Moving assets overseas, are you doing it right? How to plan? Legally and safely avoid the automatic exchange of global bank account information? How can passport + identity planning solve the CRS problem?

Transferring money to an overseas bank account? How can I do it safely?

Do you understand how to effectively transfer assets overseas? With the rapidly growing global immigration market, what measures can provide stronger security and freer passage? Opening an offshore account in a third location? Holding digital assets? Offshore companies? A second passport? Or with a non-bonded status? This year, more and more countries are preparing to sell their passports in order to expand their markets, so are you ready to start your journey of transferring your assets overseas? Are you ready so that you can safely transfer your assets overseas and enjoy the convenience of wealth?

Transferring assets overseas, you need to know first

China has a foreign exchange export control, each person can only remit 50,000 U.S. dollars per year to foreign countries, some people transfer money overseas because immigrants are in urgent need of a lot of money, buy a house, buy a car, do business, investment, children's education and so on is not a small amount of expenditure. At the same time, the State Administration of Foreign Exchange (SAFE) has become more and more stringent on the control of exchange of foreign currency, the central bank controls the network and financial transactions, and has increased its efforts to combat financial illegal activities.Illegally transferring money overseas is not only risky, it may involve money laundering and other criminal activities.The concepts of "opening an account in a non-national State" and "acquiring the nationality of a non-national State" have also been used to deal with the problem, so we need to understand a few concepts before proceeding with this topic:

Citizenship and Tax Advantages
Global Taxation and CRS
Why would a bank open an account for you?
As well as, the consequences of illegally moving money offshore

1. Citizenship and Tax Advantages

Tax ID/Tax Resident

tax identification numberIn English, it is Tax Identification Number (TIN), which translates to Tax Identification Number, according to theOECDIt is mandatory for all passport holders around the world to submit a TIN when opening a bank account, or to submit a TIN if they have not done so before, or if the bank manager suspects that you have changed your citizenship or tax status and will ask you to update your information. Learn moretax identification numberRefer to this article

Citizenship Right

Citizenship is a full range of political rights, including the right to vote, the right to hold public office, protection at home and abroad, and civil liberties, which, in addition to requiring citizens to be loyal to their homeland, require them to fulfill obligations such as paying taxes and military duties. In the courts, the term "resident" is often contrasted with "citizen": a "resident" is a person who is domiciled in a particular place, but who may not have citizenship. Under immigration law, "resident" and "citizen" are two different statuses: for example, if non-U.S. citizens want to work or live in the U.S., they can apply for a green card, a document that proves that they are lawfully present in the U.S. as aliens, i.e., they are still aliens and not U.S. citizens. are still aliens and not U.S. citizens (without U.S. citizenship). Residents do not have the right to participate or vote in federal elections (which is a citizen-only right), while they may be subject to deportation if they commit certain crimes or security violations. However, after a period of permanent residency, aliens can apply for naturalization, or if they go directly through the Citizenship by Naturalization Program (Citizenship by Investment) to obtain citizenship and thus tax status.

We can find that among the top 5 reasons for holding second country citizenship or residency on reputable foreign websites, there is a strong correlation betweenAsset, identity securityThe ones in question already account for three.

1. Freedom

Most people can't choose which country they are born in, but where you are born determines a large part of your life. The country you are born in, the parents you are born to, whether you have access to education and wealth, live in an oppressive regime, have equal rights, are able to move your money overseas, or live in an overly polluted environment.

Most people in developed countries take these rights to freedom for granted. However, the reality is that even for a child, the environment around them can be a determining factor in whether or not the child will succeed in life. Freedom can allow you to

1) Free access to education
2) Free gender equality between men and women
3) Freedom to pursue a clean environment
4) Freedom to choose a safe life
5) Freedom to work
6) Freedom to leave the country at any time
7) Freedom of Expression
8) Free speech
9) Freedom to hold and manage assets

2. Easy Travel

As the old saying goes, it is better to read a book than to travel thousands of miles, and traveling not only increases your knowledge, but also opens up your mind; however, there are some cases where you are prohibited from traveling for business or leisure, or you are unable to obtain a visa, and if you do obtain a visa, it is not permanent, and you will need to reapply when it expires. Constantly renewing a visa is a long and numbing process, and travel documents from different countries offer different advantages. Because when applying for a visa:

1) Time required
2) Requirements
3) And there is no guarantee of passage

3. Contingency planning

Everyone has a certain belonging to their home and a certain identity and love for their country, but the reality is faced in certain circumstances:

1) Political instability
2) Economic instability
3) War
4) Catastrophic events beyond resistance

Will you start thinking about what if something else happens? Would you start worrying about your family and their future? Even if you are wealthy, the fact remains that if something happens to you or your country and relationships change, then where can you go? Assuming you have a US visa or a Schengen visa, then after 90 days you have to leave the Schengen area. If something unexpected happens, you are a refugee regardless of the country you transferred your money overseas or your wealth to.

