[Question] Not CRS reporting?

[Col0mm]

As I understand, the CRS is the system that report all my activity about money-transfer and such to my country, and I am trying to avoid this.

Any tips for a bank account I can use that do not report under CRS?

 

[Martin Everson]

You can use any bank account in a non-CRS country in following document listed under:

"DEVELOPING COUNTRIES HAVING NOT YET SET THE DATE FOR FIRST AUTOMATIC EXCHANGE (45)"

http://www.oecd.org/tax/transparency/AEOI-commitments.pdf

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Col0mm]

Martin Everson said:
You can use any bank account in a non-CRS country in following document listed under:

"DEVELOPING COUNTRIES HAVING NOT YET SET THE DATE FOR FIRST AUTOMATIC EXCHANGE (45)"

http://www.oecd.org/tax/transparency/AEOI-commitments.pdf
Click to expand...

Would you recommend a good bank that offer some sort of card connected to the account I create, and does not require a big amount of deposit?

 

[ikan]

CRS does not report "all your activity & all tranfers".
But I bet softwares of some banks could report overall activity without leting you know !

WARNING : avoid new account in Non CRS country with local bank /branch belonging to any Majors EU Banks or Head Quater Bank located in CRS countries
They are all loaded with same softwares. ..... you could be reported "by default" even if the report is partially "fake - mistaken - uncomplete".

Choice of Bank depend if you can travel to open or must do it remotely.
Some banks require really small minimum deposit for private account and offer debit card.

 

[TheGuy]

I am asking the following..
What about TransferWise - Are they reporing as well? Does it depend on where the Iban number is located? Since my Iban number for transferwise is located in Belgium. But transferwise is located in England. I also read that they currently don't report anything to CRS.

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[TheGuy]

Martin Everson said:
You can use any bank account in a non-CRS country in following document listed under:

"DEVELOPING COUNTRIES HAVING NOT YET SET THE DATE FOR FIRST AUTOMATIC EXCHANGE (45)"

http://www.oecd.org/tax/transparency/AEOI-commitments.pdf
Click to expand...

In Europe there must be other regulations beside the CRS... What do you think about that Marin Everson? 🙂

 

[reesek]

They will report to the country you have as your residence

 

[Martin Everson]

Col0mm said:
Would you recommend a good bank that offer some sort of card connected to the account I create, and does not require a big amount of deposit?
Click to expand...

You need to pick one thats best for you. Search forum for names of them.

TheGuy said:
In Europe there must be other regulations beside the CRS... What do you think about that Marin Everson? 🙂
Click to expand...

If you mean information sharing agreements then yes there are already some in place related to money laundering and don't forget Double Taxation Agreements. I discussed it somewhere on another thread. CRS is just the first Automatic one that does not require authorities submitting a request or going through legal system etc hence the AEOI acronym.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[TheGuy]

reesek said:
They will report to the country you have as your residence
Click to expand...

That is the must useless answer. You are truly stupid without doubt. If you look at the picture. You see they are not reporting anything. And you should know better when you get jealous Reseek.

 

[ikan]

@ TheGuy : Country of Algeria is Non CRS juridiction. But all local branches in Algeria owned by French Majors Banks do CRS !
How can it be ? Madness - NO /// Ask them => they respond they don't !!!
Guess why : because mulitple reasons... and multiple ansswers why they do report.
Don't trust banks. Don't trust Emis.