{"id":98,"date":"2022-03-15T17:10:12","date_gmt":"2022-03-15T17:10:12","guid":{"rendered":"https:\/\/offshorefortress.com\/?p=98"},"modified":"2022-12-03T09:25:16","modified_gmt":"2022-12-03T09:25:16","slug":"how-to-avoid-crs","status":"publish","type":"post","link":"https:\/\/offshorefortress.com\/how-to-avoid-crs\/","title":{"rendered":"9 Ways to Avoid the Common Reporting Standard (CRS)"},"content":{"rendered":"\n
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CRS is easy to work around<\/figcaption><\/figure>\n\n\n\n

CRS is the Common Reporting Standard. A pathetic attempt by the OECD to end bank privacy for all of us.<\/p>\n\n\n\n

There are a set of agreements for banks to exchange information about your accounts with the tax authorities in your home country. However like many government policies it is just as likely to cause chaos and confusion and end up with people taking action to defeat it. Here are 10 ways that you can defeat CRS:<\/p>\n\n\n\n

1. Bank in a Country that is Not Signed up to CRS<\/strong><\/p>\n\n\n\n

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There are still over 100 countries that do not share information under CRS. In Europe, for example Georgia and Armenia will not share information.<\/p>\n\n\n\n

Perhaps the most surprising country not part of CRS is the United States. Provided you\u2019re not a US citizen or resident you can have a Company in Wyoming or Delaware and operate it privately without information being automatically exchanged.<\/p>\n\n\n\n

2. Move Your Tax Residency to a Tax Haven<\/strong><\/p>\n\n\n\n

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If you move your residency to a tax haven your overseas bank will send the information there.<\/p>\n\n\n\n

If you are a UK citizen with residency in Monaco and therefore a zero tax rate you will not be too concerned about your bank in Bermuda sending your details to Monaco.<\/p>\n\n\n\n

Some jurisdictions, like Hong Kong, will send information to foreign countries but opt not to receive any information on their citizens or residents.<\/p>\n\n\n\n

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3. Keep Your Money in a Trust<\/strong><\/p>\n\n\n\n

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If your money is held in a trust you can avoid exchange of information with a structure where the true beneficiaries remain anonymous.<\/p>\n\n\n\n

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4. Business Accounts in Existence Before CRS are Excluded<\/strong><\/p>\n\n\n\n

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If it is a Company account and it was in existence before 2016 and the balance is less than $250,000 nothing will be exchanged under CRS.<\/p>\n\n\n\n

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5. The Account Balance is Reported on One Date Every Year<\/strong><\/p>\n\n\n\n

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The account balance is only reported at 31st December every year. You could transfer cash out of your account before that date and send it back afterwards. In that case only a zero balance would be reported.<\/p>\n\n\n\n

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