Keeping old address on my bank accounts in my home country after moving offshore

[Jea]

I live in an EU country in central Europe and I'm going to cancel my permanent residence and move to Georgia (or other no tax jurisdiction).

I have some bank accounts in my original country. I don't want to change the address of these bank accounts, because I don't want the authorities in my original country to know where I moved to. Could this cause any problems?

I don't really use the bank accounts, but wanna keep them opened so they can issue a bank reference for me when needed”¦

 

[Outlander]

If you care about your EU bank knowing where you live, it's probably because you‌ care about your home country knowing where you live. Which means you don't plan to‍ telling your home country where you have relocated to start with.

Which brings me to⁠ the next question: why would you care about them knowing you're in Georgia? What's your⁤ goal?

Objectively, I don't think you'd have any issues if you decided not to update⁣ your address, given that's your home country anyway.

 

[Jea]

Well, I don't⁠ have to tell my government where I'm living, so I won't for privacy reasons.

 

[John Andrews]

The tax office in your home (EU) country will most likely ask for your (new)‌ address in the country you're moving to before they approve your request.

 

[JohnLocke]

I'm not really sure about what will happen, but if the current bank send something‌ by postal mail to you and the letter returns for sure something iwll happen.

 

[Jea]

It works differently in my country, there's no approval. Simply by cancelling my‍ permanent residence I stop being tax resident (assuming I don't spend 183 days and don't⁠ own a property here).
Well actually, when cancelling the permanent residence, I have to fill⁤ a simple form and give them a country and address where I "aim to go".⁣ They don't verify this new residence in any way (I'll double check this), so I⁢ can give them some "intermediate" address. The cancelling of the permanent residence is instant and︀ automatic. And once they cancel it I'm off the tax hook...

Not and issue as I can receive mail at that address..

 

[John Andrews]

Such form in my country states that you can be criminally prosecuted if you give false/incorrect‌ info so if you want to stay 100% legal you can't just give them "some"‍ address.

What I would do is get an Airbnb for a month and give them⁠ address of the Airbnb, then find some other apartment locally and move there.

 

[Outlander]

For your home bank, you︁ don't need to update the address. They won't ever ask you if you have moved,︂ specially if you don't use the account often. And you not acting to request an︃ update of your own records is not a crime, not even an infraction. If much,︄ you could claim it was a distraction - you just forgot to update.

To your︅ government, in your specific situation, giving one address/country, even if fake, sounds like fine. The︆ reason being once you're out of your home country, it's very unlikely you'd be legally︇ bound to keep your current address updated with your government. Therefore, even if you gave︈ your real address, and later moved to a new one, you wouldn't be expected to︉ tell your home country anyway. They likely want to know your "exit address" for statistical︊ purposes, not really track where you are.

All that said, it's always good (if possible)︋ to never give your real current address to anyone. And by anyone I really mean︌ anyone. There are a variety of ways you can legally achieve this, having a backup︍ address for receiving mail.

 

[blackeric]

In which country that is?

Well, one can⁠ even stay in a hostel for $3 per day and give them that address. Correct⁤ address? Yes.

 

[Clip]

Depends on the reason of moving, if you don't want to pay taxes it's better‌ to tell all your banks that you moved to a new address so for the‍ tax office in your country you are not taxable.

If that's because running from liabilities,⁠ maybe it's a good idea

 

[Martin Everson]

You clearly have something to hide ca#"!

Ok I see now ns2

btw for 99%⁤ of banks you would be breaking their rules by failing to update the bank with⁣ your current address. However I guess you don't care if you are running from the⁢ tax man you have much bigger issues smi(&%

 

[daxbr]

The answer to your problem is very much country specific. I have done some research‌ on this subject in my country, namely asked banks if I am allowed to maintain‍ account while living in non eu country and keep nonresident status. Was told that I⁠ can, was asked for proof of foreign permanent residence and they changed their records. Then⁤ I asked if I need to change address but was told it is not relevant⁣ to tax status as I can still stay in eu for less than half a⁢ year annually and maintain nonresident status.

 

[curiousmarv]

* You violate terms of the bank
* CRS, your︀ bank in EU reports yearly to their state:

1. Name, address, Taxpayer Identification Number (TIN) and︁ date and place of birth of each Reportable Person.
   
2. Account number
   
3. Name and identifying number︂ of the reporting financial institution;
   
4. Account balance or value as of the end of the︃ relevant calendar year (or other appropriate reporting period) or at its closure, if the account︄ was closed.
   
