More than 120 countries have already become members of the Common Reporting Standard (CRS) system. Therefore, it is becoming increasingly difficult to legally protect your financial position from prying eyes. Learn more about how to legally diversify your finances in non-CRS jurisdictions in 2026

Get personal advice from a business lawyer and build your own business without risks and unnecessary expenses

BOOK A CONSULTATION

The OECD's Common Reporting Standard (CRS) requires banks to provide tax authorities with information about client accounts to combat tax evasion. 

This international initiative stops hidden offshore accounts by forcing banks to confirm where their clients' taxes are paid. Despite the intrusiveness of CRS, it promotes compliance with the law. The main goal is to legally diversify wealth, not to hide funds offshore.

In the previous article, we provided a ranking of the richest countries in the world in 2026 by GDP.

Doing business is always associated with risks: taxes, contracts, inspections, conflicts with partners or government agencies. A personal business lawyer will help you avoid critical mistakes and protect the interests of the company at every stage of its development.

Get advice from a personal business lawyer and find the optimal legal solution today!

What is the Common Reporting Standard?

The CRS (Common Reporting Standard) system allows countries to exchange financial information with each other to effectively monitor the taxation activities of their citizens. This approach makes it impossible for so-called “undisclosed” bank accounts to exist, which were once discussed in connection with Swiss banks and other popular financial centers in the world.

The main idea behind the CRS is that banks should automatically collect financial data about their clients and send it to the tax authorities of the country where these clients are tax residents. The goal is to reduce tax evasion and maintain the integrity of tax systems.

More than 120 countries have already joined the CRS system, including most important financial centers. Banks now have the right to request information from clients about their tax residency, and this has become standard practice.

However, not all countries have joined the CRS. Many of them are places with a dubious reputation where not everyone would want to open a bank account. However, some highly developed countries have not yet implemented this system due to internal reasons or traditions of banking secrecy.

In our previous article, we provided a ranking of the most expensive European capitals for buying a home in 2026.

How to legally avoid CRS

The Foreign Account Tax Compliance Act (FATCA) has become a significant part of the global financial landscape, especially for US citizens and resident aliens. FATCA requires international banks to provide information about U.S. account holders to the U.S. government and the Internal Revenue Service (IRS). Even if a country is not a signatory to the CRS, it may be bound by FATCA.

As a U.S. citizen, you are required to file an annual FBAR and possibly Form 8938. This means that you must report all of your foreign accounts. Also, residents of some countries must report their foreign bank accounts, even if the information is not automatically exchanged.

One of the main differences between a UK citizen and a US citizen is that a UK citizen can declare themselves non-resident in their home country and move to a country where no reporting is required without having to renounce their citizenship. On the other hand, a US citizen must renounce his or her citizenship if he or she wants to avoid tax liabilities.

Opening an offshore bank account is legal for most people, including US citizens. However, some governments may prohibit their citizens from opening bank accounts in other countries, so it is important to always check this information.

Who can benefit from Non-CRS policies?

Such banking havens provide opportunities for legal organization of assets. However, you should check the tax laws of your country before using them:

1. US citizens remain obliged to report foreign accounts through FBAR and FATCA, even in jurisdictions that are not low-tax countries;

2. Other developed countries also often require their citizens to self-report offshore accounts and income;

3. For perpetual travelers looking for lifestyle flexibility and financial privacy, there are some countries outside the CRS. However, their use requires professional advice to ensure compliance with all requirements;

4. Wealthy entrepreneurs can use non-CRS jurisdictions for diversification and tax optimization, but only if their financial transactions are properly structured.

Before opening offshore accounts or considering alternative jurisdictions, it is important to get qualified advice to ensure proper compliance with all requirements and avoid tax problems in the future.

We previously discussed the current Golden Visa programs in Europe, their costs, and prospects.

Countries that have not joined the CRS

The OECD also counts more than 40 developing countries that have not yet joined the CRS. Along with 206 sovereign countries and other non-sovereign territories, there are a number of jurisdictions that are not on any of the lists.

