Recent content by Recose
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Clarification on CRS Reporting Thresholds
"a Depository Account that represents all Electronic Money held for the benefit of a customer, if the rolling average 90 days end-of-day aggregate account balance or value during any period of 90 consecutive days did not exceed USD 10 000 at any day during the calendar year or other appropriate...- Recose
- Post #13
- Forum: Tax, Accounting, Licensing & Legal
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Is CRS really used in a tax obligations enforcement?
Which countries out of curiosity? All the cases I heard of thus far is in the EU- Recose
- Post #11
- Forum: Tax, Accounting, Licensing & Legal
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CRS for closed accounts - do previous years get reported?
I dont know about Switzerland specifically but I think most countries would not prioritize looking into someone who has an offshore account with zero interest and zero balance at year end. Having an offshore bank account is pretty common nowadays and isnt illegal in itself . Tax authorities...- Recose
- Post #16
- Forum: Offshore Bank & EMI Accounts
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CRS for closed accounts - do previous years get reported?
Ya it for sure seems too easy to be true. Many bank accounts dont pay interest at all. If you had overseas rental properties you could easily get your tenants to send payments to your overseas bank account throughout the year then just withdraw the money or transfer it out from the account...- Recose
- Post #14
- Forum: Offshore Bank & EMI Accounts
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CRS for closed accounts - do previous years get reported?
Australia. I found a post from another thread , someone from Belgium posted their CRS report. Maybe it depends on the bank and country but seems like its only the interest income and year end balance reported: N26 Bank - CRS- Recose
- Post #9
- Forum: Offshore Bank & EMI Accounts
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CRS for closed accounts - do previous years get reported?
This was my thought as well since the amount is so small, but was not sure if just having an offshore account or the fact that it was closed in the year causes the tax authorities to ask questions and pry further. From my research it seems f it was closed in the year only the fact that the...- Recose
- Post #7
- Forum: Offshore Bank & EMI Accounts
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CRS for closed accounts - do previous years get reported?
Australia. For what its worth it was an everyday banking account that barely earned any interest (<$100). They don't receive the value at year end or any of the deposits and withdrawal activity right? But 2020 would not be reported right? Last edited: Aug 30, 2024- Recose
- Post #4
- Forum: Offshore Bank & EMI Accounts
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CRS for closed accounts - do previous years get reported?
John is tax resident in country A but had a bank account in country B. Country B became a CRS country in 2020. John didn't receive any request to provide tax residency from the bank in 2020. But in early 2021, the bank requested John to provide tax residency. John put Country A as tax residency...- Recose
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- Replies: 17
- Forum: Offshore Bank & EMI Accounts