In 2016 the Common Reporting Standard (CRS) was introduced. The days of banking secrecy are long gone, but now a further step is taken.
The automatic exchange of information implies a global control and puts every citizen under general suspicion. If for any reason you do not trust that your assets are safe in the country where you live, you will be part of this exchange
Which countries participate in the Common Reporting Standard (ERC/CRS)?
On 29 October 2014, fifty countries ratified an international agreement in Berlin at the initiative of the OECD to implement the automatic global exchange of account data to combat tax evasion.
Naturally this agreement strongly attacks tax havens. The best classic offshore destinations and international financial centres are already included. The only large and important country not participating is the USA, but they have the FATCA
Outside the standard of information exchange only a few, unknown, classic offshore jurisdictions remain: Bahrain, Nauru and Vanuatu. In addition to less classic ones such as Lebanon, Gambia and Liberia.
