Non-CRS Banking Countries
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- čas přidán 25. 02. 2019
- nomadcapitalist.com/2018/08/1...
"Where do you pay your tax?"
This could be one of the most important questions that a banker will ask you when opening an offshore bank account and all because of one regulation: the Common Reporting Standard (CRS).
CRS has been created in order to facilitate automatic information sharing about foreign financial accounts between more than a hundred member countries.
However, there are still some countries that are not applying CRS and they indeed are good choices for offshore banking, e.g. Georgia, Armenia, Serbia, Cambodia, Paraguay, and even the United States.
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Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries.
He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
US: come hide your money here.
Also US: you can’t hide your money from us though.
dear Andrew, Kazachstan signed CRS and starts reporting in 2020
Andrew, the NOMAD CAPITALIST, is my shepherd, I lack nothing.
He makes me lie down in green pastures, he leads me beside quiet waters.....
Psalm 123 :)
CRS: common reporting standard
Love the opening music so much -as well as your content😁
The US became a tax haven in 1984. They abolished witholding tax for foreigners on bond interest on US dollar bonds. One opened an account with a US broker and compounded capital starting with the then high interest rates. Becoming a multi-millionaire was a no-brainer ( providing you could avoid taxes in your country of residence).
Very good video. As a mexican resident I am very comfortable to put money in US banks, there is a big industry growing up since the common offshore countries are exchanging information to Mexico by CRS, and many bankers, lawyers and trustees are flying here promote their services. It is important to point out that the bank account should be opened by an LLC owned by a USTrust from Nevada, Delaware, Wyoming or South Carolina in order to not to be reported in FATCA terms, and also to avoid or reduce estate tax.
What about NM?
Nice work around! 🤩
Hi, Andrew! Thank you for your video. Would you kindly share your opinion about Czech Republic banking system?
Is there an updated video on this? It seems that everyone is now signing up to CRS. Georgia and Montenegro have signed up... what do you think about Jordan as a place to bank? Not part of CRS
Hi Andrew, great video as always. I haven't really heard you speak about some of the Balkan countries, only a brief mention here and there. What are your thoughts on Albania, Romania and Bulgaria for a bank account as well as a second passport / non-tax residency status etc. ?
Thanks Conrad, we'll consider covering these topics in our future videos.
Cambodia retirement visa for over 50s. Take a rental agreement to bank ..a/c is straight forward to open. Interest rate on dollars 6% tied up 2 years. 5% one year..
They pay interest on gold deposits..
Safe box service.
Highly liquid banking system .
The newish Cambodian stock exchange is also interesting..
All you need is to prove where funds came from originally.
Tax return is needed if you receive interest. As its taxable income.
What motivates you financially andrew? Is there a sticking point past “living comfortably” or some threshold where you started to feel liable to relax more?
The US is one of the biggest hypocrites. I've been watching your videos for weeks Andrew and they've been very helpful. I'm planning my escape from the United States also. Appreciate the content
@@BossChronicles I already have a presence in the Philippines. But I want to explore more of Asia. Most likely Malaysia
@@BossChronicles Yeah, there's no real "escape" from the IRS.... short of renouncing US citizenship.
Come to Dubai
@@ucsun6669 I have no connections there unfortunately. But I do plan on visiting there the end of this year
@@ddillard143 come bro. We welcome u.😊
I just opened accounts in Cambodia and as you said the stability of micro finance companies is my main concern. Any suggestions on who or where I can go to do more due diligence on these? I've checked websites etc and regulatory info.
Positive information
Georgia is not a part of CRS, but it is a part of the Global Forum on Transparency and Exchange of Information for Tax Purposes.
Will be from 2024
Source?@@pinetworkminer8377
As a non US resident surely some sort of legal entity around a trust would g a long way to protect your dosh from your home country or not?
is it possible that one jurisdiction can freeze my bank account or take my money in another jurisdiction if they are members of CRS?
In other words if I have unpaid tax in one country and I move permanently to another country and bank all my money there, is there a risk of my funds being frozen?
Is moving the money to an anonymous LLC in the US or Nevis a good idea to avoid CRS or none CRS report? And which is the best?
