It is not safe to keep a bank account in US to avoid CRS.
FATCA is clearly bilateral. A quick read of the agreement pertaining to your country will confirm this.
The OECD clearly are aware that the uninformed will run to open accounts in US...lol. This makes their job easier as they now have all evaders in a single cage. We have had the wealthy using AMEX cards with some tied to US accounts to try and escape CRS and guess what one EU country did recently? They got agreement from US government for AMEX to handover all names of clients with AMEX cards belonging to that country. They can now discover bank accounts and transactions without alerting suspicion of clients or bureaucracy of bank request directly. btw Visa and MasterCard are already handing over information. Seriously DO NOT listen to anyone trying to explain US tax or how banking in US protects you from CRS - they are either trying to sell you something or are ignorant of the 2018 facts. i.e literally every week in US expert Tax Preparer's the so called experts are either shutdown or jailed.
Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts
Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts
Justice Department Requested Authorization to Issue Summons Pursuant to Tax Treaty between United States and the Netherlands
A federal court in Texas authorized the Internal Revenue Service (IRS) to serve a John Doe Summons on American Express Travel Related Services Company, the Justice Department announced. The IRS John Doe summons seeks information about persons residing in the Netherlands that have American Express debit or credit cards linked to bank accounts located outside of the Netherlands. The summons is referred to as “John Doe” summonses because the IRS does not know the identity of the person being investigated.
The United States petitioned the U.S. District Court in t
he Western District of Texas to authorize the summons at the request of the government of the Netherlands under a treaty between the Netherlands and the United States. The treaty allows the two countries to cooperate in exchanging information that is helpful in enforcing each country's tax laws. The IRS summons seeks the identities of Dutch residents who have debit or credit cards linked to bank accounts located outside of the Netherlands so the Dutch government can determine if those persons have complied with Dutch tax laws. request is based on the Netherlands Tax and Customs Administration's (NTCA) Payment Card Project, in which information on the use of payment cards (debit or credit) issued by financial institutions outside of the Netherlands can be used to identify non-compliant Dutch taxpayers. NTCA's project has made similar requests, and already obtained similar information, from other financial institutions outside the United States resulting in several million euros in additional tax, interest and penalties from the non-compliant Dutch taxpayers, according to evidence submitted with the petition. American Express informed the NTCA that the transaction information sought is exclusively available in the United States, according to the evidence submitted with the petition. filing does not allege that American Express violated any U.S. or Dutch laws with respect to these accounts.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