Having status or residency in another country is an amazing insurance policy - that's what the contingency plan is all about, as I explain in the articleUpgraded Citizenship Program for DominicansThere's mention in here of one of the high end ways that it's a great insurance policy.

4. Stabilization of asset distribution and transmission of wealth

In different countries where the economy operates in different ways, some of which are more stable and predictable, businessmen want to hold their parent company in a jurisdiction that provides protection for the business. Jurisdictions with detailed and clear rights and, if there are problems, appropriate laws and transparency of the judicial process to protect the survival of the business.

However, the fact is that no country is immune to the nature of the economy, and sooner or later all countries will have a tendency to recession, because practically every country will experience it, and how many countries in the world can survive for a very long time without a recession? Some people wish to move their money overseas is to prepare for the worst, such as holding different types of assets at the same time (stocks, gold, funds), or in different currencies (dollars, euros), and real estate with insurance, but you need to be aware of the fact that China joined the CRS and the State Department has announced a global tax in 2019.

5. Tax Advantages

When you are doing your bottom line planning, Most people confuse citizenship, residency and tax residency. In fact, you can be a tax resident of a country without being a permanent resident, and vice versa, you can be a tax resident of a country without citizenship, or you can acquire citizenship (citizenship) without being a tax resident, although each status is somehow related to each other, at the moment;

1) Nationality
2) Permanent residency
3) Golden Visa
4) tax resident

This is a different concept, for example, if you are a US citizen, it does not matter whether you reside in the US or not, because as a US citizen you will definitely be taxed. However, consider countries outside of the U.S. Tax residency is usually expressed in terms of the number of days spent living there. Some people decide that by making sure they spend enough time in any given country/region is not enough to actually change their residency. For those who are known as tax nomads, there are solutions. Namely, not spending enough time to comply with any resident tax regulations. The concept of tax residency as it relates to opening an account canWatch YouTube videos, or read my articles:How to open an offshore bank account? Offshore account opening application.

In a market of immigrants, where fewer and fewer are looking to obtain a passport alone as an end goal, the gradually increasing demand is for asset protection, contingency planning, security concerns, and this brings us back to our topic of...Transferring money to an overseas bank account?whyIs it safe to do?

2. Global Taxation and CRS

Prior to 2017, as long as the money was safely in an overseas bank account, information about this transaction was not automatically exchanged into the country. However, after 2017, under theOECD Organizational Bulletin, under the provisions implemented by the CRS Agreement.Account information is automatically exchanged between countries, and any amount of money in a financial account with the same identity is automatically exchanged within the countryThe majority of the members of the United Nations are now in theWithin the list of signatories to the CRS. You can also directly pass thislinksDownload public information directly.

Automatic Exchange of Information (AEI)

existCredit Suisse's official website,Hong Kong and Shanghai Banking Corporation (HSBC),DBS Bank (DBS),Standard Chartered Bank,United Overseas Bank (UOB), Singapore,CitibankAll coincide with the announcement of the accordingtax identification numberOperational terms for automatic exchange of account information.

Below is a graphic from the Credit Suisse website

Automated Exchange of Information (AEI) is a program that complies with theCRSunder the tax standards used to regulate how the tax authorities of countries exchange with each other accounts or deposits held in accounts or deposits in which the taxpayers residefinancial assetand information on the income derived from it.

CRS automatically exchanges information on the tax residency rules of jurisdictions, which are provided to the OECD Secretariat by national jurisdictions, and tax residency is determined in accordance with each jurisdiction's domestic tax laws (State Administration of Taxation (SAT)). For CRS purposes, financial institutions must ensure that account holders (or controllers) disclose all tax domiciles. For CRS purposes, account holders (or controllers) must disclose all of their tax domiciles in the required self-certification. So until 2017, it is relatively safe to move money to an overseas bank account, butThese bank account details have now been exchanged back to your Chinese jurisdiction, which means thatState Administration of Taxation (SAT)You already have a copy of all your offshore bank accounts.The

