regarding crs regulations

[fair7927]

I really appreciate you guys for your precious information relating to Tax, various regulations like FATCA, CRS etc



I have already company in Romania, and I am doing ecommerce business. We are selling the goods on Asian online market and export goods to Asia as B2B



Let me ask you something about CRS. I have plan to leave this country to Singapore and try to do buiness in Asia. I will stay in Singapore at least 2 years.



My questions is, now my tax residency is Romania and if i understand well, under the CRS regulation, in case that i open an bank account in Singapore, the bank in Singapore will report my account information to Romania for 183 days.



but I am not sure whether the Romania banks will report the information of my Romania bank account to Singapore as well. Romania bank will report the information of my bank account in Romania to Singapore?



In addition, after 183 days my tax residency will be Singapore. from then, only Romania will report my bank account in Romania to Singapore? or mutually share the information each other?
I think that Singapore bank should stop to share the information because my tax residency have been changed already and it is Singapore

It will be really appreciated if you can adivse for the issue.

 

[Larin]

fair7927 said:
My questions is, now my tax residency is Romania and if i understand well, under the CRS regulation, in case that i open an bank account in Singapore, the bank in Singapore will report my account information to Romania for 183 days.
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If you were to open an account in Singapore today when they ask you about your tax residency, you would reply Romania and they would report your account to Romania.

fair7927 said:
but I am not sure whether the Romania banks will report the information of my Romania bank account to Singapore as well. Romania bank will report the information of my bank account in Romania to Singapore?
Click to expand...

Banks under CRS will report to the country where you either declare your tax residency, or they have a reason to believe you may have one (because of your citizenship for example).

fair7927 said:
In addition, after 183 days my tax residency will be Singapore. from then, only Romania will report my bank account in Romania to Singapore? or mutually share the information each other?
I think that Singapore bank should stop to share the information because my tax residency have been changed already and it is Singapore
Click to expand...

If you cease to be a Romanian tax resident and obtain tax residency in Singapore, you can update your records in the said banks and they may change where they report at their discretion.

I am not an expert on Singapore, so I do not know how easy it is to open a non-resident account there, but the way you are thinking about going this doesn't seem optimal.

 

[Sols]

fair7927 said:
My questions is, now my tax residency is Romania and if i understand well, under the CRS regulation, in case that i open an bank account in Singapore, the bank in Singapore will report my account information to Romania for 183 days.
Click to expand...

If you move to Singapore and get your Singapore residence permit sorted before opening a bank account there, the bank in Singapore will very likely just consider you Singapore tax resident and not report to Romania. Otherwise, they will view you as Romanian tax resident for the first year and then probably change you to Singapore tax resident.

fair7927 said:
but I am not sure whether the Romania banks will report the information of my Romania bank account to Singapore as well. Romania bank will report the information of my bank account in Romania to Singapore?
Click to expand...

As @Larin pointed out, they will report based on your declared residence unless they suspect otherwise. In this case, I would imagine the Romanian banks continue to think of you as a Romanian tax resident until you notify them.

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This is the probably the answer to your question.

 

[fair7927]

Sols said:
If you move to Singapore and get your Singapore residence permit sorted before opening a bank account there, the bank in Singapore will very likely just consider you Singapore tax resident and not report to Romania. Otherwise, they will view you as Romanian tax resident for the first year and then probably change you to Singapore tax resident.


As @Larin pointed out, they will report based on your declared residence unless they suspect otherwise. In this case, I would imagine the Romanian banks continue to think of you as a Romanian tax resident until you notify them.
Click to expand...

I really appreciate for your kind care and help. have a great day

 

[fair7927]

Larin said:
If you were to open an account in Singapore today when they ask you about your tax residency, you would reply Romania and they would report your account to Romania.

Banks under CRS will report to the country where you either declare your tax residency, or they have a reason to believe you may have one (because of your citizenship for example).

If you cease to be a Romanian tax resident and obtain tax residency in Singapore, you can update your records in the said banks and they may change where they report at their discretion.

I am not an expert on Singapore, so I do not know how easy it is to open a non-resident account there, but the way you are thinking about going this doesn't seem opti

Larin said:
If you were to open an account in Singapore today when they ask you about your tax residency, you would reply Romania and they would report your account to Romania.

Banks under CRS will report to the country where you either declare your tax residency, or they have a reason to believe you may have one (because of your citizenship for example).

If you cease to be a Romanian tax resident and obtain tax residency in Singapore, you can update your records in the said banks and they may change where they report at their discretion.

I am not an expert on Singapore, so I do not know how easy it is to open a non-resident account there, but the way you are thinking about going this doesn't seem optimal.
Click to expand...

I really apprecaite for your kind care and good information. have a great day
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