Emi have CRS?
- Thread starter Obelix
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That is wrong. Somebody from their support team mislead you.
It automatically exchanges the info. That's the law.
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EMI's do participate in CRS because financial institutions (including Banks and EMI's) must comply with it.
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They must report it even with 0 balance. 😉
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It was testimonials on other post that some guys got CRS reported by EMI. Later Tax man open an enquiry .... about funds stored in EMI.
Obelix in your case : maybe you already got CRS reported or you will this year. Maybe your funds are small and tax man is busy inquiring bigger fishs. Maybe the reported Datas were not processed by your home country tax autorthy.
And many more maybe...
Obelix in your case : maybe you already got CRS reported or you will this year. Maybe your funds are small and tax man is busy inquiring bigger fishs. Maybe the reported Datas were not processed by your home country tax autorthy.
And many more maybe...
How these EMIs can report to national tax authorities if they don't ask TIN number, or they are reporting by email having the copy of my pspt?
under pressure with regulators, bank partners, and more, some not all EMI comply and report CRS without TIN. Some banks in Non CRS juridiction also report without TIN.
If needed or when needed your local tax man or special branch of your tax authority can extract / sort out the data with special softwares...
If needed or when needed your local tax man or special branch of your tax authority can extract / sort out the data with special softwares...
I would not relay on it, you may check some of the other threads around OffshoreCorpTalk about CRS and EMI's - some say that you can use Russian EMI's which don't comply to CRS or other reporting, there was even posting about Transferwise and another US EMI.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
If EMI gives unique individual IBAN or USD accounts (or in any other currency) they have to participate in CRS. For example, BlackCatCard already asks users for tax numbers. EMI like Payoneer gives users pooled accounts (i.e.user account is a reference number and all users money are kept on same account managed by EMI) and these accounts technically are not to be reported now. When OECD will be satisfied about CRS then they will come to pooled accounts, sure...
There are not many EMIs which give pooled accounts. Payoneer seems to be quite reliable but prohibits all activities connected with crypto and you can't recove or send money card-to-card using Payoneer cards - when Russian government forced Mastercard to stop issuing cards for Russians outside Russia thousands of freelancers searched for way to do anything with the money but could only go to ATM's or tranfer to their accounts in Russia.
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