and credit. They guy that was jailed in the video stated that it was 5 years ago. Timestamp: 6:03 Why has it been so trendy to criticize Qatar. Are people jealous or something. Even the headline in 5:59 He got caught by the Iraqi authorities and got put in Jail and whoever is in jail is in jail, why does the news article mention Al Qaeda, like really? This is so bizzare how people nowadays try to manipulate the masses. The media really is a powerful tool, huh?
Rafael, cmon bro. Chill buddy
Research it properly bro, its scary.
@@WealthyExpat Any link?
Evoca bank from Armenië NOT POSSIBLE .... ONLY FOR RA CITIZENS !!!!
Hola
Privacy and banking do not go together very well.. unless you are the ELITE... then there is plenty of privacy.