hi I'm Andrew Henderson and Bank secrecy is dead you may have heard over the years about the Swiss bank account or you'll see in some TV show they'll talk about they're taking their money to a Ruba they're going to hide it in some money hole the reality is that stuff hasn't worked in a long time and I'm going to give you the two acronyms that have killed Bank secrecy [Music] this has been going on for a long time you may have read in the newspaper that the Swiss banks decided hey we're out of the secrecy
game but really what did this were two things number one fatka fatka is the US system where the US government requires All Foreign Banks and financial institutions to basically tattletail on us person customers of accounts at their bank so if I'm a US citizen and I want to go to a foreign bank that foreign bank is going to say oh it says in your passport you were born in the US or you have a Us address or a Us phone number or you just have a US passport and therefore we have to comply with fatka
here's a stack of forms to file and please fill these out we'll handle it and we're going to report your account to the US government please make sure you tell the US government on your F Bar so that was the beginning the US government basically took a spear to bank secrecy by saying that no us person was safe and then what happened next was Banks started not accepting us customers you see all over the internet people are boning the fact that US citizens and green card holders can't get accounts they're not welcome at many banks
and while many banks did shut them down the reality is there are still some who will take Americans we actually made a video on it here in our Channel but the next spear to bank secrecy is what's called CRS this is the common reporting standard this is the byproduct of one of these tax loving policy organizations that sit around all day thinking how can we make sure everyone's paying a lot of tax and the answer was CRS what this is is it's fatka on a global level it's fatka for Western Europe it's fatka for 110
countries around the world so all the friends of mine who back when I was a US citizen would point at me and laugh and say haha you can't open an account in Switzerland and I can well now their ability to do so uh is going away as well because when people ask the question can I hide my money offshore no no you can't hide your money offshore it's dead the ability to hide money offshore is essentially dead because any Bank worth it salt is going to comply with fatka and almost all jurisdictions that you thought
about for Offshore Banking are going to comply with CRS CRS started with uh about 50 some countries then the second year it grew to about 100 countries and now they're picking off some a couple more of a year I think we're up to about 110 countries right now Nigeria is coming on board so that one's out Albania but basically any country that's been on your radar including the offshore Havens they've been bullied into being part of it and what's going to happen is all these banks in all these countries are all going to report their
information into a system and it's all just going to get you know sent and so if you've been to a bank as a US citizen you know that they ask you hey are you a US citizen right that was the issue that Americans stood a loan for a while now when you go to the bank they say where do you pay tax okay when I went to my banker my personal banker in Singapore a couple months ago he said oh by the way Mr Henderson we wanted to make sure that your your CRS paperwork is
updated because now we're in full compliance here and so we want to make sure that we have your tax jurisdiction correct what banks want to know is where do you pay tax where do you live now that doesn't necessarily mean that's where you need to live full-time tax residents and residents are different things but they want to know where should we send this information so that they make sure that you're paying tax on the income that you earn from the account that they make sure that they know that how much income you have so you're
not just squirreling your money away money that you earned and they don't know about that's the wave of the future and so there are some countries that are not part of CRS video on that also check that out here on our YouTube but that number of countries is shrinking and so if you're still in the mindset of Switzerland is the place to go or vanatu is the place to go or the Cayman Islands of the place to go then times have changed now my opinion on this is that the world of offshore has moved from
hiding money to being transparent I'm sure there are people who aren't going to like that if you disagree comment below I'd like to hear what you think about that but the way I see the offshore world is with so many people making money online and being able to work from anywhere in the world this was bound to happen because people are now traveling all over the world their income is portable and governments want to make sure that they get their cut now it's still legal to do offshore tax reduction but the idea that only a
limited number of people should be able to squirrel their money away offshore doesn't really make sense anymore because now so many people can do legal tax reduction legal Offshore Banking legal everything that we talk about here at Nomad capist and just report it now if you're a US citizen you're always going to have to report it if you're not a US citizen you can simply redomicile you know transfer your residence set up a new residence somewhere where you'd rather pay tax either at a lower rate or a country that's not part of CRS or a
country with zero tax there are options but the bottom line is if you're living in a high tax country if you're living in a developed country and you plan on hiding your money CRS is going to make that almost impossible I'm not saying I agree with that but I'm saying that as a pragmatic business person we have to see the trend we have to know where the world is going and the world is going toward transparency so now is the time to figure out where do you want to live where do you want to pay
tax and what is your nomad capitalist story going to be how are you going to create the right story so that you can legally keep more of your own money and you're not having all information sent to people you don't want it being sent to I'm Andrew Henderson and if you're looking for a way to legally reduce your taxes build your freedom and create wealth faster as a global citizen then you've come to the right place I want you to do three things right now number one click the button to subscribe to our Channel make
sure to get notifications so you never miss a new video number two get a copy of our number one best-selling book Nomad capitalist on Amazon and learn all the dozens of benefits of our lifestyle and number three if you're already a six or seven figure entrepreneur and you want to put these strategies in place go to Nomad capitalist tocom and find out how to get some help
