The Common Reporting Standard (CRS) is the global framework for the automatic exchange of financial account information between tax authorities. More than 100 jurisdictions participate in this system.
In CRS countries, banks are required to determine the tax residence of their clients and report certain account information to the local tax authorities. This information is then automatically forwarded to the tax authority of the country in which the account holder is tax resident.
However, there are jurisdictions that either do not participate in the CRS or apply alternative reporting systems. In these cases, there is no automatic exchange of information under the CRS.
What matters is this: opening and maintaining an overseas bank account is entirely legal. The key point is tax compliance. Income such as interest, dividends or capital gains must be properly declared in accordance with the rules of the relevant country of residence.
International banking today is therefore less about secrecy and much more about jurisdictional diversification, financial stability and operational flexibility.
A small number of jurisdictions do not take part in the CRS system. This means that account information is not exchanged automatically under the CRS. Banks are still subject to strict KYC and compliance requirements.
These locations can serve internationally active entrepreneurs and investors as an addition within a diversified set-up.
Zanzibar is increasingly developing into a regional investment destination, particularly in real estate and international business models. Access to banking services is provided via Tanzanian commercial banks.
Typical requirements:
• in-person appointment on site
• proof of identity
• proof of address
• source of funds
Multi-currency accounts and debit cards are generally available, depending on the bank.
Well-known banks:
• Absa Bank Tanzania
• Stanbic Bank
• NBC Tanzania
• CRDB Bank
Serbia has developed into an important financial hub in South East Europe. The banking system is stable and is strongly shaped by European banks.
Typical requirements:
• in-person visit
• local address or residence (often required in practice)
• standard KYC documentation
Having local residence makes access significantly easier and improves the chances of successfully opening an account.
Well-known banks:
• Raiffeisen Bank
• UniCredit Bank
• OTP Bank
• Erste Bank
North Macedonia offers comparatively straightforward processes for international clients, provided in-person attendance is possible.
Typical requirements:
• passport
• proof of address
• in-person appointment at the bank
Both personal and business accounts are generally possible, depending on the structure and documentation.
Well-known banks:
• Komercijalna Banka
• Stopanska Banka
• NLB Banka
• Halkbank
The Philippines is developing into an important financial centre in South East Asia. Access to the banking system generally requires local ties.
Typical requirements:
• passport
• local tax ID (TIN)
• proof of address
• often residence or a long-term visa
In practice, non-residents have a harder time. With a local presence, access improves noticeably.
Well-known banks:
• BDO Unibank
• Bank of the Philippine Islands (BPI)
• Metrobank
• UnionBank
The US does not participate in the CRS. Instead, the FATCA system applies.
FATCA requires foreign banks to report US taxpayers. However, there is no full reciprocity as there is under the CRS.
Typical requirements:
• passport
• ITIN (often required)
• US address (relevant in practice)
• company documents (for business accounts)
Fintech solutions make access easier, especially for LLC structures.
Well-known banks:
• JPMorgan Chase
• Bank of America
• Wells Fargo
• Mercury
Many of the world’s leading financial centres participate in the CRS. Despite the reporting obligations, they remain highly attractive due to their stability, regulation and global connectivity.
Georgia has established itself as an efficient, business-friendly location.
Typical requirements:
• passport
• proof of address
• in-person visit (partly also possible remotely)
The process is relatively quick, with strong digital banking and English-language service.
Well-known banks:
• Bank of Georgia
• TBC Bank
• Liberty Bank
Singapore is regarded as one of the safest and most professional financial centres worldwide.
Typical requirements:
• in-person appointment
• evidence of source of wealth
• economic background
• minimum deposit depending on the bank segment
Banks prefer clients with a clear structure and substance.
Well-known banks:
• DBS Bank
• OCBC Bank
• UOB
Hong Kong is one of the most important international financial centres and a key gateway to the Asian market.
Typical requirements:
• passport
• proof of address
• company documents (for corporate accounts)
• in-person appointment
Structures must be clearly traceable.
Well-known banks:
• HSBC
• Standard Chartered
• Hang Seng Bank
• Bank of China (Hong Kong)
Dubai is a key hub for international entrepreneurs and investors.
Typical requirements:
• passport
• residence in the UAE (strongly recommended)
• proof of income or business activity
• in-person appointment
With local residence, access improves significantly.
Well-known banks:
• Emirates NBD
• Mashreq Bank
• ADCB
• RAKBANK
For internationally active entrepreneurs and investors, the deciding factors when choosing a banking location are:
• political and regulatory stability
• access to global financial markets
• quality of banking services
• compatibility with your own structure
A well-thought-out banking strategy is therefore always part of an overarching international asset and corporate structure.
Arrange a free initial consultation with our team now.
We will analyse your current situation and show you which jurisdictions, banks and structures make sense for you.
