Does Revolut report end of year account balance or turnover according to CRS?

[neweraoffshore]

@Educate . There are basically just 2 (3) options left. Option 1: leave the country‌ and relocate to a 0% tax haven or/and become a PT, maybe you even have‍ to abandon your old passport in case you are a US passport holder for example..⁠ Option 2: use a good nominee structure to keep your name hidden from banks and⁤ company registers. (Option 3: use darks. But this is not recommended if we are talking⁣ about big sums.).
That's basically it.
Remember, most EU countries tax you on your center⁢ of life. Means all sophisticated tax structures with Malta, Cyprus whatever (without nominees) can be︀ attacked by suing them for misuse of structural alternatives if you continue living in your︁ old country or have your center of life there.

But anyway, this is not part︂ of this topic, so please let's go back to the main topic.

 

[Educate]

Which is a good nominee structure? All banks‍ and registers ask for beneficiary owner. How to go around this?

 

[neweraoffshore]

@Educate you can write me a PM or allow me to send you one, or‌ you can look into the advertisers like Turner, Geminidas or me. Please take into account‍ that my setups for OCT are a little different than from the other providers, my⁠ setups are not intended to do real business, they are just intended to shift profits⁤ out from onshore companies and then spend the money for private purpose or purchase assets.⁣ Feel free to ask the providers here what they can offer you so you can⁢ choose what suits you the best.

 

[sonato]

they will report everything that has been going on at this⁤ account. There is a thread & link I can't remember now which explained it well⁣ what was reported. according to that everything will be reported once they do.

 

[juvejuve2020]

@sonato read the CRS rules that i posted here! There is no more rules!!

 

[kkein]

So to sum up, balance plus total flow (pluses, minuses) as aggregate, no individual transactions?‌
I suppose if they need checking they will send individual requests to the institutions (after‍ all some accounts may have kilometric lists of transactions).

I am also wondering another thing:⁠ When opening a biz account with such EMIs (revolut, TW, etc), and UBO is the⁤ one who opens it, and UBO is tax resident in country X but company is⁣ in country Y, does revolut report the biz account info to country X or country⁢ Y? This is biz account, not UBO personal account where most likely the dividends would︀ be transfered.

 

[Btraveler]

Also interested in that: "When opening a biz account with such EMIs (revolut, TW, etc),‌ and UBO is the one who opens it, and UBO is tax resident in country‍ X but company is in country Y, does revolut report the biz account info to⁠ country X or country Y? This is biz account, not UBO personal account where most⁤ likely the dividends would be transfered"

Monzo is reporting, but, REVOLUT and TRANSFERWISE are reporting⁣ all of that?

 

[kkein]

My question is about where it's going to be reported, not if 🙂 at least for‌ Revolut, that is reporting. TW is still stating they aren't reporting for the time being.‍

 

[Btraveler]

Right. As you're the UBO of that company, I think‍ they will report you at your home country because your "permanent residence/establishment" is in your⁠ own country

 

[Benzouser]

I was also told that they dont automatically do CRS reporting .

​

 

[ImKing]

if you believe that you will wake up a morning with a‌ nightmare.

 

[juvejuve2020]

You are so dramatic.

 

[Benzouser]

well its okey . . my tax juristician is very relaxed in Asia. . also‌ . .i dont think they report the annual turnover just the info of client and‍ balance in December . .

 

[nomad999]

You are KYC on Revolut⁠ with a residence in Asia ?

although CRS absolutely will report the total turnover for⁤ the year, that's a guarantee.

 

[juvejuve2020]

What do you know about crs?? Crs doesnt talk about turnover. Why dont you read⁠ the crs rules? Fake information no please! Do you have any proof?

 

[juvejuve2020]

See what MONESE said:

"
Aleksandr (Monese)

27 Nov 2020, 12:40 GMT

Hello,

Thank you⁠ for contacting Monese. We apologise for the delay in the reply to your email.

We are online financial institution, so we not providing any sensitive information regarding your account without⁤ official request.
Our balance, account movements or sensitive information can be provided only by court⁣ decision.

Let me know if you have any questions."

 

[nomad999]

Relax ... we are just talking here.
Imagine building a system like CRS‍ for decades and only requesting to report end of year balance, I mean come on⁠ ... they are not that stupid.

now if EMI's are using a loophole that they⁤ don't have to report that's another thing.

 

[nomad999]

Now Revolut has moved to Europe because of brexit, so thing might change in regards‌ to CRS for European customers, anyone know ?

"Revolut Payments UAB, an electronic money institution‍ authorised by the Bank of Lithuania."

 

[juvejuve2020]

Think about the data to⁤ report all movements and turnover of the all accounts. Can you imagine the size of⁣ the data?

 

[nomad999]

I don't think‍ all movements of the account, only the total for the year, final yearly balance might⁠ even be irrelevant.
surely someone might now for sure, I don't see how they could⁤ keep that a secret for long given the broad range of people involved with this.⁣