China's Global Taxation

According to the OECD's interpretation, national jurisdictions provide the OECD Secretariat with the rules for tax residents due to theArticle 2 of the Regulations of the State Council on the Implementation of the Individual Income Tax Law of the People's Republic of China (State Order No. 707), the Individual Income Tax Law refers to having a domicile in the territory of China, which means habitual residence in the territory of China by virtue of domicile, family, or economic interests; and income derived from within and outside the territory of China.Income derived from sources within China and income derived from sources outside China, respectively.Therefore, when overseas financial institutions consider you to be a potential China tax resident, your financial account information will be automatically exchanged back to the China tax administration unit. Therefore, when an overseas financial institution considers you to be a potential Chinese tax resident, your financial account information will be automatically exchanged back to the Chinese tax authorities.

The legal basis for an overseas bank to exchange information about your account.

By the OECD organization jointly formulated CRS, currently there are more than 100 countries and jurisdictions have signed an agreement, each jurisdiction will submit the tax regulations to the OECD secretariat, and then by each jurisdiction to require local financial institutions to cooperate with the real it, which is the bank can be exchanged back to the legal basis of your account information in China.

If I only hold a Chinese passport, will my account information be automatically exchanged?

Even if you transfer money to an overseas bank account, as long as you hold a Chinese passport, will your financial account information be automatically exchanged back to China?

For financial institutions.As long as you are a tax resident of China, the answer is yes!. As we continue to explore moving assets offshore, the truth of the matter is that even though the money is offshore, the truth of the matter is likely (or must be) that the state still has a copy of your account offshore, and if the money is going through an illegal route, and there is no way of proving the legal source, it can be very problematic. So the question shouldn't be how is the money moved overseas? Rather, the question is how is the money safe in an overseas bank account and not being exchanged back to China. Because the truth is.You can't avoid being exchanged, but you can decide which country you want to be exchanged to.The

3. Why should the bank help you open an account

Provisions of OECD organizations

The agreement, organized under the OECD, provides an interpretation of the passport obtained through naturalized citizenship by investment, which requires banks in various countries to comply with the following provisions:

The Financial Institution may not rely on a self-certification or Documentary Evidence if the Financial Institution knows or has reason to know, that the self-certification or Documentary Evidence is incorrect or unreliable. The Financial Institution may not rely on a self-certification or Documentary Evidence if the Financial Institution knows or has reason to know, that the self-certification or Documentary Evidence is incorrect or unreliable. The same applies with respect to Pre-existing High-Value Accounts where a relationship manager has actual knowledge that the self-certification or Documentary Evidence is incorrect or unreliable.

A financial institution may not rely on a self-certification or documentary certification if the financial institution knows or suspects that the self-certification or documentary certification is incorrect or unreliable.The same is true for existing high-value customer accountsThe

In making the determination whether a Financial Institution has reason to know that a self-certification or Documentary Evidence is incorrect or In making the determination whether a Financial Institution has reason to know that a self-certification or Documentary Evidence is incorrect or unreliable, it should take into account all relevant information available to the Financial Institution, including the results of the OECD As a result, where, taking into account all relevant information, the facts and circumstances would lead the As a result, where, taking into account all relevant information, the facts and circumstances would lead the Financial Institution to have doubts as to the tax residency(ies) of an Account Holder or Controlling Person, it should take appropriate measures to ascertain the tax residency(ies) of such persons.

When a financial institution determines that there is reason to suspect that the documentary evidence is incorrect or unreliable, it should take into account all relevant information available to the financial institution, including the results of the OECD organization on citizenship/residency of the investor. If, after taking into account all relevant information, the facts cause the financial institution to doubt the tax residency of the account holder or controller, the financial institution shall, after taking into account all relevant information, determine that the documentary evidence is correct or reliable.then appropriate measures should be taken to determine the right of abode of such persons for tax purposes.The

To the extent that the doubt is related to the fact that the Account Holder or Controlling Person is claiming residence in a jurisdiction offering a potentially high-risk CBI/RBI scheme, the FIs may consider raising further questions, including To the extent the doubt is related to the fact that the Account Holder or Controlling Person is claiming residence in a jurisdiction offering a potentially high-risk CBI/RBI scheme, FIs may consider raising further questions, including.

