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Understanding bank secrecy vs. information exchange agreements post-CRS
With all the CRS agreements in place, I'm trying to wrap my head around what 'bank secrecy' actually means for an individual account holder in a compliant offshore jurisdiction now. Is it more about protecting internal account details from general public access rather than immunity from tax authority requests if you're flagged?
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That's a really interesting point. So, are you saying that the idea of 'bank secrecy' as total anonymity for tax purposes is pretty much a thing of the past for anyone in a CRS-participating country, and it's now more about privacy from the public?