Emi have CRS?
- Thread starter Obelix
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Which financial institution? This is your personal opinion, nothing more. It is enough to read the last 5 pages of the forum, with detailed interventions, to understand that you are wrong. You can believe what you want, but I don't understand why you want to alarm those who use EMI. If you can prove what you say, then you will be believed.
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According to the OECD, on an annual basis, nations in the agreement will automatically exchange the following information:
https://offshorebankaccounts.com/blog/how-does-crs-affect-your-taxes
According to the OECD, on an annual basis, nations in the agreement will automatically exchange the following information:
- • Name, address, and Taxpayer Identification Number
- • Date and place of birth
- • Bank account number
- • The account balance at the end of the proper calendar year, or, if the account was closed, report of its closure
- • Information on the relevant financial institution
- • Relevant information on capital gains in that year, depending on the type of account
https://offshorebankaccounts.com/blog/how-does-crs-affect-your-taxes
Would this be your source? This applies to banking institutions, not EMIs. Study well before answering. You have︀ therefore indicated your company's website as a source, I understand that you need to increase︁ your business, but by source we mean an official or institutional document or website. Best︂ wishes!!
Study for yourself and for your business, read the forum and documents well.
https://www.offshorecorptalk.com/threads/emi-no-crs.31078/page-3#post-154823
https://www.offshorecorptalk.com/threads/emi-no-crs.31078/page-3#post-154823
I have never used Monese, so I can't really be sure, but from what I found on their website, they let you have a corp account with a passport only for UK registered company. That means it's a local thing, no CRS is involved.
In other cases, it's shared with the UBO's tax residency country.
P.S. keep in mind, if you hold an account with a unique IBAN that is assigned to you (or your business) and you are allowed to send/receive︀ money from/to 3rd parties (equivalent to a normal bank account), the information about the UBO/account︁ holder will be shared.
In other cases, it's shared with the UBO's tax residency country.
P.S. keep in mind, if you hold an account with a unique IBAN that is assigned to you (or your business) and you are allowed to send/receive︀ money from/to 3rd parties (equivalent to a normal bank account), the information about the UBO/account︁ holder will be shared.
I see you continue to spread unfounded and undocumented information. I understand you are selling offshore bank accounts, but the strategy of spreading misinformation about EMI by intimidating those who use them will not help you sell new offshore accounts. You have to document what you say. For now we know that EMIs are︀ not obliged to join the CRS, this has been widely debated and this idea is︁ shared. Can you prove otherwise? If you can try it, I'll change my mind, if︂ you can't try it, avoid writing nonsense. Thank you.
Don't you think that I care what︀ you, sir, think, but I will share this with other readers, so they would be︁ sure about this. You are just a lazy kid who will rather be spending time︂ there and writing about nothing, instead of trying to figure this out and prove me︃ wrong.
https://www.oecd.org/tax/exchange-of-tax-information/CRS-related-FAQs.pdf
Page 12
View attachment 2246
On page 15 you can find a list︄ of non-reporting financial institutions.
For your information, the word︆ "offshore" doesn't mean it will remove the CRS factor. The jurisdictions can be found here:︇ Exchange relationships - Organisation for Economic Co-operation and Development
Many of our clients get accounts︈ in EMI's, so I have no interest in talking nonsense.
https://www.oecd.org/tax/exchange-of-tax-information/CRS-related-FAQs.pdf
Page 12
View attachment 2246
On page 15 you can find a list︄ of non-reporting financial institutions.
For your information, the word︆ "offshore" doesn't mean it will remove the CRS factor. The jurisdictions can be found here:︇ Exchange relationships - Organisation for Economic Co-operation and Development
Many of our clients get accounts︈ in EMI's, so I have no interest in talking nonsense.
@numibo is correct that EMI not need to participate in CRS.
Taken from https://www.oecd.org/tax/exchange-of-tax-information/CRS-related-FAQs.pdf :
8. E-money providers – qualification as a Depository Institution What is the status of electronic money providers for CRS purposes?
No special rules apply to electronic money providers. Like other financial industry participants, they must determine whether they are a Financial Institution, as defined by the CRS. That determination will depend on the facts and circumstances. For instance, in order to determine whether an electronic money provider is a Depository Institution, the analysis must be done with reference to Section VIII(A)(5) and the related Commentary, in particular paragraph 13.
That explains well why TransferWise(Wise) not participating in CRS at all.
Taken from https://www.oecd.org/tax/exchange-of-tax-information/CRS-related-FAQs.pdf :
8. E-money providers – qualification as a Depository Institution What is the status of electronic money providers for CRS purposes?
No special rules apply to electronic money providers. Like other financial industry participants, they must determine whether they are a Financial Institution, as defined by the CRS. That determination will depend on the facts and circumstances. For instance, in order to determine whether an electronic money provider is a Depository Institution, the analysis must be done with reference to Section VIII(A)(5) and the related Commentary, in particular paragraph 13.
That explains well why TransferWise(Wise) not participating in CRS at all.
That may be true, they may do it because they want to stay clean and avoid troubles with any tax authorities and governments long term.
In addition, Revolut is a bank today, they have to play by other rules and need to take CRS serious, so they report.
In addition, Revolut is a bank today, they have to play by other rules and need to take CRS serious, so they report.
In order for an EMI to apply CRS, it always needs the TIN only ID and proof of address is not sufficient.. So if EMI has not asked for it yet, NO information will be passed on.
Until recently, I had my own WL system with an EU EMI (I will NOT disclose the name of the EMI) and they didn't request a TIN either, because it's NOT mandatory so far, only for banks. But of course EMI can still do it and it will certainly soon be mandatory for everyone.
Until recently, I had my own WL system with an EU EMI (I will NOT disclose the name of the EMI) and they didn't request a TIN either, because it's NOT mandatory so far, only for banks. But of course EMI can still do it and it will certainly soon be mandatory for everyone.
The magic TIN missing is in no means any︀ obstacle for a successful report. The name and birthday on file are more than enough︁ to ensure a match at the locals tax office.
At best it serves as an︂ indication that report might not take place right now but they could equally just decide︃ to report some past periods in the future.
I would not bank on this secrecy.︄
At best it serves as an︂ indication that report might not take place right now but they could equally just decide︃ to report some past periods in the future.
I would not bank on this secrecy.︄
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