If there is a suspicion related to the account holder's or controller's requirement to reside in a jurisdiction that offers a potentially high-risk investor citizenship/residency program, the financial institution may consider asking further questions, including:

Did you obtain residence rights under an CBI/RBI scheme?
(Are you based onCitizenship by investment/residencyPrograms were granted residency?)
Do you hold residence rights in any other jurisdiction(s)?
(Do you have residency in another jurisdiction?)
Have you spent more than 90 days in any other jurisdiction(s) during the previous year?
(Have you spent more than 90 days in any other jurisdiction in the previous year?)
In which jurisdiction(s) have you filed personal income tax returns during the previous year?
(In which jurisdiction did you file an individual income tax return in the previous year?)

For the bank, why would he open an account for you if you would cause him trouble?

CRS realities, the case of overseas banks

How to move your money safely overseas has beenfaultThe first thing you need to consider, you also need to consider where to put the money if it goes overseas. It is good to be honest about tax payments, and for some people, they don't care about exchanging information about their financial accounts abroad with their home country. Being honest with the bank about which jurisdictions they belong to helps them to expand their business overseas more efficiently. However, some people want to segregate their assets and simply pass theNational passport + overseas bank account no longer effectiveEven if you go through all the trouble of moving your money overseas legally and having your account information automatically exchanged back to your home country, in the end you just find out that it was all in vain.In fact, in an ugly reality, the bank has more power over your account than you do, let's look at a few real life examples:

In February 2019, Spain, because of anti-money laundering concerns, theFreezing the bank accounts of hundreds of Chinese customersThe
February 201995 bank accounts of Chinese students in the UK blockedThe
CRS + Anti-Avoidance Provisions Implemented in 2018: Australia, New Zealand'sA large number of Chinese accounts have been blockedThe

If the bank account already has illegitimate funds, according to the OECD, has been exchanged one after another from 2017, the exchange of records you can find in thehere areFind out.

Can you get a second passport and safely hide your money overseas?

How can I keep my money safe overseas? Is it enough to get a passport? This answer is wrong! Many immigration agencies on the market play the slogan, "Open a financial account in a second country with a second country identity and transfer the funds to the account in that country in order to avoid CRS tax filing in a reasonable and effective way"But then these clients still encountered many obstacles; some clients were unable to open bank accounts, and even thetax identification numberWhen you come to me for assistance without proof of residency, all the advice I give is to go back to the agency that helped you and ask them to complete as much of the service as possible.

I have always been in favor of the legal exit of funds and respect for the rules of each jurisdiction, in line with these two prerequisites for identity planning, when you are in the process of Malta, Cyprus, Dominica, St. Kitts identity, if you are still complacent that you are already 100% safe, then I recommend that you start to review your bank accounts, as well as update thetax identification numberBecause Automatic Exchange of Information (AEI) is more than just exchanging information about the money in your account.The OECD website listsFinancial institutions need to pay special attention to accounts held/controlled in the following capacities:

Jurisdiction (Jurisdiction)	Name of CBI/RBI scheme (Program name)
Antigua and Barbuda (Antigua)	Antigua and Barbuda Citizenship by Investment
Antigua and Barbuda (Antigua)	Permanent Residence Certificate
Bahamas	Bahamas Economic Permanent Residency
Bahrain	Bahrain Residence by Investment
Barbados	Special Entry and Residence Permit
Cyprus (Cyprus)	Citizenship by Investment: Scheme for Naturalisation of Investors in Cyprus by Exception
Cyprus (Cyprus)	Residence by Investment
Dominica (Dominica)	Citizenship by Investment
Grenada (Grenada)	Grenada Citizenship by Investment
Malaysia (Malaysia)	Malaysia My Second Home Programme (Second home)
Malta (Maltese)	Malta Individual Investor Programme
Malta (Maltese)	Malta Residence and Visa Programme
Qatar	Residence Visa for Real Estate Owner
Saint Kitts and Nevis (Saint Kitts)	Citizenship by Investment
Saint Lucia (St. Lucia)	Citizenship by Investment Saint Lucia
Seychelles	Type 1 Investor Visa
Turks and Caicos Islands	Permanent Residence Certificate via Undertaking and Investment in a Home
Turks and Caicos Islands	Permanent Residence Certificate via Investment in a Designated Public Sector Project
Turks and Caicos Islands	Permanent Residence Certificate via Investment in a Home or Business
United Arab Emirates	UAE Residence by Investment
Vanuatu (Vanuatu)	Development Support Programme
Vanuatu (Vanuatu)	Self-Funded Visa
Vanuatu (Vanuatu)	Land-Owner Visa
Vanuatu (Vanuatu)	Investor Visa

(click hereDownload PDF file)

