Why I would care if bank reports me to my home country?

[blizz]

I'm so new to this good forum! Why I need to care if a bank or digital currency report me to my home country? What will they report?

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[negon]

Because most users care about their privacy and have huge troubles to pay their tax for some reason, people care if the bank reports them.

 

[Jay Jay]

All banks do that? Even swiss banks?

Why would they do that in the first place?

That's something I don't want.

 

[negon]

Yes most of the banks if not all do that now a day! You can avoid it, check the threads about CRS and Reporting there are a few of them.

 

[lostman]

blizz said:
I'm so new to this good forum! Why I need to care if a bank or digital currency report me to my home country? What will they report?
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are you serious?? if they report you and you didn't informed you tax office they will slaughter you!!

 

[dennis82]

what if i live in Mexico and hold a few EU Bank Accounts with regular income (German Citizen).

The bank has a local PO Box address (in Germany) on file.

 

[mnschwarz]

dennis82 said:
what if i live in Mexico and hold a few EU Bank Accounts with regular income (German Citizen).

The bank has a local PO Box address (in Germany) on file.
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Is the PO Box the residential address or the mailing address? It's rare to see a bank allow a PO box as a residential address. If so though, that is where they would be reporting as thats where they believe you are a resident.

 

[thegazelle]

Well, it depends...if you are using post tax funds which you can prove is already taxed, then it may not be a big deal. But if you are earning money that is not being taxed in your jurisdiction (ie. making money from a foreign source, outside the purview of your country of citizenship, etc.) and not reporting it, when your government finds out via AEOI, then you will be up the creek without a paddle.

 

[JohnLocke]

I totally agree with @thegazelle most often you want to check what CRS and other reporting arrangements your country has with the country where the bank is that you want to open an account.

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[Milky Moon]

mnschwarz said:
Is the PO Box the residential address or the mailing address? It's rare to see a bank allow a PO box as a residential address. If so though, that is where they would be reporting as thats where they believe you are a resident.
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If you livein Mexico, and are registered there and the German Tax authorities know that, there should be no problem. (You are less than 183 days in Germany so you do not fall under German tax jurisdiction).

As you have the German address onfile and not the Mexican address, little change the Mexican authorities get informed. Mexico however taxes residents on worldwide income.

http://www.ey.com/Publication/vwLUA...ersonal Tax and Immigration Guide 2016-17.pdf

 

[thegazelle]

I have posted this link before somewhere else, but this is very handy for anyone looking to see what country has what agreement with who. Right from OECD website:

Exchange relationships - Organisation for Economic Co-operation and Development

Pick a country in the to and / or from and it will tell you with what other countries they have agreements.

So if I live in Switzerland, I will pick Switzerland in the TO field and then submit and it will then tell me what countries have agreements with Switzerland.

 

[tropez]

Very useful link, thank you. Surprisingly, there are still some offshore countries with a (0) meaning no tax information exchange.

 

[jryan54]

Personally, my decision to go offshore was more about anonymity and asset protection rather than tax issues. I still typically pay tax in my native country and am happy to do so.