Hello, What is about Macedonia and banks there?. I have some useful information for you my dear friend (in case the AEOI CRS) is something you don’t like and don’t agree with.
Lately our banking team found a solution for those clients who wants to have bank account in country that isn’t a member of Automatic Exchange of Information (AEOI) and we are here not to judge 😉
What is OECD, AEOI, CRS ?
Initially speaking. International organization OECD (The Organisation for Economic Co-operation and Development) this organisation made dream of any tax authority all around the globe come true, you may ask how, well that’s easy to tell and not something new. For example, US government made a FATCA (Foreign Account Tax Compliance Act) and this act is required to comply with in case you are a Bank and want to have a USD as a currency to offer to you clients.
How this works. The mechanism is relay in common in case of AEOI by OECD and FATCA by US govrt., but, let’s not forget that the first one is made to collect financial data about bank account and send automatically to government authority of beneficiary of said account and the second one (FATCA) is the same but, only for US govt.
So basically, it’s all about information but, the information contains literally the amount of cash flow on bank account that belongs to citizen of country member of AEOI in bank located outside the country – “big brother watching you” and now smaller able to do so too.
Short info about banking in Macedonia.
- No foreign currency exchange control – so you easy can receive international inward wires and send as well.
- All banks are members of SWIFT and able to provide their costumers with standard and well known IBAN numbers of accounts.
- Correspondence banks of Macedonian banks is mostly well known by public and reliable as well as local banks.
- Banking fees in in comparison to European banks are lower.
- Internet banking presented in English.
What is the point to use unusual jurisdiction for banking?
It worth to tell that motivation to do so may be indeed different: low services fees, polite AML, low KYC requirements and service without annoying questions and restrictions, unwillingness to comply with uncomfortable AEOI\CRS provisions.
In conclusion I’d like to say..
Our banking team ready to provide every client with banking solution in Macedonia and the best part is that to get account there you don’t even need to leave your city, isn’t that perfect? – contact us now and get all done in one step solution.
We are looking forward to hear from you.