21 countries that will never betray you | 21 NON CRS COUNTRIES
Do you think that by opening any account abroad, you can hide and protect your savings from the clutches of the tax authorities?
In reality this is not the case.
In fact, most of the countries where people opened offshore accounts in the past, such as Switzerland, Hong Kong, Singapore, Luxembourg and the Netherlands, today, based on recent international agreements, have reached an agreement with the country in which you reside fiscally, to transmit data relating to your current accounts.
Today there are therefore very few Countries that still value your privacy, and that do not disclose the movements on your accounts to your Country of residence.
In some of these Countries, the same government cannot directly verify people's current accounts, except for very exceptional reasons and always following long procedural procedures.
In the latter cases, the banking relationship still concerns only the account holder and the bank, without third party government entities that listen and monitor every single transaction.
Here are 21 countries that will never betray you, that have not signed agreements aimed at favoring the exchange of information, and that therefore do not annually transmit your data to the country of residence:
Armenia,
Belarus,
Cape Verde,
Cambodia,
Cameroon,
Ivory Coast,
Dominican Republic,
Egypt,
El Salvador,
Guatemala,
Haiti,
Madagascar,
Mongolia,
North Macedonia,
Paraguay,
Philippines,
Senegal,
Serbia,
Tanzania,
Tunisia
and Vietnam.
However, this is not an exhaustive list, and there are also other countries where the confidentiality of current accounts is still a right.
Remember that laws change all the time; therefore it is essential to check the law in force when you decide to relocate, transfer or open a current account.
It is therefore very important that you speak to your international tax attorney before starting any type of tax planning or relocation of your business.
Do not hesitate to contact us if you would like us to provide you with the contact information of highly qualified tax attorneys who are specifically qualified to help clients in your situation.
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