Global Financial Yard is assisting clients since 2008 in asset protection. To protect your assets for generations, it is very important to follow strict strategies. Especially in times of instability, great impacts like a financial crisis (2008), a health crisis (2020), Inflation crisis (e.g., Venezuela, Turkey, Iran, Europe), winners are always companies and private individuals who reacted before everything went out of control. 

Our network of international banks and our knowledge in geopolitics, international tax laws, bank secrecies, corporate and private structures as well as back up residencies will help you to sustain in times of uncertainty.  

Banking Secrecy 

The banking secrecy was established in Switzerland during the 2nd world war with focus for asset protection of political changes like in Germany during the 1930tees. In modern times we face again worldwide political changes and the banking secrecy again shows its benefits. However, most of the worlds countries do not offer any banking secrecy and a new law called Common Reporting Standards avoids the banking secrecy even in countries who still offer such protection. 

Common Reporting Standards (CRS) and Solution 

CRS is a international reporting law, similar to FATKA (US reporting law) which means that foreign banks are forced to report bank account owners to their home countries tax authorities. This means if you plan to open a bank account abroad in the believe to receive banking secrecy you will be wrong in most cases. But there is a solution. 

Example 1: 

English citizen wants to open a bank account in Singapore to benefit of the banking secrecy. Based on CRS the Singapore bank needs check his residence and report the account holder to the english tax authorities (resident based data exchange law).

Example 2: 

English citizen wants to open a bank account in Singapore and has a residency in the United Arab Emirates (UAE). Based on CRS the Singapore bank needs to report the bank account holder to the UAE tax authorities. Since there are no private income tax in the UAE, no report will be done and the bank secrecy works. 

Second Residency 

To be able to receive full bank secrecy we recommend to apply for a second residency. We consult you in generating a second residency.

Contact us and we will discuss your situation to create an individual plan to protect your assets.