Changing EMI info from country#1 to country#2

[civilpoke]

If you moved and changed your residency from nonCRS country #1 to CRS country #2.‌ In your personal EMI account where you had funds from the country #1 you changed‍ an info about your residency to country #2

What would happen next?
I suppose you⁠ are going to be CRS reported to country #2, and tax authority from country #2⁤ is going to ask you questions about source of funds, declaration etc
Am I right?⁣ Did anyone have such experience before?

 

[Sols]

Correct.

Unlikely. They'll just presume you paid taxes where you lived before. It's not really Country⁤ #2's problem if you committed tax evasion before (unless Country #1 asks them to help⁣ arrest/extradite you). They know that if you try to move the money into Country #2,⁢ a local bank will perform due diligence on you. If that bank finds something suspicious︀ about you and submits a Suspicious Activity Report, then the authorities may get involved.

 

[civilpoke]

What if you leave your funds‍ on the emi where they were before wise, skrill, payoneer etc. in this case I⁠ guess it’s just about the EMI itself how they going to perform due diligence in⁤ this case. They may ask only for proof of residency and a new address or⁣ they can perform a full power due diligence, like you open a new account in⁢ a new country and trying to move funds between countries, so treat you as a︀ local bank
Did I get it right? If yes, is there any options to investigate︁ local banks or EMIs how’d they treat you to prepare documents and answers in advance?︂

 

[Sols]

Yes, they might ask for proof of residency (including residence permit/visa if︀ applicable). But since nothing has changed about the origin of your funds, that'll probably not︁ come into question (assuming they've already verified it before).

Only way of knowing is to by initiating︄ a transfer and see what happens. You can ask in advance what they want, but︅ it's possible they will ask for more.

It will be the usual documents, though. Documents︆ proving where the money came from and possibly a couple of tax returns to prove︇ you've declared the income.

 

[civilpoke]

Just in case, what would happen in case any issues⁠ with documents or lack of docs? I guess this bank or EMI will freeze your⁤ money and report to police

 

[Sols]

It depends on how severe it is. It's more common to just send the money‌ back where it came from.

But if they suspect illegal activities, they may be required‍ by law to freeze the funds.

 

[civilpoke]

Thank you for explaining!⁠
Can you give any examples what they would count as sever and not sever?
I guess if they investigate you sell drugs and similar things it’s sever of course

 

[Mike Forman]

Why not just keep⁤ your old residency on the record and change when they would request some proof. Some⁣ EMIs if incoming and outgoing remains similar levels and from the same source will ask⁢ no questions for several years.

Always better being registered as a resident from a non︀ crs country than a crs country

 

[civilpoke]

They asked for proof of address documents every year, and I just suppose I⁣ have to act at once as soon as I get another residency