Clarification on CRS Reporting Thresholds

[ikan]

On one hand, CRS is live and it's literrature is on the table.‍
On the other hand : banks and emis softwares do the report.
JackAlabam is⁠ 100% right : you can never be sure what they are doing.
From my point⁤ of vue : it is all gambling.

Over the last years : it was here⁣ so many testimonials of all kinds.
We all learned : you can never be sure⁢ what they are doing
I add : with this mutual software : all reports are︀ possible.
•••• From the strict basic info to most extended datas••••

Don't trust what you︁ read on the book.
Keep safe with your strategies. Stick on real facts juridiction by︂ juridiction.

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In 2024 / Few jurdictions who should had report by year 2018 or︃ others by year 2020. Just do and did nothing.
Don't even ask their customers to︄ fill any form for reporting !
It was a testimonial few days ago in antoher︅ post about a juridiction not bothering the report !!!!

 

[wachtwoord]

Very strange. So they are making the rules more lax? (as there was no threshold‌ before right?)

 

[Houdini]

No I don't think they do, the problem is they can't handle it all right‌ now, it will take time, and just when you think all is good you will‍ get reported.

 

[daniels27]

With all the different rules in different countries, many banks will go the safe way‌ and just report all. If you want to be sure not to be reported, you‍ better use tax ids from places you don't care about being reported.

 

[russelw65]

What tax IDs don't care being reported? Or maybe I misunderstood what you⁠ say...

 

[daniels27]

I wrote "tax ids from places you don't care about being‍ reported" with which I mean you can use tax ids from countries that you are⁠ not resident of or where the country does not tax you as it is tax⁤ exempt.

 

[russelw65]

OK.

Is it a OK to use an EMI based in your actual⁠ tax country, but when on-boarding with EMI using a different country for tax purposes?

So tax resident in country X, but on-board using PoA for country Y, but the EMI⁤ is based in country X.....

 

[daniels27]

I think many people‍ here are resident of many (or no) countries simultaneously. It mainly applies to those. I⁠ you only have one address, it will be more difficult.

 

[Revoltec]

I think this would be bank fraud which would make things much worse if you‌ got caught. Also, there is the travel rule for transactions so it is really pointless‍ to try do these things today.

 

[daniels27]

What is bank fraud?⁠

 

[Mercury]

CRS requires financial institutions to gather all current tax residences of⁠ their customers.
As a bank customer you may choose not to comply with bank policy,⁤ with consequences.

 

[daniels27]

No, there are also CRS indicia. And besides that they may chose‍ to report you anywhere they want, irrespective whether you are tax resident there or not.⁠ Like your citizenship countries, places you have a phone number from etc.

Yes. But has nothing to do with bank fraud. And wherther it is tax︃ evasion is a different question. As mentioned earlier, anybody who speculates that he won't get︄ reported under CRS or FACTA is an outright idiot. Anybody must assume that within︅ 5 years any country will be reporting anywhere and reports will go back 5 years︆ and will include any accounts, even empty ones and debt. If you are clean and︇ you are a PT (@petertaradash, perpetual tourist, perpetual traveller, postmortem teller, etc.), you chose a︈ tax id where you don't care about the report as I wrote earlier.

 

[russelw65]

This is all︃ very fair. What if they do not hold a TIN? Do they still report the︄ generic details?

 

[Revoltec]

They can report without a‍ TIN but Reporting to your country of phone number and citizenship would be against the⁠ OECD guidelines and is pure speculation