Forex broker not reporting under CRS

[AndyN]

How come a Vanuatu-based Forex broker (offering Forex contracts where they are the counterparty, not the physical currency exchange) does not report my account according to CRS? At least that is what they told me.
Are there any plans to amend CRS so that it applies to Forex brokers as well?

 

[Willblack]

When you buy CFD's, you don't own the underlying assets so....what's there to report? The moment you withdraw your profits via bank transfer, your bank will report.

 

[AndyN]

Unless I withdraw to a bank that treats me as a resident - my local bank. Then there will be no reporting.
Brokers in the EU do indeed report under CRS - hence I was surprised to learn that Australian ones do not. Strange

 

[JackAlabama]

AndyN said:
Unless I withdraw to a bank that treats me as a resident - my local bank. Then there will be no reporting.
Brokers in the EU do indeed report under CRS - hence I was surprised to learn that Australian ones do not. Strange
Click to expand...

Well i heard from other places outside eu which do not take this crs crap seriously including one of my banking contacts.
But i have no way to verify if it is true or not.

 

[LondonOTC]

In Cyprus they DO report to other European tax offices. I dont know if they do under CRS or other EU mechanism