Very good question. Does anyone know if Bitstamp, for example, fall under umbrella of automatic CRS reporting?
They aren't really a bank or EMI.
Emi have CRS?
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They aren't really a bank or EMI.
What is the source of this information? On the forum there are many discussions where the opposite has been proven. I ask you to specify where you got this information from.
From the people who run financial institution.
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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
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According to the OECD, on an annual basis, nations in the agreement will automatically exchange the following information:
- Ӣ Name, address, and Taxpayer Identification Number
- Ӣ Date and place of birth
- Ӣ Bank account number
- Ӣ The account balance at the end of the proper calendar year, or, if the account was closed, report of its closure
- Ӣ Information on the relevant financial institution
- Ӣ Relevant information on capital gains in that year, depending on the type of account
https://offshorebankaccounts.com/blog/how-does-crs-affect-your-taxes
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Would this be your source? This applies to banking institutions, not EMIs. Study well before answering. You have therefore indicated your company's website as a source, I understand that you need to increase your business, but by source we mean an official or institutional document or website. Best wishes!!
Ok whatever. Do your own research. 😉 First stop - OECD website. Then study what actually is EMI.
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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
Thank you for recommendations. 😉
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Maybe you know what they do with corporate accounts under CRS ?
what about Monese since they don't require that you have an address so to which country are they gonna report ?
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/receive money from/to 3rd parties (equivalent to a normal bank account), the information about the UBO/account holder will be shared.
Last edited: Feb 20, 2021
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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 are not obliged to join the CRS, this has been widely debated and this idea is shared. Can you prove otherwise? If you can try it, I'll change my mind, if you can't try it, avoid writing nonsense. Thank you.
Don't you think that I care what you, sir, think, but I will share this with other readers, so they would be sure about this. You are just a lazy kid who will rather be spending time there and writing about nothing, instead of trying to figure this out and prove me 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 list of non-reporting financial institutions.
For your information, the word "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 accounts in EMI's, so I have no interest in talking nonsense.
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So based on what you say, TW also joins the CRS exchange, lying when it declares on the official website that it does not communicate information to the taxman?
@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.
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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 any obstacle for a successful report. The name and birthday on file are more than enough to ensure a match at the locals tax office.
At best it serves as an indication that report might not take place right now but they could equally just decide to report some past periods in the future.
I would not bank on this secrecy.
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