NON CRS Countries to Open an Offshore Bank Account

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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.

[worldwideadvisory]

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.

[profortunebaron]

I need to renounce my U.S. citizenship to be able to do this. Can't wait!

[Murmilone]

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.

[wavemastery]

ARMENIA WILL JOIN THE CRS next year !!

[johnmartinstv]

Interesting about EvocaBank in Armenia the fact being online but still requires residence permit on the country to open an online bank account

[alil]

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.

[khaledabdelal]

If you live in non CRS country and open an account in CRS country, Do they still report your account?

[lawtutoring]

Pretty sure gold storage is exempt from crs.

[wojohowitz]

USA GOV ; the largest Washers of money in history

[arjunsharma]

@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.

[micomarinas]

thanks for mentioning and including our country Philippines 🇵🇭 as non crs.

[naserdeen]

It’s crazy anti freedom to have US citizenship for wealthy seems like

[IwillEndureToTheEnd]

How do you transfer wealth into Serbia? I see Revolut charges more than 1 % for the transaction. For that I can buy a new car! Is there a cheaper way to transfer wealth into Serbia?

[rustyleltd]

any advice on a US bank where a non-USA resident can open an offshore account?

[digit]

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?

[sonotu]

Rafael I have bank account in Mexico, is it save from CRS?

[serhatteoman]

I am not US citizen. Can ı cash out usd to my bank account in other countries slowly?

[tygrys]

armenia joined to CRS and start report from 1 january 2025

[blockchains]

It Vietnam part of the CRS? What’s your thought of becoming Vietnamese citizenship? Thanks

[greekyroman]

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.