Non CRS Bank Accounts

The Common Reporting Standard (CRS) is a sustained attack on privacy by the bureaucrats at the OECD. These bureaucrats have never done an honest days work in their lives and live on over generous salaries paid by money stolen from hard working people.

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The CRS forces banks in countries signed up to CRS to report bank balances once per year and report it to their local authority who in turn send it to your home tax authority.

 

This is utterly deplorable and has all but wiped out banking privacy throughout the world.

This means it takes more effort to safeguard your privacy and your assets.

 

Opening a non CRS bank account takes a bit more planning than before.

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In opening non CRS bank accounts you have several options. The main ones are:

 

1. Move your tax residency

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Move your legal tax residency so that you can tell the bank you open an account with is in your tax residency country, rather than your home country. For example, if you are British and become a resident of Monaco and you want to bank in Switzerland, the Swiss bank will accept your tax residency as being Monaco and send the CRS information to Monaco and not to the United Kingdom. This does not necessarily mean that you have to move your physical residence. You only have to register as a tax payer in a country that will never tax you or be interested in your affairs.

 

     2. Open A Non CRS Bank Account in a Jurisdiction not signed up to CRS

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The largest jurisdiction not signed up to CRS is the USA. The USA has its own privacy killing legislation in the form of FACTA which forces banks to collect information on American citizens. FACTA does not apply to people who are not US citizens or permanent residents. Therefore if you open an account in the USA or any other no CRS country your account will not be routinely reported to your home tax authority. There are multiple jurisdictions who are not yet part of CRS where you can open a non CRS bank account.

 

     3. Open a Trading Company Account

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A shell company with an obvious beneficial owner will not qualify for a non CRS bank account. The bank will want the tax information for all beneficial owners. However if you have a business that conducts trading activities in the country where the account is opened, then it’s not reportable under CRS. You could open a limited company account in the UK to carry on consulting activities and provide services in the UK. In that case the account would be a non CRS bank account.

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If you'd like to book a consultation and have us help you open a non-CRS bank account click here