Originally Posted by john_1122:
, my understanding is that the Common Reporting Standard and the "Automatic Exchange Of Information" only happens when a country asks a bank for information about an individual, right? Banks don't just tell every government in the world what all of their customers have, right? Similar to what @mrg
According to Wikipedia, the USA shares information about people, though not automatically, as is done with the CRS (though I don't understand with whom the information is shared).
The way to bypass this is to open a company, you own the shares of the company, and the company invests in the stock market. I believe that this is how billionaires do it. But of course it costs money to open a company, one needs a local resident (except in Hong Kong), and an accountant to do the yearly accounting. So for 1/2 million USD it's not really worth it.
I a surprised that according to wikipedia also BVI, Bermuda, Seychelles, etc. participate in the CRS. I guess they hide their customers' money through setting up companies? But my question is, how safe would that be? I trust that BOCHK or HSBC probably won't go bankrupt or steal my money, but what about a bank in Bermuda or Seychelles?