I absolutely did not at any point say CRS does not exist. I had a genuine question wanting to hear from someone who was affected by CRS or at least knows someone who was.
How to Avoid CRS - 3 Options as of 2019 - 2025
- Thread starter Tax Cow
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Yup, we're bound to have more of it in the future. Commie-style financial surveillance and tax collection is precisely why the thing was invented.
Since this stuff is new, tax officials around the world are still trying to figure out how to best put this data in use in a cost-efficient way. Right now, they are cute barking Labrador puppies, but once they figure this stuff out, they'll be more like a gang of nasty yellow-teeth piss-smelling hyenas.
Not necessarily ... you see that would create additional work for the Government with it's associated costs ... current system forces banks and individuals to work for the government for free.
So time is now to act as they are "Commie-style" and mop up all loose ends. Closed 2 perfectly good Asian accounts this week that served well for years but do not fit in to current matrix.
That would be a interesting story. To hear from someone who actually got troubles coursed directly by CRS!
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So time is now to act as they are "Commie-style" and mop up all loose ends. Closed 2 perfectly good Asian accounts this week that served well for years but do not fit in to current matrix.
Coinbase Mastercard? Cash?
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
Some people in HK have like 10 because they keep closing accounts
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
Why? Open and close? People close them, or the banks?
I have around 8-10 already 😉. None in HK.
You guys are crazy. Okay I remember a post by @Martin Everson who mentioned 128 accounts or so, that's even more cray 😀
Depending on what business you are into and how huge it is, then 10 - 50 accounts is not unusually.
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Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
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Depending on what business you are into and how huge it is, then 10 - 50 accounts is not unusually.
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Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
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Banks, specially if the account is for an offshore entity
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams
A friend of mine has been contacted by the tax office (in his EU country) to confirm the accounts and balances he holds in banks outside EU, based on the reports the tax office got. The balance isn't small, which is probably why it triggered some interest, also it hasn't been declared on tax returns. No further repercussions so far, but who knows what will happen next?
Your friend will have to pay tax from the balance of this account and if he is lucky he won't get penalized this time. There is a threshold of about 5000 or 20000 euro where such amounts won't get reported. Not 100% sure about the amounts but I know it is not all that has to be reported.
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