8 Non-CRS Countries For Banking Privacy

Today, inquiries about tax residency go beyond mere citizenship or permanent resident status, driven by the Common Reporting Standard (CRS) targeting undisclosed offshore accounts. This web story explores legal strategies for navigating CRS.

Introduction

Common Reporting Standard (CRS) is a global initiative that requires banks to share financial data with other countries to combat tax evasion.

What is the Common Reporting Standard?

To stay compliant and protect privacy, follow tax rules, report foreign accounts, and consider renouncing US citizenship if necessary to avoid extra reporting abroad, due to FATCA.

How to Legally Avoid CRS

The OECD's September 2023 list includes the EU, citizenship-by-investment nations, and most developed countries, making it comprehensive for offshore banking.

CRS Countries Today

Several jurisdictions, including 206 sovereign countries and territories like Anguilla and the Cayman Islands, are not on either list. Here are highlights of non-CRS countries:

Non-CRS Countries

Armenia is an emerging banking destination, set to join CRS in 2025, with straightforward account opening and high interest rates on local currencies.

Armenia

Cambodia's economy remains strong, attracting capital and boasting local and international banks, making it a potential safe haven with high USD interest rates.

Cambodia

Expats in the Dominican Republic find decent non-CRS banking options, including Scotiabank, as it continues to expand and offer options for permanent residents.

Dominican Republic

Often overlooked, Guatemala features banks like Agromercantil and Azteca Bank, but it's advisable not to invest heavily due to government bonds.

Guatemala

North Macedonia offers pro-business incentives, with banking options from local banks and European institutions like Societe Generale and Erste Group.

North Macedonia

Georgia, although set to join CRS soon, remains one of the easiest places to open a bank account with options like TBC and Bank of Georgia.

Georgia

The Philippines welcomes expats with easy account openings, featuring local banks like Metrobank, while maintaining friendly relations with the United States.

Philippines

Surprisingly, the U.S. is not part of CRS, employing its own information sharing standards under FATCA, making it a notable destination for some international financial activity.

United States

CRS boosts banking transparency globally, challenging tax strategies like "resident of nowhere," but non-CRS nations and legal diversification offer financial planning options.

Conclusion

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