Yet another great video. Way to go Andrew! Any chance you can also do a video for your crypto audience who live in high tax countries. Would be greatly appreciated man!! What options are available? Need to start planning before next bull run cometh lol
Hi! I am from Serbia who you've mentioned has not signed the CRS and this is true as I've checked with my buddy who works in the fiscal advisory. I am looking to set up my business globally and would like to bank outside my country so does that mean that no information will be given to my government by a foreign bank or does this apply only onesided for the foreigners banking in my county? Cheers!
Hi Nikola, here is the link to one of our blog posts about this, maybe you'll get a clearer image after you read it: nomadcapitalist.com/2018/08/17/non-crs-countries-banking/. :)
Serbia might be a suitable country for banking but I can't recommend it for living or doing business. I was in Belgrade for three weeks this year and along with the Philippines (I am comparing to 25+ countries I have visited, worked or sojourner in) it was my worst experience regarding honesty of business transactions. Only about 20% of bus passengers paid their fare, all three accommodation providers ripped me off, and a Russian businessman whom I chummed around with told me how the industry he is trying to introduce (that will reduce prices for locals) is controlled by political elites. Serbia - off my list, won't go back. Now, *Turkey*, not so far away. That's a different 'kettle of fish'
Hey Andrew, I've been listening to you for about 4-5 months now, and have read your book.
For those who are about to reach 18 and want to start a business, where would you say we should establish our legal bounding and tax juristiction?
I've grown up and am living in the UK, and many people are telling me I should first start in the UK to learn and develop the entrepreneurial skills and then start to outsource to frontier markets and low tax jurestictions, however i've been quite captured by your message that we should start as soon as possible.
The advice your friends have been offering makes sense to me. Even high tax jurisdictions often have good tax breaks and supports for start-ups and young entrepreneurs. You might be able to access free training and advice, for example, and maybe even qualify for some financial support. FWIW, I'd start close to home and keep things as simple and conventional as possible in the early stages. Forget about offshore structures unless and until you have the income to make it an issue. Good luck.
Work self employed until you are turning over £85K+ a year. Until you've reached that point, you won't really have enough cash to set up in lower tax jurisdictions and once you pass that point, it may be more tax efficient to be dealing with corp tax, VAT and so on.
If you manage to reach the point where you are making £150K+ and it becomes worth the money savings to lower your taxes, then the options start turning up. HOWEVER, as you are dealing with the UK you are in a world of trouble if you will wish to live/work/see family/have any kind of life still in the UK. Google the Statutory Residence Test UK (Should link you to a very long HMRC PDF that explains everything in detail) and google Controlled Foreign Company UK (Will explain that even if you set up a company in XYZ 0% tax jurisdiction, if it run/operated from the UK, it will still have to pay UK Corp tax, VAT and NICs etc)
The Statutory Residence Test is a bitch, plan and simple, it's a bitch. For UK citizens/residents seeking the 'nomad capitalist lifestyle', the STR will define your life if you leave the UK. Most nomads will not automatically meet the automatically overseas or the automatically resident tests, so it will then fall to the sufficient ties test. The sufficient ties consists of a family tie, a accommodation tie, a work tie, a country tie, and a 90-day tie. Depending of how many of those boxes you tick (most tick at least 2-3), you can get up to 120 days a year in the UK, however if the more boxes you tick, the lower it gets which can go as low as 16 days a year. After three years of non residency, you do get more time, for most at last 90 days a year.
Every STR test is unique to your own circumstances, so read the 105 page PDF and you'll be able to work out where you stand. For most who's entire life's are built in the UK, being dropped down to just 16 days a year can be a deal breaker. Another thing to consider is passports, if your only citizenship is the UK you should be fine, however if you have more than two then the UK has the right to revoke your citizenship if it is deemed 'conducive to public good' and was recently used to take away the citizenship of an ISIS bride.
The only reason I mention this is because if panama papers V2 drops, theres thousands of 'tax traitors' exposed that also have duel citizenship with xyz island, then the UK government could try to score points with the public and revoke UK citizenship for tax traitors.
There are other ways to reduce tax in the UK if you are not looking to leave, however the savings a small and most people don't consider them to be worth the effort. If you do leave the uk, you will need to make a clean break and the first 3 years could be very tough living potentially on the other side of the world away from friends, family and the comfort foods (Do you know how fucking hard it is to find Jaffa cakes in Malaysia?)
Good luck and do as much research as you can!
@@catarinav7947 Thank you very much for the advice. And thank you for the excellent point about duel citizens and passports. Due to being born in Poland, i'm a Polish citizen (currently without a passport due to my parents not renewing it) and a British citizen through naturalisation, which I have the passport as well.
