My country (Serbia) is not part of that OECD agreement for exchange of information, but nevertheless it signed a tax agreement with many countries and a lot of those agreements have a clauses about automatic information exchange between 2 countries. So tax agreements are another way the countries agree to exchange tax information.
So that's why people say : work remotely from Nicaragua and get paid on your foreign bank account → get no tax to pay in Nicaragua. That's because Nicaragua is not a CRS country and thus receives 0 information from other countries. So it's super easy to do tax avoidance.
If you have multiple passport I think the best practice would be to open a bank account with the passport of country with lowest taxes. How will bank ever know you are a citizen of any other country?
Our plan is to start from scratch. Overall personal and business structuring, CBI, Renounce and do it cleanly so it is not a worry going forward. The foundation is everything and getting out of the US is imperative.
Regarding the example with Australia, Second residence in Panama and banking in Bulgaria. How can the home country be aware of the second residence in Panama? And second how would they know the bank account in Bulgaria?
Interested in understanding Thresholds. Example, a Swift transfer of more than 10K CAD is automatically flagged for reporting or investigation, but what about CRS in general ?
Nice topic, sir. You said/ implied that there are countries like Vanuatu that are too locally messed up to comply with these information exchanges, also some countries that drag their feet in replying to these info exchanges. Can you do a future video or do you have a video on such countries, especially european, that are part of these info exchange treaties but not so accommodating or reliable to these info requests? Tnx.
Great information. An issue of great interest and to be developed. I read somewhere that the most "secret" place now to hold an account would be the USA or Puerto Rico.
informative video thanks Michael. Are you aware of a tax information exchange agreement between Japan and Canada (e.g. CRS or other)? Does the double tax treaty require any automatic info sharing?
I am a Canadian living in South Korea. My bank is requesting of me to sign some form which would turn over some personal info to CRS. Should I sign this form or not? They are threatening to report us if we don't comply with their request.
I'm an aussie resident, my broker is based in Belarus, they're not signed up to the CRS. I don't believe it best practice to not report to the ATO, but I don't know if i have legally in that respect?
Legally? Are you kidding me? The best practice for ALL governments is to report EVERYTHING and pay and pay.... Nobody really gives a f... if you (or your family) left absolutely with NOTHING!
@@OffshoreCitizen I think another good one might be how to learn many languages taking advantage of the EU Schengen Zone open borders, visiting/living in multiple countries and best places and ways to do it
I want to know how can i work with Binance, like, if i dont exchange my crypto to fiat there, my country (Spain) cannot find how much money i have? when i use my Binance card, it exchanges to euro and then it pay iirc, do they count how much money i spend in this card in my country?
Come ooooon guys... we know that they know and they know that we know that they know and we know that they know that we know... that's how we play the game 😉
There's a few ways but depends on the details of your situation. We've made a few videos about this, otherwise best is probably to book a call and we can go over what might work for you.
@@OffshoreCitizen what I want to know if I've paid the IRS withholding 30% tax from Amazon advertising earnings will the IRS pass that information on to the UK HMRC tax office ? I don't have a USA bank account by the way I have no banking accounts anywhere else in the world just the UK PLEASE ANSWER IM PATIENTLY WAITING
@@kemalwitter4683 I don't know but If you paid thru your UK bank or received the dividend HMRC has this already. The withholding tax at 30% you should get double taxation relief on worse case even if in the highest tax treaty
Double tax treaty between the U.S. and the UK would lower withholdings to 15% But in answer to your question, No, money paid to the IRS directly will not be reported to HMRC
your videos would be better if you rambled less and articulated more concisely. your videos would be GREAT if you could add visuals, not just verbal rambling
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My country (Serbia) is not part of that OECD agreement for exchange of information, but nevertheless it signed a tax agreement with many countries and a lot of those agreements have a clauses about automatic information exchange between 2 countries.
So tax agreements are another way the countries agree to exchange tax information.
as the evil grows
So that's why people say : work remotely from Nicaragua and get paid on your foreign bank account → get no tax to pay in Nicaragua.
That's because Nicaragua is not a CRS country and thus receives 0 information from other countries. So it's super easy to do tax avoidance.
If you have multiple passport I think the best practice would be to open a bank account with the passport of country with lowest taxes. How will bank ever know you are a citizen of any other country?
Our plan is to start from scratch. Overall personal and business structuring, CBI, Renounce and do it cleanly so it is not a worry going forward. The foundation is everything and getting out of the US is imperative.
Regarding the example with Australia, Second residence in Panama and banking in Bulgaria. How can the home country be aware of the second residence in Panama? And second how would they know the bank account in Bulgaria?
Interested in understanding Thresholds. Example, a Swift transfer of more than 10K CAD is automatically flagged for reporting or investigation, but what about CRS in general ?