Cambodia

Cambodia is developing rapidly as an economic player, despite its frontier status. Unlike other Asian countries, such as Myanmar, which have not lived up to high expectations, Cambodia's economy has been in a state of steady growth since the 1990s, attracting significant investment, including capital from local and international banks.

Many Malaysian and Western banks are present in Cambodia. Local banks offer some of the highest interest rates in US dollars, making them attractive to depositors. However, opening a bank account in Cambodia may require a business visa or other visa confirmation to ensure legal residence status.

Dominican Republic

Many Canadian and American expats choose the Dominican Republic as their place of residence. Some of them even obtain permanent residence, which often requires a deposit in local banks. The Dominican Republic is famous for its decent banking sector.

There are numerous banks and savings institutions in the country, most of which are locally owned and offer a wide range of financial services. One of the players in the local market is Scotiabank, a large Canadian bank that continues to actively expand its presence in the region.

For expats who choose the Dominican Republic, access to local banks allows for convenient financial management and ensures reliability and stability. Whether it is opening a bank account, investing or obtaining loans, the Dominican Republic's banking system offers a variety of services to meet the needs of its clients.

Guatemala

Guatemala is often not considered as one of the main countries for expats in Central America, but it has been attracting attention for a long time. Its neighbor Belize often receives more attention, but this situation can quickly change.

Local Guatemalan banks, such as Agromercantil and Azteca Bank, are present in the market and play a dominant role. It is also worth noting the presence of banks such as Citi. However, it is not recommended to transfer all your money to Guatemala City, the main reason being that the banks hold significant government bonds.

North Macedonia

North Macedonia is one of the most business-friendly countries in the Balkans and Europe, thanks to its low single tax rates and incentives for entrepreneurship.

It is also one of the countries that has not joined the CRS system, which may be attractive to those looking for alternative locations for financial management. Although the banking system in North Macedonia has not reached the level of sophistication of some other countries in the region, it is constantly improving. In addition to local banks operating in the country, there are large European banks such as Societe Generale, Erste Group and ProCredit Bank.

Philippines

The Philippines remains a popular country among expats due to the ease of opening bank accounts. The country's island network has a large number of international banks, as well as strong local financial institutions offering very attractive interest rates.

According to the experience of many expats, the banking system in Manila does not always comply with CRS standards even if they are implemented. However, it is important to note that the Philippines has friendly relations with the United States, so the country's banks comply with FATCA requirements.

Large international banks such as HSBC are popular in the Philippines, but for most expats, it is recommended to go to lesser-known local banks, such as Metrobank. These banks often provide better service and conditions for foreign clients, providing reliable banking services in accordance with international standards.

United States

It is interesting to note that the country that was the first to implement the unilateral exchange of banking information through FATCA has not joined the CRS system itself. The OECD and the CRS system treat the United States with caution and explain their position as follows: “The United States has been implementing automatic exchange of information under FATCA since 2015 and has entered into intergovernmental agreements with other countries for this purpose.”

The Model 1A IGA concluded by the United States recognizes the need to achieve an equivalent level of reciprocal information exchange with partner countries. It is a political commitment to enact and maintain appropriate legislation to achieve equivalent levels of mutual automatic exchange.

So, the United States does share some information, but it does so on its own terms. It is particularly worth noting that states such as Delaware are known as the “world's largest tax haven,” which makes the situation even more ironic given how the US government is actively pursuing smaller players like Belize.

After all, a lot of the world's hot money is in American banks, although the government claims to be taking steps to combat this practice, including requiring Form 5472 for foreign-owned LLCs.

Investments, opening a company in another country, remote launch of a representative office or team relocation require a clear legal strategy. A personal business lawyer accompanies the entire process: from choosing a jurisdiction and tax model to visa processing and asset protection.

Engage a personal business lawyer and ensure safe relocation and development of your company abroad!

We remind you! Are you planning to invest in real estate under the Golden Visa program? We have already told you which programs in 2025 have become the most profitable for investors. The article compares the UAE, Greece, Turkey, Latvia and Asian countries, the real return on real estate and key risks that should be considered before investing.