Common Reporting Standards (CRS)

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Globalization is a word everyone knows. As a result of globalization, international laws are passed that deal officially with topics such as the fight against money laundering, tax fraud and tax evasion, and the financing of terrorism. Whatever the truth behind it, not infrequently is the implementation of a system of “total control” (big brother is watching you) that makes the Transparent Man a reality.

The latest method of controlling global financial flows is called “Common Reporting Standard” – CRS in short, “automatic data exchange of bank data with the states of residence of the beneficial owners”.

What our Video: CRS EXPLAINED

Whats CRS

Simply stated, anyone who runs a bank account outside of their country of residence is automatically reported by the foreign bank to the tax office of his domicile. It concerns all relevant bank data, such as account statements, account numbers, account movements, names of account holders, access rights, etc.

CRS is strictly bound to the residence of the Account Owner. This means that the account data of out-of-control accounts should always be sent to the country of residence of the account holder, that is to say to the competent tax office. Bank secrecy will thus be handled internationally for those who manage accounts abroad. Background to the introduction of banking secrecy was the protection of assets from crises, such as wars, upheavals in the government or other powers. All states are heavily indebted. Crisis such as the refugee crisis, wars in Ukraine, Syria, financial crises and stock market crashes as well as increased terrorism make it clear that laws such as the abolition of bank secrecy can be indications of turbulent times. 

To continue protecting your assets and maintaining their privacy is one of the few legal ways to relocate to Dubai. Dubai offers a 0% tax and does not exchange bank details of its residents.

We support you in obtaining a resident status in Dubai and assist you with legal asset protection. Protect your assets from total control by the state, from wars, riots and upheavals as well as bank failures.

Contact us: info@globalfinancialyard.com

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