Recently, the Organisation for Economic Co-operation and Development (OECD) released the "Report on the Outcome of the Meeting" at the 2017 Global Forum on Transparency and Exchange of Information for Tax Purposes. The report summarizes the global status of the automatic exchange of financial account information under the CRS. Notably, the number of countries and regions that have committed to implementing the CRS automatic exchange of tax information system has increased from 102 to 106. The report also lists 40 developing countries that have not yet determined a specific implementation date, including ASEAN nations such as Thailand, the Philippines, and Cambodia.
List of Countries (Regions) Committed to Implementing the
Automatic Exchange of Financial Account Information
(As of November 17, 2017)
Whether a country or region has committed to joining the CRS automatic exchange of tax information system determines if it may be classified as a "CRS Participating Jurisdiction" by other implementing countries. If a country is not a CRS participating jurisdiction, "Managed Investment Entities" established in these countries will be treated as Passive Non-Financial Entities (NFEs). When they hold financial accounts managed by financial institutions in CRS participating jurisdictions, they will be "looked through," and their controlling persons will be identified and reported.
As the CRS deepens and more countries join, high-net-worth individuals are prioritizing identity for overseas asset allocation. Holding a passport from a non-global tax country, such as Saint Lucia, Dominica, Saint Kitts and Nevis, Antigua and Barbuda, or Vanuatu, offers clear advantages.
Taking the Saint Lucia passport as an example: firstly, although the aforementioned Commonwealth countries, including Saint Lucia, are also CRS implementing countries, their tax systems are highly favorable. They not only exempt property tax, gift tax, inheritance tax, estate tax, and capital gains tax, but are also among the few non-global tax countries that impose "0" tax on the overseas income of their citizens. This effectively saves tax costs for global asset allocation and reasonably addresses the impact of global CRS taxation.
Secondly, most Commonwealth countries, including Saint Lucia, possess developed offshore financial systems. With a Saint Lucia Commonwealth passport, one can easily open offshore companies and offshore accounts. Leveraging the advantages of Saint Lucia's developed offshore financial center is more conducive to converting RMB assets into USD assets, reasonably conducting diversified global asset allocation, and perfectly achieving asset preservation and appreciation.
Worldway Group — Your Best Choice for Obtaining a Commonwealth Passport
Choose Worldway Group for your Commonwealth passport application and make your immigration journey easier! With high value and global mobility, these Commonwealth passports start from as low as USD 100,000 (Saint Lucia, Antigua, and Dominica from USD 100,000; Vanuatu from USD 130,000; Saint Kitts from USD 150,000). One investment allows the whole family to quickly apply for a Commonwealth passport, enjoying the generous benefits of Commonwealth citizenship while calmly responding to CRS and planning assets reasonably.
Immigration is a long and complex process; choosing a formal immigration agency with good government relations is crucial. As a pioneer in Commonwealth passport programs, Worldway Group has always maintained good interaction, trust, and cooperative relationships with the governments of multiple Commonwealth countries. We can provide timely official information and safeguard the immigration journey for investors, serving as a solid backing on your path to immigration.
Earlier this month, the Prime Ministers of Saint Lucia and Dominica, both old friends of Worldway Group, visited us separately and attended the Prime Ministerial Afternoon Tea meetings hosted by Worldway for two major popular Commonwealth passport programs, bringing the most authoritative and cutting-edge investment immigration information to our clients.
Worldway Group is the only immigration agency to date to have invited the Prime Minister of Saint Lucia to an afternoon tea meeting, and the only one to have been received by the Prime Minister of Saint Lucia, further reflecting the excellent trust, interaction, and cooperative relationship between Worldway and the governments of Commonwealth countries like Saint Lucia.
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