Using Island Passports to Open Local Bank Accounts to Avoid CRS

Many intermediaries promote island passports, highlighting one of their advantages: the ability to evade the Common Reporting Standard (CRS). They advertise a two-step process to avoid CRS:

1. Buy an island passport.
2. Open a bank account in the island nation.

In this article, we reference CRS expert Mark Morris's piece published on June 3, 2024, titled "Lose paddle by falling for grifters selling you a Caribbean Citizenship by Investment. Subsequently, open account with smaller local bank to avoid CRS."