Nice topic, sir. You said/ implied that there are countries like Vanuatu that are too locally messed up to comply with these information exchanges, also some countries that drag their feet in replying to these info exchanges. Can you do a future video or do you have a video on such countries, especially european, that are part of these info exchange treaties but not so accommodating or reliable to these info requests? Tnx.
Great information. An issue of great interest and to be developed. I read somewhere that the most "secret" place now to hold an account would be the USA or Puerto Rico.
What authority does OECD have to overrule the UN Proclamation of HumanRights … that’s my question ?
OECD has no power
informative video thanks Michael. Are you aware of a tax information exchange agreement between Japan and Canada (e.g. CRS or other)? Does the double tax treaty require any automatic info sharing?
DTAs and TIEAs aren't automatic but CRS is pretty much everywhere now
Is exchange automatic and every name is shared every time an account is opened ? I highly doubt it for CRS
I am a Canadian living in South Korea. My bank is requesting of me to sign some form which would turn over some personal info to CRS. Should I sign this form or not? They are threatening to report us if we don't comply with their request.
Yes
But this tax information is only for persons, not companies ...
There's different kinds of persons, legal, natural, psychical. The natural person is of us.
Interesting video. I have a video suggestion. What are your opinions on the weird CBI programs like Vanuatu or Cambodia
Already made one on Vanuatu ruclips.net/video/dijBcMSIn5Y/видео.html
Let us know how you liked it and thanks for the other suggestion😄
Very interesting topic.
Thank you!
Anything you'd like to see next?
@@OffshoreCitizen there is some complexity about declaring where you are residing if there are more than 2 countries involved
We need a data base of places & firms to avoid ... if possible I would think
Generally it's wise to operate as though they'll find out
Are there already cases when the Governments send letters regarding foreign accounts? And what is the threshold? Millions in accounts or thousands?
Yes there are
Thresholds are thousands not millions
I'm an aussie resident, my broker is based in Belarus, they're not signed up to the CRS.
I don't believe it best practice to not report to the ATO, but I don't know if i have legally in that respect?
Legally? Are you kidding me? The best practice for ALL governments is to report EVERYTHING and pay and pay.... Nobody really gives a f... if you (or your family) left absolutely with NOTHING!
What’s the name of your broker in Belarus? If I may ask
For the Fatca, is the $10K limit (for even one day of a year) applied to each person in a marriage, or does it apply to the couple?
Excellent video!
Thanks!
Anything you'd like to see next?
Is moving the money to an anonymous LLC in the US or Nevis a good idea to avoid CRS or none CRS report? And which is the best?
CRS doesn't depend on the legal structure it depends on the bank
US banks report based on FATCA not CRS
Awesome! Can you do a video on how the US can be a tax heaven?
Great suggestions, thanks!
Anything else you'd like to see?
@@OffshoreCitizen I think another good one might be how to learn many languages taking advantage of the EU Schengen Zone open borders, visiting/living in multiple countries and best places and ways to do it
@@OffshoreCitizen Perhaps I can answer. Working as an international freelance in the EU, how can a LLC in the US help me?
@@FighterFred I'd like to know this as well, from a viewpoint of a retiree/one who receives disability pension.
I want to know how can i work with Binance, like, if i dont exchange my crypto to fiat there, my country (Spain) cannot find how much money i have? when i use my Binance card, it exchanges to euro and then it pay iirc, do they count how much money i spend in this card in my country?
Come ooooon guys... we know that they know and they know that we know that they know and we know that they know that we know... that's how we play the game 😉
Lol
How did you like the video? :D
@@OffshoreCitizen Great video! As usual, nothing more to add ;)
How can a 7 figure US citizen legally reduce their taxes to 0-10%?
There's a few ways but depends on the details of your situation. We've made a few videos about this, otherwise best is probably to book a call and we can go over what might work for you.
Is the USA part of CRS ? Will they share information to the UK?
They aren't part of CRS but have information sharing under FATCA
@@OffshoreCitizen what I want to know if I've paid the IRS withholding 30% tax from Amazon advertising earnings will the IRS pass that information on to the UK HMRC tax office ? I don't have a USA bank account by the way I have no banking accounts anywhere else in the world just the UK PLEASE ANSWER IM PATIENTLY WAITING
@@kemalwitter4683 I don't know but
If you paid thru your UK bank or received the dividend HMRC has this already.
The withholding tax at 30% you should get double taxation relief on worse case even if in the highest tax treaty
Double tax treaty between the U.S. and the UK would lower withholdings to 15%
But in answer to your question, No, money paid to the IRS directly will not be reported to HMRC
The Pandora papers, where not a single American is implicated ...
Have you seen our video on Pandora Papers?😄
Looks like most of them left : )
"countries like the US and Canada" 🥲
Sending you a message via offshore citizen contact form.
takes bread out of the mouths of the poor....thanks for not paying fair taxes in your own country-shame on you
your videos would be better if you rambled less and articulated more concisely. your videos would be GREAT if you could add visuals, not just verbal rambling