Montenegro is now in CRS
Andrew thank very much for all u do here! One question is Russia part of CRS???
Yes it is.
@@nomadcapitalist Even after the war in Ukraine?
İs Turkey part of crs ?
When I tried to open a bank account in Cambodia , at the 6.5 interest rate bank called Sathapana Bank, I needed a work permit, rental contract where I lived in Cambodia, and they do report to FACTA. If you are a non-resident you will pay 14% interest on your earnings to Cambodia gov. and residents pay 6%. I don't know what the tax WOULD BE for the USA. If there is a better bank in Cambodia I would like to know please if anyone knows of one.
MFIs, including AMRET
How does he keep track of all the political developments in these countries? To my knowledge, the international press does not report much on these countries and the local press as far as I know only prints in their language. Maybe I am wrong on this.. Even if everything was in English...a lot of information to process...
He has over 30 people in his company, I'm pretty sure he's mentioned having a few staff doing Full-time research on changing legal matters.
hi andrew! which banks in georgia, armenia, serbia, cambodia and usa that gives a high interest?
Armenia and Georgia.
The Americans don't hate tax havens; they hate competition!
Andrew please create a video about the last few countries/banks that don't bent to US govt seizures. Russia? Iran? Switzerland is dead since they hand over documents and disclosures to the US all the time anymore. I don't mind reporting my income, I just want to be outside of their dragnet for seizures. The US government is working more and more with private institutions to help they collect debt for those same companies. I want protections from that kind of intervention.
Funny side note.. I work with a guy who grew up in Macedonia and he pronounces it "Mass-edonia" in English, so I always thought to myself that Andrew is pronouncing it wrong (Mack-edonia). I'm not as well-traveled as Andrew, so I hesitated to comment. A day or two later, I asked my contact how Macedonia is pronounced by locals and he confirmed it's pronounced with the "Mack". Glad I didn't comment before -- would have felt like an ass..
dsc1970 ...Thanks for sharing; I had wondered the same about the correct pronunciation, as I remember hearing “Mass-edonia” in my art history classes in the US. And a Serbian friend couldn’t totally verify one way or the other.
In Australia and Greece they call it Mass-edonia
When government makes rules invading your life they don't make it much harder for criminals who are already working outside the law. These rules do make it easier for government to mess with you when they feel like it. We're fine with this invasion as long as it's slow and they say magical words like "keep you safe". Your grandchildren won't like the tech dystopia we're signing up for, but at least we feel safe in the moment.
A video about Countries that you can open LLCs in and your name can be hidden?
St kitts and Nevis.
In the USA, depends on the state. Wyoming, Delaware, Nevada, and others do a good job of allowing this, while other states are terrible about it.
Which bank do you bank in Cambodia? I am looking to that in the near future
Any bank there, even ANZ Royal
@@skimaticsnz any bank *except* ANZ Royal! When I worked in Cambodia I banked at ANZ. before it became a joint company with some local cronies. Service ummeted according to those I have talked to.
I would like to see a banking report published for a fee that ruthlessly assesses the oros and cons of various banks. The problem in Cambodia (like Thailand) is the defamation laws.
Thank you for the video, I'm actually thinking to get a bolivian passport after I marry my girlfriend since I already have a european one (Spain) and Bolivia would allow me to be in a non-crs country that is growing fast, also no-visa entry for Russia, thing that's impossible with an european passport
I would like to know what do you think about it, even though they have a bad president I think that as a country they have a lot of potential... also fast growing population
Kind regards
Hi Gerard, thank you for sharing your story with us. We're actually planning to do a video on Bolivian passports, so stay tuned. :)
@@nomadcapitalist Thank you for your answer!
I will stay tunned 👍
Why do banks in Cambodia not want to have tourists come and stash money? I was charged by my bank in Cambodia for three years of having a dormant account. Why do they care? I didn't cost them any money. How is stashing money in a bank an expense? It doesn't make sense to me. Reminds me of Credit Suisse which in the 1980s *charged* me money to have an account. I don't understand. Banks take my money, they invest it, and they charge me for the privilege!
How can an investor trust a micro institution with hundreds of thousands of dollars???
Relax And live life We never said they could or should.
Balkans are in southern europe, Slavic does not mean eastern european.
USA & CRS - a match made in haven