Revolut CRS 2023
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Revolut are doing CRS now?
Surprising - they were as shady as f**k back in the day.
Aside from that - what data is actually shared by CRS these days? [funds through] or [balances at end]?
Surprising - they were as shady as f**k back in the day.
Aside from that - what data is actually shared by CRS these days? [funds through] or [balances at end]?
Yes. They do CRS as they become a Bank. Maybe they also did CRS before.
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc 🙂)) ... and that bank sayd they will report only the balance at end year.
seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc 🙂)) ... and that bank sayd they will report only the balance at end year.
seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
Reporting is done in a standardized form according to OECD guidelines. What "support level" tells you is irrelevant.︀ They all report the same.
Everything what is relevant ->
FAQs about the Common Reporting Standard (CRS)
Understand: "Any interest︂ or other payments deposited into the account" is equal to turnover.
You sell a︃ stock and invest the amount into an FD with same bank. This will will be︄ reported as turnover which can blow up the reproted figures enormously. It might be fun︅ to explain that to your local tax office ... - that way they catch professional︆ daytraders who pose as private investors in some jurisdictions.
Everything what is relevant ->
FAQs about the Common Reporting Standard (CRS)
Understand: "Any interest︂ or other payments deposited into the account" is equal to turnover.
You sell a︃ stock and invest the amount into an FD with same bank. This will will be︄ reported as turnover which can blow up the reproted figures enormously. It might be fun︅ to explain that to your local tax office ... - that way they catch professional︆ daytraders who pose as private investors in some jurisdictions.
Funny. I've heard about a guy from︁ UK , he had a 32 millions USD forex position , into currencies, where you︂ can easy do 1000-2000x ... lol
so they just come to his door )🙂)) telling him he have to pay 16 millons to not get arrested, bla bla bla︃
One bank told me that only the balance at the end of the year is︄ reported. but the turnover, or the total payments recieved.
so they just come to his door )🙂)) telling him he have to pay 16 millons to not get arrested, bla bla bla︃
One bank told me that only the balance at the end of the year is︄ reported. but the turnover, or the total payments recieved.
I wrote an email to all the banks in Romania, saying I am a Spanish guy (maybe i should have told them i am girl, maybe they would help them) who doesn't live anymore in Europe. I told them my mother was Romanian, but i am not a romanian but a spanish citizenship. I told them i want to open an account at their bank because fees are very low in Romania, and I asked about the CRS because i told me i am a web programmer in Colombia and i make 2000-3000$/month,︀ and i wanted to know if at the end of the year i will have︁ a zero balance, they will report anything back to Spain.
One bank responded me ,︂ telling me they only send the end year balance. So if i have zero at︃ the end of the year, they will send the value zero.
All the others banks︄ wanted me to send them my ID "for identification and clarification" ... that's sad. they︅ made them look like governmental spies.
One bank responded me ,︂ telling me they only send the end year balance. So if i have zero at︃ the end of the year, they will send the value zero.
All the others banks︄ wanted me to send them my ID "for identification and clarification" ... that's sad. they︅ made them look like governmental spies.
That is good news. For some reason my Revolut account is still not asked for a︅ tax identification... after 4/5 years. But I feel they might ask me this year and︆ that end of balance thing would be just great if true.
My tax agency shows all banks that report, and they include at least:
Revlout
Bunq
So can confirm at least that Wise doesn't report.
Revlout
Bunq
So can confirm at least that Wise doesn't report.
No.
They do not go out of their way. They report in accordance with local regulations. These local regulations are based on the applicable OECD CRS compendium.
Study the OECD website where everything is published!
They do not go out of their way. They report in accordance with local regulations. These local regulations are based on the applicable OECD CRS compendium.
Study the OECD website where everything is published!
If you read carefully through the statement on their website ( How does tax work with my Wise Account? | Wise Help Centre ) Wise currently reports what is obliged to report: everything held by it's Assets subsidiary is reported ( because it's stocks, basically ), as it's everything which is held by Wise Australia. For all the rest, at the moment there is no reporting, but that doesn't mean that Wise doesn't do his due diligence. Regarding revolut, if your account is held by the bank ( so basically if︀ you are protected in case Revolut fails, which I guess was the reason they did︁ the banking licence, as Wise was profitable but Revolut was not ), then it's reported.︂ If they still have an EMI licence and some accounts fall under that EMI licence︃ they probably are not reported. In general what's reported is everything Forex / stocks /︄ funds in banks.
https://www.e-tar.lt/portal/lt/legalAct/f410dab0558711e6b72ff16034f7f796/asryou can see even database fields what's must be reported.
more:
https://www.vmi.lt/evmi/en/duomenys...askaitu-iplaukas-ir-skolinius-isipareigojimus
also keep in mind that years ago is implemented "one click" info gathering, and to get details from another euro county in one click. I bet this work with not all countries, but in the long run it should be. How I know from germany in one click, but knowing uk banking laws they don't share info quite easy, of course until written request. Also uk is not eu now.
more:
https://www.vmi.lt/evmi/en/duomenys...askaitu-iplaukas-ir-skolinius-isipareigojimus
also keep in mind that years ago is implemented "one click" info gathering, and to get details from another euro county in one click. I bet this work with not all countries, but in the long run it should be. How I know from germany in one click, but knowing uk banking laws they don't share info quite easy, of course until written request. Also uk is not eu now.
I think that if the governement wants to know something about someone as they suspect a criminal offence, they can have a court order and the EMI will give everything they have. I mean that's my understanding with wise, they don't exchange data automatically, but if Wise suspects something will communicate to the tax authorities, and if the tax authorities needs to investigate they must make a︀ request to Wise. Unsure if it needs to be a court order or not, might︁ vary by country.
They also take your ID, and country who issued it. So you can't have an ID from Finland and register in Romania , because they will know who issued your document... even if you have a valid address in romania, and you say you are tax rezident there. revolut do not accept "residents cards" only passport, driving licenses and nationals IDs...
they don't report the TAX ID? or your︆ national issue ID? i can't see a place for "Tax residence" also
they don't report the TAX ID? or your︆ national issue ID? i can't see a place for "Tax residence" also
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