Current Progress of Information Exchange between Popular CBI Countries and China (Updated January 14, 2020)

From the above table, you can see the progress of information exchange between countries open to naturalization by investment (passport) and China as of January 10, 2020 (reference)OECD official website), we can have the following conclusions:

Completed in all countries except Dominica
Antigua begins January 1 of this year
The word on the street is "Diplomatic States of Taiwan"In terms of the safer argument that it might hurt a bunch of people.St. Lucia and St. Kitts have established information exchange with China in 2018 and 2017 respectively, but if you ignore the provisions of CRS and AEI, it may result in the error of not being able to arrest you.
Is Dominica the safest? Not necessarily, if your immigration consultant and you both ignore the CRS and AEI regulations, it's the same where you open your account.
Turkey is also signing the automatic information exchange in 2018. (links)

4. Consequences of illegally moving money overseas

Illegally transferring funds overseas will bring you a lot of risk, I don't recommend you to take the risk to do this, after over not only is it a criminal risk, you will also affect others, and this record is following you for life.

What are the ways to move money overseas

It is common to hear that the money is transferred overseas through underground money banks, digital assets (Bitcoin), but once the money goes into an overseas bank account through illegal means, you fall into the trap of the AEI because the bank is relying on the information you have provided:

Chinese passport
Chinese identity card
China Address
tax identification number
When you open an account, you will be evaluated internally by the bank for your usual place of residence and tax jurisdiction.

You will be labeled as a Chinese tax jurisdiction in accordance with the OECD organization, so you will be automatically exchanged back to your home country again. As I said earlier, theYou can't avoid being exchanged, but you can decide which country you want to be exchanged to.Before you plan to allocate a portion of your funds overseas, it can be more effective to pair it with identity planning. Before you plan to allocate a portion of your funds overseas, it can be even more effective if it is accompanied by identity planning. Get legal and comprehensive protection. You should consult your immigration advisor.

Identity/residency planning
Acquisition of identity/right of abode
Logging in to the tax register in a new tax jurisdiction
Legally open an overseas bank account
Residency/multiple tax jurisdictions arrangements

If the country where you have an account has exchanged information with China

If you hold a bank account that has been exchanged, you should immediately contact the bank manager and ask the intermediary who assisted you in opening the account, so that you can assess whether you want to keep the bank account or not, if you remember the important information that you have stated to yourself at the beginning. If the information you provided when opening the account was filled in by a third person, it is advisable to ask for the details of what was filled in, in which case it is advisable to review the current status of the account again. If all your bank accounts are in working order, you don't need to worry and can continue to use the account.

Allocating assets overseas for asset segregation and what to prepare for

This post will not delve into the methods of transferring money overseas, the legal way to do this can be found through public websites, but due to the attention being paid to the OECD organization, CRS, AEI mechanism, Chinese tax jurisdictions for global taxation, CBI plans, and also the requirement for real-name registration of digital assets, I would suggest that the first step would be to start with the bottom line of identity planning.

Change of nationality of assets held or underlying bank accounts
Tax jurisdiction also changed
Financial institutions assessing you for applicable CRS/AEI also change
Multiple passports, freedom to travel

Economical options

The following suggests two easier ways to get started, with good entry fees; suitable for individuals as identity planning;

Dominica CBI

Dominica in 1993 legislation introduced CBI (Citizenship by Investment) to 2020 has a history of 27 years, at the same time visa-free (Visa-free) Hong Kong, Macao, Singapore, Malaysia, South Korea, the longest-running project for the country, and simple and fast!Application Process. The cost of CBI in Dominica is within Rs. 1 million for one person and is ideal for a single applicant.

FIP Greece

The Greek FIP (Financially Independent Person) offers an option to obtain the right of residence in the European Union and the Schengen area at the lowest cost, in line withSpecific non-working income conditionsThe application can be filed by a local immigration attorney.

Family-oriented options

Here are two suggested status plans for an example family of three to four people

CBI + Golden Visa Greece

To any CBI (Citizenship by Investment) program plus Greece Golden Visa (Golden Visa, investment of 250,000 euros to buy a house), the CBI program is not limited to Dominica, as long as through the legal pipeline to obtain St. Kitts, Antigua, St. Lucia, Vanuatu, Grenada can be, you can refer to me! provided for comparison:St. Kitts Dominica TurkeyAndRanking of the CBI Index. The total program cost is the cost of the CBI program plus the purchase of the house in Greece.

