CRS ins and outs activity ?
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The following is reported:
- Name, address, Taxpayer Identification Number (TIN) and date and place of birth of each Reportable Person.
- Account number
- Name and identifying number of the reporting financial institution;
- Account balance or value as of the end of the relevant calendar year (or other appropriate reporting period) or at its closure, if the account was closed.
- Distributions made to the account (dividends, interest, gross proceeds/redemptions, other)
You can read it here:
https://www.skatteverket.se/downloa.../1643792437622/CRS User Guide version 3.0.pdf
But there are record keeping requirements, banks must keep all account statements etc. for about six years, depending on the jurisdiction. If you are suspicous, there are additional treaties allowing the countries to share the whole account activity.
And for FACTA, the rules are very similar as I explained here:
https://www.offshorecorptalk.com/threads/fatca-question.44216/#post-293313
Last edited: Sep 15, 2024
It doesn't matter what has been reported under CRS to the tax authorities. If you're caught having an account somewhere in the world and haven't informed the tax authorities about it, they'll select you for an audit and simply demand a complete account statement, either from the person involved or, if that fails, from the bank. Same, same...
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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
It depends on your country(ies) of tax residences. I can't find any sources but I assume most of countries do not require personal offshore bank accounts to be declared to the local tax authority... yet.
Aha, it's definitely not EU countries you're talking about then. Maybe in Thailand or Russia, they don't have to, but within the EU, I'm absolutely sure you have to declare all your accounts.
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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
That's wrong.
A friend of mine moved from Asia to Germany and then to Belgium.
In Germany he didn't have to declare offshore accounts if no interest was paid.
In Belgium he has to declare every offshore account.
In the UK you don't either
In Europe you do - my neighbors go through that annually
I believe it's Canadian, US, EU citizens that have to by law
It depends on the tax laws.
US > FBAR, full disclosure if you have non-US accounts totalling more than $10k at any time during the year
For the rest, you most often only have to report if there is taxes due on it. If there is no capital gains and no wealth tax, most often there are no reporting requirements. If there is a capital gains tax, you only need to report accounts with interest. And then for countries like Switzerland that have a wealth tax, you need to declare all accounts you hold.
Let's take Germany, yes you only need to report if you have capital gains above the threshold. You can then file a KAP annex.
https://www.steuern.de/steuererklaerung-anlage-kap
But in regards to the original question: As mentioned CRS only reports balance and distributions but not any other account movements. (Yes, you may be subjecto to self-reporting with your government already.) However, if you for whatever reason land in an investigation, they can get the whole statements from the bank's government, the bank or directly from you.
Last edited: Sep 15, 2024
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