Hi, I have recently opened an offshore company registered in Gibraltar and need a business bank account. Would an EMI like Wise (Transferwise) be a sensible place to open the account? Or would a bank account in a non-CRS reporting country be better? Surely if EMIs are non-CRS reporting, wouldn't that be a better bet than non-CRS bank accounts...? Thanks for your help.
Offshore company account with EMI?
- Thread starter Jonathan
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EMIs are subject to CRS but it hasn't yet been a high priority to ensure they are compliant.
It's unclear if Wise reports. On their website, it says they don't in the UK but that might not be true and they are likely reporting for non-UK customers.
I would operate under the assumption that all EMIs do report.
It's unclear if Wise reports. On their website, it says they don't in the UK but that might not be true and they are likely reporting for non-UK customers.
I would operate under the assumption that all EMIs do report.
Reporting is primarily based on tax residence, which for most people is simply where they live. For some citizenships (notably US), tax residence is also based on citizenship.
If there is doubt or uncertainty, there is nothing stopping the systems in place with the institutions and relevant competent authorities from reporting to multiple countries.
If there is doubt or uncertainty, there is nothing stopping the systems in place with the institutions and relevant competent authorities from reporting to multiple countries.
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