The cost of Greek real estate canClick here: Greece Home Buying Cost CalculatorThe

ACBIP

ACBIP (Upgraded Citizenship ProgramDominica) with two offshoretax identification numberThe cost of legal asset diversification and offshore asset allocation is less than RMB 2 million, which is suitable for those who have high specifications on identity requirements or family-oriented communities.

USA

There is a separate set of FATCA in the U.S. If you already have a U.S. green card, you can consult with an accountant to see if you can avoid Chinese tax jurisdictions. If you do not yet have a US green card, you will need to invest more time and cost.

Luxury options

Requirements for identity brand awareness and carrying family members, suggested golden identity planning

Malta

Malta (Malta), with visa-free access to Europe, the United States, Japan, Australia, the United Kingdom, and in the European Union, is one of the most popular countries in the world.All CBI programsThis is a prime program in the world, although care needs to be taken to avoid Chinese dual citizenship and tax jurisdictions. The cost of the program is 1 million euros.

Cyprus

Cyprus, with visa-free access to Europe, Japan, Australia, the United Kingdom and the European Union, is one of the most important countries in the world.All CBI programsThe program is second only to the Maltese Gold Program, although care should be taken to avoid Chinese dual citizenship and tax jurisdictions. The cost of the program is twice as much as the Maltese program, but the processing time is slightly shorter, but it is possible to purchase property.

two-tier architecture

Two-stage process, the first CBI program to do the underlying identity planning, and then use this identity through the third country residency (permanent residence) to migrate to high-profile countries, the overall time is longer, the identity and asset structure sensitive, and attaches great importance to the safety of the ethnic groups

CBI+RBI

With the CBI (Citizenship by Investment) program coupled with RBI (Residence by Investment), you can obtain a new status quickly (three months) through legal channels, then immigrate to another country to obtain residency and permanent residence status.

Dominica + USA EB5

In addition to ACBIP (Upgraded Citizenship Program(Dominica), one of the better options you can consider is to choose to immigrate to the U.S., obtain Dominican status in three months time, and then obtain a U.S. green card through your new status.

Dominica + e-Citizenship

Separate business and personal assets for protection, implement the tax advantages of Dominican status, and consolidate business taxes, watch the video.

5. Tax residency options for the wealthy

High-asset families seeking not Zero Tax, but a legally reasonable and stable tax rate, high-asset families can consider the amendment to the Greek tax law 4172/2014, which starts in 2020 this year, after the applicant acquires Greek tax residency.Fixed tax of only €100,000 per yearNo other taxes are payable. Please refer to:Greece Non-dom Special Tax Resident

other than

Depending on the individual, these methods have also worked well. For reference

1. If a person from Hong Kong or Macau, obtainResident/national status of the Republic of China.;
2. If you intend to migrate directly, Singapore is suitable for business people.

note

Circumstances may vary depending on an individual's number of days per year in the place of residence, nationality, place of work, and different jurisdictions.
The CBI (Citizenship by Investment) program is not limited to the Commonwealth of Dominica, but includes but is not limited to St. Kitts, Antigua, St. Lucia, Vanuatu, Grenada, and many more CBI programs.referenceHere.
Dominica Citizenship by Investment Program (CBI) with otherCBIA comparison of the programs can be seen here ::CBIIndex Rating,Comparison of St. Kitts Dominica Turkey

5. Questions and Answers

Here are examples of common questions and answers, you can view similar questions here, the answers listed below are not guaranteed to fit every person's situation exactly, nor can they be extrapolated to all situations, they are only provided to you as a reference for ideas.

Open an account in a non-CRS country

It is possible to avoid the exchange of bank account information to a certain extent, but there are some disadvantages, such as bank appraisal in the country, remittance transfer rates, and foreign exchange controls (compare with Hong Kong). One thing to note here is thatAlthough the Philippines and Thailand are not signatories to the CRS, they are participants in the program and can exchange information upon request for tax purposes, and are required to maintain a certain level of transparency in their bank accounts.TheDetails can be found here.

