Revolut CRS 2023
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As usual it depends on where do you live and how much are you caught with.The fact that a tax agency knows that you are possibly evading taxes doesn't mean that they WILL press charges against you, because there is a risk/reward for the tax agency, they simply can't prosecute everyone. In Italy it takes 10 years to finish a trial, even a settlement takes 4-5 years. So if it is 100k or 1.000k it makes a total difference. In the USA things aredifferent.
What I have heard to happen is that the tax authority calls you and tells you that they know that you have an account which doesn't appear on your tax filing. What happens after, it's on a case by case basis.
Last edited: Jun 27, 2023
Yes.
In many jurisdiction, the process is still quite manual. There are systems being developed and rolled out that automate crossmatching CRS data XML files with domestic tax records. As such systems become more cost effective and ubiquitous, it'll become easier for tax authorities to leverage data obtained through CRS.
Most tax crimes aren't noteworthy or newsworthy. If you live in a country with public court records, you can try inquiring with the courts for tax crime cases.
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This is the probably the answer to your question.
Yes; if you are in an AEOI/CRS country, any nominee will not help you, every trustworthy bank checks who is the UBO.
Nevertheless, in a non-AEOI/CRS country, nothing is reported ”“ unless there is a direct individual demand from your country of origin, then it can (does not inevitably has to) happen. (With FATCA it is different but this is another story.)
Yes 🙂
Just to make the issue clear, CRS stands for the common reporting standard ”“ so only if CRS is implemented, you can be caught by it 😉
Nevertheless, some people were caught (especially in the past, when it was no CRS) regardless of the CRS. Simply, if your wealth is really visible, you pay only small amounts on taxes and it is easy to learn that you have some ties to another country, you can have a bad luck very easily. As written above, reporting on demand is (and in many cases was in the past, too) possible almost universally.
I can imagine that it is possible. Revolut maintains really a lot of accounts and their resources are limited, so it can take some time until they act. But do not count it as a sustainable solution 😉
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
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thomasparra
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If you are tax resident of country A (in conjunction to being a citizen of country B) and your broker only knows your TIN in country A, I do not think that country B can access your information in country A through CRS (at least automatically - without a special investigation against you).
Of course. But in such a case, not residing in a country B, you have ”“ under normal circumstances ”“ no regular tax obligations to the country B. And if the country B belongs to a few that apply worldwide taxation, as e.g. the USA, I guess that there are some special measures (as e.g. FATCA re: the USA).
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
T
thomasparra
Guest
Yes absolutely. The takeaway then is that CRS will not share data to any country where the individual is not a tax resident of - even if the individual lives in country B.
They will basically get a resident card from country A, where the tax is zero, or they don't even live there, and then they will stay in country B ....
Like, you get a tax resident permit from Emirates, or Bulgaria ...but you continue to stay in Europe. When you have to open a bank account you use your ID from Emirate/Bulgaria
🙂 I (hopefully) understand what you mean. But a) it is not so simple as it can seem /cf e.g. permanent establishment or substantial ties rules/ and b) this is (IMO) not the topic for the public discussion here 😉
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
yeah ... like when a bank asked you for subtantial proof you only live in Emirates? they can't. you can always say "i travel a lot, but there are is fiance "
AlexPCS said:
One of the solutions to the CRS challenge could be a nominee bank account and in addition to that layer the bank account could also be from the non-CRS country.
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It's pretty easy i imagine (and from what i've read in the news) to find people in a destitute position and pay them funds to use as go-throughs - i know a few in Asia have been charged for such....
But in a world of increasing Government recklesnes and debasement of currency, there is a never ending supply of people willing to become 'passthroughs'
Always surprised you never hear of that more, but at least they'd be productive members of society then, as well as honest tax payers.
https://help.revolut.com/en-HR/help/more/legal-topics/tax-information/what-is-fatcacrs/
https://help.revolut.com/en-ES/help...ion/why-does-revolut-collect-tax-information/
It appears so. Why does Revolut collect tax information? | Revolut ES
One of the solutions to the CRS challenge could be a nominee bank account and in addition to that layer the bank account could also be from the non-CRS country.
----
It's pretty easy i imagine (and from what i've read in the news) to find people in a destitute position and pay them funds to use as go-throughs - i know a few in Asia have been charged for such....
But in a world of increasing Government recklesnes and debasement of currency, there is a never ending supply of people willing to become 'passthroughs'
Always surprised you never hear of that more, but at least they'd be productive members of society then, as well as honest tax payers.
https://help.revolut.com/en-HR/help/more/legal-topics/tax-information/what-is-fatcacrs/
https://help.revolut.com/en-ES/help...ion/why-does-revolut-collect-tax-information/
It appears so. Why does Revolut collect tax information? | Revolut ES
If you setup a different address, different tax residency , what they will do. Also , what infos do they report back. just the end YEAR balance. like 0$, if you received 5000$ each month , but you withdraw 5000$ each month, and the end year balance is zero?!
This is about income related to the account meaning investments, dividends, Capital gains, not about income from selling a car, gift, or every transcations that the accounts are being credited. You can read the part: 1.1.1.2 . the amount of income received during the calendar year related to the account (hereinafter referred to as income). This is nothing different from what the standard CRS instructions states
In my home country even if they have a person who ows them 97 millions USD, and recovered 0., and they have 200 000 people they try to find , only about 200-300 people go to court with them each year
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