Swissquote - Source of funds

[trek]

I'm currently living in Portugal but I did some trades⁢ a few years ago in my country of origin. Do you reckon there is any︀ chance Swissquote could leak the source of funds + trading activity documents that I will︁ provide to my country of origin? I guess the answer is no, but just want︂ to be extra cautious.

 

[Martin Everson]

Whatever you give to Swissquote will stay on record. But chances⁣ of something happening is very slim. Unless you gave some details to Swissquote in past⁢ that give rise to indicia with your country of origin then nothing will happen.

 

[trek]

Even in such a case, do you know if they would simply report the⁤ fact that I hold crypto or the whole set of provided documents?

More generally, if⁣ I want to cash out crypto, would you recommend something different to avoid leaking info⁢ to my country of origin? My understanding is that even if I go with a︀ crypto exchange and transfer funds to a bank, I will be asked the same set︁ of questions about the source of funds and transaction history. Therefore, I'd face the same︂ risks as with Swissquote. Am I correct?

 

[Martin Everson]

I don't know how Swissquote would refer to your cypto account you hold with⁠ them if thats what you mean? But in general ifs its considered a custodial accounts⁤ they report the gross amount of dividends paid or credited, gross interest paid or credited,⁣ gross proceeds of a sale of redemption and gross amount of other types of income⁢ paid or credited to the account. They would not send any personal documents. That is︀ something that is not automatic and requires a DTA to be invoked to get this︁ kind of information. And we are talking your home country having clear evidence of tax︂ evasion or a tipoff for example.

What is your country of origin and are we talking large︅ values? You might be worrying about nothing in the end. If you have left no︆ indicia with Swissquote of your home country you should be fine.

Yes. You may get lucky and no questions ask but why play︋ roulette.

 

[trek]

Thanks for the detailed explanation.
7-figure. Opened the Swissquote account after⁢ leaving my country a few years ago so that should be fine. My worry was︀ more related to my country of origin (which is a member of the EU) finding︁ out about trades from a few years ago on other exchanges. Swissquote is asking me︂ about all activity, so that's why I got a bit worried since, as you say,︃ they will keep everything on record and they could potentially leak that information.

Glad you confirm.

 

[bubbledouble]

who know if they will do that at⁠ any point later, no one can guarantee.

 

[Martin Everson]

Ok then I see why your really concerned hi%#. That's not a couple of thousand.

They won't unless the exchange⁠ is asked by your country of origin to provide client transactions siimilar to what HMRC⁤ asked from coinbase.

https://cryptodaily.co.uk/2020/10/hmrc-set-to-tax-and-coinbase-users

 

[trek]

Thanks for the help!