I have provided the table as a reference exam:

The right side is the location of the bank account (where the funds are being sent) and the left side is where the funds are being sent.	Member States (most countries in the world, including Hong Kong, Singapore, the European Union, and all Southeast Asian countries except the Philippines, Thailand, and Laos)	Signed only Tax Transparency but not CRS (Philippines, Thailand, have FATCA so not signed CRS) )	Non-signatory to tax transparency, non-signatory to CRS (Honduras, Iran, Iraq, Jordan, Kiribati, Kyrgyzstan, Laos)
member countries	Exchange of account information, strict scrutiny of account opening, fast bilateral remittance; e.g. Hong Kong remittance to Singapore	Account information is not exchanged for the time being, the scrutiny of account opening is less stringent, the source of funds will be questioned if the amount of remittance to the member countries is too large; e.g., remittance from the Philippines to Hong Kong.	Account information is not exchanged, most of them have foreign exchange control, if the amount of remittance to the member countries is too large, they will be asked about the source of funds; such as remittance from Iran to Hong Kong.
Signed up for tax transparency only, but not for CRS	Account information exchange, strict account opening scrutiny, fast unilateral remittance; e.g., Hong Kong remittance to the Philippines	Account information is not exchanged for the time being, account opening scrutiny is less stringent, and bilateral remittances are slower If major currencies are used, e.g., U.S. dollars, the amount is too large and the source of funds may be questioned, and it is usually held up for a longer period of time at the transit bank; e.g., Philippine remittance to Thailand	Account information is not exchanged, there may be foreign exchange controls on both sides, and remittances are easily held up in transit banks; e.g., Iranian remittances to Philippines
Not signed up for tax transparency, but not for CRS	Account information exchange, account opening strict review, as long as the reason for remittance can be accounted for, unilateral remittance fast; such as Hong Kong remittance Philippines	Account information is not exchanged, the account opening review is lax, usually both countries have foreign exchange control, the possibility of money laundering occurs, the funds to be transferred to a safer country will be traced back to the source of funds, affecting the use of accounts	Usually both countries have foreign exchange control, the possibility of money laundering occurs, the funds to be transferred to a safer country will be traced back to the source of funds, affecting the use of the account

The conclusion is that overseas assets without identity planning, as a result of CRS, ACILess stable and less accessible financial systemsor inStable but risky financial system with exposed fundsYou will be forced to make a choice.

Which countries automatically exchange bank account information

Albania, Andorra, Anguilla, Antigua and Barbuda*, Argentina, Aruba, Australia, Austria, Azerbaijan, Bahamas*, Bahrain*, Barbados*, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Brunei Darussalam, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia*, Cook Islands, Costa Rica, Croatia, Curaçao, Cyprus*, Czech Republic, Denmark, Dominica*, Ecuador, Estonia, Faroe Islands, Finland, France, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada*, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Kazakhstan, Korea, Kuwait, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Macau, Malaysia*, Maldives, Malta*, Marshall Islands, Mauritius*, Mexico, Monaco*, Montserrat*, Nauru, Netherlands, New Zealand, Nigeria, Niue, Norway, Oman, Pakistan, Panama*, Peru, Poland, Portugal, Qatar*, Romania, Russian Federation, St. Lucia*, St. Kitts and Nevis*, St. Vincent and the Grenadines, Samoa, San Marino, Saudi Arabia, Seychelles*, Singapore, St. Maarten, Slovak Republic, Slovenia, Spain, South Africa, Sweden, Switzerland, Trinidad and Tobago, Turkey, Turks and Caicos Islands*, United Arab Emirates*, United Kingdom, United States, Uruguay, Vanuatu (Information is updated instantly atOECD website)

With which countries has China completed the exchange of financial account information?

Most of it is already done, and you can find it in thehere areCheck out the latest information.

Whether bank accounts opened before 2017 can avoid CRS

This can be done in thehere areCheck to see if the exchange of bank account information has taken place.

How to avoid financial account information being exchanged back to China

As I said earlier.You can't avoid being exchanged, but you can decide which country you want to be exchanged to.You will need to go through a legitimate and professional counselor. You need to go through a legitimate and professional counselor.

1. Identity/residency planning
2. Acquisition of status/right of abode
3. Registration in the new tax jurisdiction
4. Legally open an overseas bank account
5. Residence/multiple tax jurisdictions arrangements

Acquisition of bank accounts in non-friendly countries of China

Acquiring the nationality of a non-nationality of China is not the same thing as exchanging bank account information, so here are the dates when the automatic exchange of bank account information will begin.

St. Lucia begins exchanging bank account information with China on January 1, 2018
St. Kitts began exchanging bank account information with China on 1/1/2017,
St. Vincent's began exchanging bank account information on January 1, 2017 with China,
Marshall began exchanging bank account information with China on 1/1/2018,
Nauru started exchanging bank account information with China on January 1, 2017
Belize begins exchanging bank account information with China on January 1, 2018
(For the dates of commencement of automatic exchange of financial accounts in other countries, please refer to the official OECD website.)