5. Capital gains, depending on the type of the account (dividends, interest, gross proceeds/redemptions,︅ other)
   

Source Common Reporting Standard - Wikipedia

 

[BlueMist]

It really depends on︀ the bank. I informed my banks in EU and Asia that I am moving to︁ UAE, I have updated both the residential (tax) and mailing addresses at these banks and︂ neither has asked me to provide any sort of residency proof.

I also have a︃ bank account in my home country (in EU) which doesn't allow for updating residential address︄ online, my RM confirmed this can only be done at the branch, together with new︅ passport etc. Since I never find time to do it when I am visiting my︆ home country, I still have old residential address with them and old expired passport on︇ file.

Also if you think about it, how many people moving abroad are actually updating︈ their home bank records other than mailing (not residential) address? 1%? Less? We (tax nomads)︉ are bringing this up because we want to be cautious to not play foul, but︊ 99% people doesn't care or is not even aware they should do something about it.︋

 

[GrumpyMess]

You are really lucky, since︁ UAE was in the EU blacklist and banks could even close the account, not to︂ mention the request for documents. Also almost all banks will limit your account access without︃ an active passport on file.

 

[KJK]

I'm not saying this can't happen in the future... however if you are‍ an EU citizen, you do not need an "approval" to move out or request something.⁠ You were born in some country and in case you want to leave (for whatever⁤ reason), the state doesn't have a limitless right to know where you will live, what⁣ will your address be etc. There are some exceptions (possibly Finland, France) where it is⁢ more complicated and you may get into trouble later if you don't actually report beforehand.︀

CRS is primarily intended for cross-border reporting.︂ If you are e.g. citizen of Germany and have German bank account, CRS doesn't apply;︃ other reporting may apply though... It is true that he may violate the terms of︄ the bank - so probably the worst that can happen from the bank's side is︅ account closure.

To answer OPs question whether this can cause problems - yes. If you︆ have accounts opened in your home country and you are actively using them (e.g. salary,︇ credit cards...) it can be used against you to claim you have your center of︈ vital interests still in your home country. If you just keep the accounts opened and︉ won't use them, you can defend yourself (if that situation arose) that you just forgot︊ to close them and you forgot to update your new residential address because you didn't︋ know you still had that account in your home country. If you want to be︌ 100 % certain, just close those accounts.

_____________________________

Also I disagree with the fact that︍ not telling your state where you live means you have something to hide. If you︎ are a citizen, there really are no benefits if the state knows where you live️ - it can just be used against you (surveillance etc.). I'm from a country where‌ everyone just believes this dogma that you MUST have an ID card and you MUST‍ have a residential address and it is illegal not to have them. Actually when you⁠ do the research and study the law, you'll find out neither is mandatory.

In some⁤ countries ID card (and residential address) is not mandatory... for example Mexico or Sweden.
Some countries even do not have ID cards - Canada, United Kingdom.

 

[John Andrews]

it depends on the country. in most cases you need to inform local‌ tax authorities you are moving out and want non resident status.

in my country you‍ have to file a "residency change form" and you have to specify the country and⁠ address to which you are moving to (mandatory field). later on you sign & accept⁤ that you can be held liable if you provide false info. this is in an⁣ EU country btw.

obviously no one's gonna call their home country and tell them each⁢ time they moved to a different apartment in Georgia, but they will probably ask you︀ for an address first time you are moving out.

 

[Sulu]

In Holland the banks have a policy to notify the tax man about your international‌ activities, including address change or international transfers which they may flag as suspicious.
If the‍ bank finds reason to believe the registered address is incorrect, the bank will contact you⁠ and question you to find out the specifics of your situation. They may do so⁤ in writing or by phone, or both.
Any random event might trip off their watchdog⁣ process, usually it's the activities you do on your account. For instance, if you require⁢ a replacement card and you ask them to send it to a foreign address, they︀ would move to investigate further. Or if you transfer funds to or from foreign accounts.︁
It is ridiculous that they go to such lengths and abuse their customers like that.︂ But what can you do.

 

[Martin Everson]

That's the future model for rest of EU countries.😕