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Having the ability to keep money is multiple jurisdictions is something that an extremely small % of world's population could achieve. First of all, you almost
by jakub_g 4y ago
Having the ability to keep money is multiple jurisdictions is something that an extremely small % of world's population could achieve.
First of all, you almost surely need to go to a trip abroad in person to create a bank account. (So, you need a passport, and money/time).
In many countries you can open a bank account only if you're a resident in the country (which creates a catch-22: can't open bank account without an address, can't rent without a bank account).
Stuff might be easier if you have a right citizenship (rules are relaxed e.g. in EU and you can open an account in some online banks abroad via a smartphone app), otherwise, good luck.
In any case, if you open an account in a bank, and you want to have any serious money there - more than $200 or so - you need to declare in which country you're a taxpayer, and your taxpayer number, and that country authorities get notified.
Also when declaring taxes in the country you're a primary resident, there's often a rule that you need to declare all your abroad accounts, equities etc. and if you don't and they find out, you can be fined $$$$$.
- notch656a 4y agoMost already banked people could realistically achieve it if KYC/AML and FATCA-like reporting requirements were eliminated. It is not technically infeasible, but as we both pointed out infeasible due to government imposed limitations.