Martin Everson said:
Not true. Banks are required to report based on changes in Indica. They do not simply rely on self certification lol.
I have found link to OECD document. See page 32 B) 2.
https://read.oecd-ilibrary.org/taxa...atters-second-edition_9789264267992-en#page34
You see in Section 3 that if there is a change in circumstances the FI is required to take action when Electronic Record Search shows any indica change and must report to all reportable jurisdictions as per section 3) 4
So how does this work in practice. When you open account at a bank in January and if you do CRS Self Certification and say your tax resident in France then your account will be reported to France as long as there is no other indica showing other countries. Now if at end of year you change address to Dubai then you are required to do another CRS Self Certification again as indica has changed. Both reports are sent as per Section 3) 4.
Each bank has their own implementation i.e N26 has the below for CRS last time I checked. Notice they report even to places you do regular payments to if its a CRS participating country. A change of address at end of year will not save you.
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The
OECD requires certain tax information to be shared by means of the
Common Reporting Standard(new tab) (ECR). To carry out our obligations, we must establish which country you're taxable in. We do this through your tax identification or National Insurance number.
We forward this information via the German Federal Tax Office to tax authorities in other countries if:
- You live in a ECR participating country.
- You have a postbox or a second registered address in another ECR participating country.
- When registering you gave a telephone number belonging to another ECR participating country.
- You have a standing order, or make regular payments, to an account located in another ECR participating country.
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