Since St. Kitts does not have diplomatic relations with China, bank accounts under St. Kitts status will not be affected by CRS.

Error Guanmian, the OECD organization pointed out that the status of naturalization through investment CBI / RBI), because of the potential for abuse, to evade the CRS to hide assets abroad, jeopardizing the proper functioning of the CRS due diligence process.

The potential risk of lower personal income tax rates on offshore financial assets is such that financial institutions must consider these identities when fulfilling their CRS due diligence obligations, and the OECD has analyzed more than 100 investment-based naturalization or residency programs offered by jurisdictions that are committed to the CRS to identify the following groups of individuals who may pose a high risk to the integrity of the CRS.

(more information)

Extended Reading

Dominica Passport Application Success Stories,Dominica Passport Application for U.S. Visa Success Stories,U.S. Student Visa Success Stories,Applying for a Certificate of No Criminal Conviction after Naturalization,Hague Certification Success Stories

Quickly learn about Dominica's Commonwealth passport, processing, materials, notarization, timing, visa-free countries, eligibility, advantages

Dominica Passport Visa-free Countries

2024 Biggest Election Year Ever, What Opportunities Remain on Your Immigration Path?

How to apply for a second citizenship if you cannot provide a certificate of no criminal record

Dominica passport to apply for a U.S. 10-year visa B1 B2 easier than you think Real experience sharing

Want to get away from high taxes and high inflation?The 10 best national cities to move to in 2024 (above)

Three Things You Should Do Immediately After Getting a Caribbean Passport

Ten-Year Passport Explained: The Strongest Visa-Free Increase and the Path to Freedom for High-Net-Worth Identities

comparisons

St. Kitts and Dominica

The most valuable passports do program comparisons

Want to buy a passport? Be careful with this Caribbean passport.

St. Kitts and Turkey and Dominica

Bih Bih Channel

Click here to directSchedule a VIP Consultation

Last Chance to Change Your Identity! 2024 How to Choose a Caribbean Passport?

2024 Immigration Pathway Suddenly Changes, How to Realize the Path of Passport and Identity Planning

Why is it safe to invest in the Citizenship by Citizenship Program? What is the solution to your problem? Legitimate investment to obtain citizenship to apply for a passport

How to apply for naturalization remotely? Legally Successful Acquisition of Second Citizenship

Three things you should do right away to get the most out of your household license

金融危机降临，身份规划与移民该如何应对？

Dominica Citizenship Program

The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
passport immigrationApplicants are not required to attend an interview
Immigration can be processed quickly: the time it takes is about 2-3 months.
The most cost-effective program for single applicants
The status can be passed on permanently to the next generation in the direct line.
Consultationreserve

Moving assets overseas, are you doing it right? How to plan? Legally and safely avoid the automatic exchange of global bank account information? How can passport + identity planning solve the CRS problem?

Transferring money to an overseas bank account? How can I do it safely?

Transferring money to an overseas bank account? How can I do it safely?

Transferring assets overseas, you need to know first

1. Citizenship and Tax Advantages

Tax ID/Tax Resident

Citizenship Right

1. Freedom

2. Easy Travel

3. Contingency planning

4. Stabilization of asset distribution and transmission of wealth

5. Tax Advantages

2. Global Taxation and CRS

Automatic Exchange of Information (AEI)

China's Global Taxation

The legal basis for an overseas bank to exchange information about your account.

If I only hold a Chinese passport, will my account information be automatically exchanged?

3. Why should the bank help you open an account

Provisions of OECD organizations

CRS realities, the case of overseas banks

Can you get a second passport and safely hide your money overseas?

Current Progress of Information Exchange between Popular CBI Countries and China (Updated January 14, 2020)

4. Consequences of illegally moving money overseas

What are the ways to move money overseas

If the country where you have an account has exchanged information with China

Allocating assets overseas for asset segregation and what to prepare for

Economical options

Dominica CBI

FIP Greece

Family-oriented options

CBI + Golden Visa Greece

ACBIP

USA

Luxury options

Malta

Cyprus

two-tier architecture

CBI+RBI

Dominica + USA EB5

Dominica + e-Citizenship

5. Tax residency options for the wealthy

other than

5. Questions and Answers

Extended Reading

comparisons

Bih Bih Channel

Dominica Citizenship Program

Leave a Reply

Your email is safe with us.

Article Categories

Latest Articles

tab (of a window) (computing)

Article Categories

Article Tags.