Revolut CRS 2023

[snowypeaks]

Can anyone knowledgeable clarify - Revolut EU is supposed to report by CRS to Lithuania‌ at the end of the year, however to which EU countries Lithuania will forward this‍ info then?
Will it be to all of them at once? Or just to the⁠ country of user's tax residence?

That's more like a question about how CRS works in⁤ general, rather than Revolut specifically.
I tried to look at OECD guidelines online, and it⁣ looks like the data is sent only to the country of the user's tax residence,⁢ but can't tell for sure.

 

[Sols]

Normally only to your country⁠ of tax residence. Reporting to other countries only in cases of suspicion.

 

[blackmax]

yes, info will be sent︀ to country of user's tax residence. However, if you made verification in revolut with german︁ passport, but you specify that you currently reside in Romania for exemple, you will be︂ reported to both Germany and Romania.

But if you use france number to get verified,︃ it may be sent to France also🙂

 

[snowypeaks]

That sounds strange, though - on what sources this information⁤ is based?
I'm asking, because neither passport/ID nor phone number seem to be normally reported⁣ via CRS, it's only TIN/date of birth/full name/address.
So, I don't see how Lithuania would⁢ be able to report to the "country of phone number", for example - only if︀ somehow it receives this information from Revolut outside of CRS, but I doubt that's the︁ case.

Cool. And is it indeed the case,︃ maybe you know - that only TIN (taxpayer ID) is being sent via CRS (by︄ Revolut, in particular), not passport/ID card information? So the user is being identified only by︅ TIN (as well as full name), not by his/her passport data?

 

[aldumiq]

I assume most of people, all over these years, created Revolut accounts to get rid‌ of the headaches of these financial instruments. Now , I related to some of the‍ situations here. I have one nationality and live abroad. Used my Revolut for online shopping⁠ , subscriptions and from time to time to some transfers ( barely 10k / year⁤ overall transactions ). Now, I also received the notification to send my data, but I`m⁣ a little hesitant about this. Basically , what`s the outcome in case you choose not⁢ to send? They already have your details , so not sure why they ask you︀ as long as they can directly report your financial statements. Furthermore, you have a deadline︁ ( until June ) , if not your account gets closed. ( I assume?) .︂ And yes, all these years, indeed there were some updates regarding policies ,etc , but︃ I was never asked until now for it.

 

[12345]

Yes, Revolut has started CRS it's true, I have been using revolut for a few‌ years and they asked me to provide my tax residency and tax ID untill June‍ 1th, the same for a lot of people I know.

 

[Houdini]

They have been doing CRS all the time since beginning of 2022

 

[mrthit]

In the UK Revolut still operates as an EMI. Any idea if they report the‌ UK accounts?

 

[Mssquirrel]

They ask me about Tax residency too, I might just give the old one or‌ create a fake proof of address of a random EU country. I don't live in‍ Europe anymore but I want to keep having the account as is still useful to⁠ me.

 

[JohnLocke]

You could also setup a hiding address using some of the services that offer real‌ mailing addresses with mail forwarding or simply SCAN and E-MAIL. Works well in such cases‍ too.

That said, back to topic. Revolut is risky to use, I don't know if⁠ their UK branch will report yet, but you need to think 5 years ahead.

 

[pepitolanda]

I'm also asked to enter my tax ID. The problem is I don't have one,‌ and I would probably not be able to travel to the country where I'm registered‍ with Revolut before the due date to ask for one. Shall I place a random⁠ Id number until I get one?

 

[Sean Restling]

Notification to add my tax ID arrived to me too these days after years having‌ that field empty.

 

[countryfree]

Wild wild west is over, Revolut also asked me my TIN. I understand regulations forced‌ them to do that, but they will loose many customers.

 

[alexgored2]

Hi, can⁣ you tell what details are visible in your tax return card regarding this account? I⁢ also live in one EU country we also have this tax return sheet that usually︀ includes the details about all income that tx office tracked. but for my revolut account︁ there was nothing, though I did not have any interest income there last year, only︂ some bank-bank transactions for online payments, about 3k a year.

 

[pixbix]

Does anyone see what they are reporting?

 

[FantomOffshore]

Not sure, they just showed the bank account for me.

 

[AlexPCS]

One of the solutions to the CRS challenge could be a nominee bank account and‌ in addition to that layer the bank account could also be from the non-CRS country.‍

 

[pixbix]

just the IBANS, no end year balance, total transactions,etc?

 

[DerAufklaerer]

I have not done it. What︈ happened ? Anyone tested?

 

[karishi]

Banks asks and report the beneficiary owner.