In 2018, OECD has listed many Citizenship by investment (CBI) and Residence by investment (RBI) schemes in  blacklist posing a threat to CRS, by avoiding income tax on their offshore financial assets in the CBI/RBI jurisdiction, while spending too little time.

The good news is there are countries not listed (excluded) in the OECD blacklist. Here are the list of countries..

Economic Citizenship (CBI)

  • Turkey
  • North Macedonia
  • Montenegro
  • Samoa

Golden Visas (RBI)

  • Portugal
  • Greece
  • Spain
  • Netherlands
  • United States
  • Canada
  • United Arab Emirates
  • Australia
  • New Zealand

For tax purposes, It may be beneficial to apply for citizenship or residency in the above countries that are not part of blacklist.

If you hold a citizenship or residency in the OECD blacklisted country, banks and financial institutions mandatory require you to disclose the tax residencies of account holders to keep your account active. In many cases you will be required to answer the following questions for banks to ascertain your citizenship/residency in full compliance of the international tax laws.

  • Did you obtain residence rights under an CBI/RBI scheme?
  • Do you hold residence rights in any other jurisdiction(s)?
  • Have you spent more than 90 days in any other jurisdiction(s) during the previous year?
  • In which jurisdiction(s) have you filed personal income tax returns during the previous year?

Please contact us for more information..