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.

@venusreena2532

2 жыл бұрын

as the evil grows

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.

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.

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?

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.

Excellent video!

@OffshoreCitizen

2 жыл бұрын

Thanks! Anything you'd like to see next?

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 ?

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?

Very interesting topic.

@OffshoreCitizen

2 жыл бұрын

Thank you! Anything you'd like to see next?

@alfinal5787

2 жыл бұрын

@@OffshoreCitizen there is some complexity about declaring where you are residing if there are more than 2 countries involved

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?

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?

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?

@OffshoreCitizen

Жыл бұрын

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

Interesting video. I have a video suggestion. What are your opinions on the weird CBI programs like Vanuatu or Cambodia

@OffshoreCitizen

2 жыл бұрын

Already made one on Vanuatu kzread.info/dash/bejne/lp2epMWGg6zUZbw.html Let us know how you liked it and thanks for the other suggestion😄

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.

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.

@OffshoreCitizen

2 жыл бұрын

Yes

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?

@NON-2022

2 жыл бұрын

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!

@p.c.h.6721

Жыл бұрын

What’s the name of your broker in Belarus? If I may ask

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?

@OffshoreCitizen

8 ай бұрын

CRS doesn't depend on the legal structure it depends on the bank US banks report based on FATCA not CRS

We need a data base of places & firms to avoid ... if possible I would think

@OffshoreCitizen

2 жыл бұрын

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?

@OffshoreCitizen

Жыл бұрын

Yes there are Thresholds are thousands not millions

Awesome! Can you do a video on how the US can be a tax heaven?

@OffshoreCitizen

2 жыл бұрын

Great suggestions, thanks! Anything else you'd like to see?

@alefermin

2 жыл бұрын

@@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

@FighterFred

2 жыл бұрын

@@OffshoreCitizen Perhaps I can answer. Working as an international freelance in the EU, how can a LLC in the US help me?

@vace8914

Жыл бұрын

@@FighterFred I'd like to know this as well, from a viewpoint of a retiree/one who receives disability pension.

What authority does OECD have to overrule the UN Proclamation of HumanRights … that’s my question ?

@OffshoreCitizen

2 жыл бұрын

OECD has no power

Is the USA part of CRS ? Will they share information to the UK?

@OffshoreCitizen

2 жыл бұрын

They aren't part of CRS but have information sharing under FATCA

@kemalwitter4683

2 жыл бұрын

@@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

@michaelgreen5515

Жыл бұрын

@@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

@p.c.h.6721

Жыл бұрын

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

But this tax information is only for persons, not companies ...

@vace8914

Жыл бұрын

There's different kinds of persons, legal, natural, psychical. The natural person is of us.

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 😉

@OffshoreCitizen

2 жыл бұрын

Lol How did you like the video? :D

@NON-2022

2 жыл бұрын

@@OffshoreCitizen Great video! As usual, nothing more to add ;)

How can a 7 figure US citizen legally reduce their taxes to 0-10%?

@OffshoreCitizen

2 жыл бұрын

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.

"countries like the US and Canada" 🥲

Sending you a message via offshore citizen contact form.

The Pandora papers, where not a single American is implicated ...

@OffshoreCitizen

2 жыл бұрын

Have you seen our video on Pandora Papers?😄

@kamil-6561

2 жыл бұрын

Looks like most of them left : )

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