Zenus and CRS

[Eldubb]

If Zenus operates in Puerto Rico which is a non CRS territory, does that mean Zenus does not share reporting to my country of residence outside of the USA?

 

[Forester]

Eldubb said:
If Zenus operates in Puerto Rico which is a non CRS territory, does that mean Zenus does not share reporting to my country of residence outside of the USA?
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Puerto Rico is an unincorporated territory of the United States. As well as the United States it's a non-AEOI/CRS country. Nevertheless, there is FATCA enforced in the United States; I do not know whether is concerns also Puerto Rico: if not then you cannot be reported, if yes then in theory you can be reported; but in the practice company accounts from the U.S. are not reported and personal ones rarely, AFAIK (FATCA represents rather one-way information flow, about US citizens to the feds from abroad).

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[koohl]

So it is worth to have a look into if reporting matters!

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[Eldubb]

Forester said:
Puerto Rico is an unincorporated territory of the United States. As well as the United States it's a non-AEOI/CRS country. Nevertheless, there is FATCA enforced in the United States; I do not know whether is concerns also Puerto Rico: if not then you cannot be reported, if yes then in theory you can be reported; but in the practice company accounts from the U.S. are not reported and personal ones rarely, AFAIK (FATCA represents rather one-way information flow, about US citizens to the feds from abroad).
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Thanks for the info. Gives me an avenue to look into further.

 

[12345]

Forester said:
Puerto Rico is an unincorporated territory of the United States. As well as the United States it's a non-AEOI/CRS country. Nevertheless, there is FATCA enforced in the United States; I do not know whether is concerns also Puerto Rico: if not then you cannot be reported, if yes then in theory you can be reported; but in the practice company accounts from the U.S. are not reported and personal ones rarely, AFAIK (FATCA represents rather one-way information flow, about US citizens to the feds from abroad).
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I think FATCA is one side reporting - signatories inform IRS about US citizens, US doesnt report anything or does it very very rarely as far as I know

 

[Sols]

Due to its peculiar status, Puerto Rico is exempt from FATCA.

Attracting tax evaders and money launderers is how these Puerto Rican quasi-banks survive.

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This is the probably the answer to your question.

 

[Forester]

Sols said:
Due to its peculiar status, Puerto Rico is exempt from FATCA.
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A valuable information (as usually, from you 😉 ); thanks for sharing.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[myhand]

Sols said:
Due to its peculiar status, Puerto Rico is exempt from FATCA.

Attracting tax evaders and money launderers is how these Puerto Rican quasi-banks survive.
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Interesting, but that would mean they won't survive long term 🙁

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[Alexmorgan]

They are good with me and some people here in this forum

They asked me some documents about my income so they are really a legit bank

Yes they are not with FATCA and CRS which is great but they are legit and great bank and they are not like other Puerto Ricoan banks so dont think they are open freely recieve or send money

myhand said:
Interesting, but that would mean they won't survive long term 🙁
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Some thinks because they are in Puerto Rico that means they will do the same like others

But this bank act like a normal US bank and they have a compliance department who are strict they even ask you a form W-8Ben to fill it to compelete registering

Last edited: Sep 17, 2023

 

[myhand]

But won't other banks say Europe don't block this neobank because it's location ?

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[Alexmorgan]

myhand said:
But won't other banks say Europe don't block this neobank because it's location ?
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You use it as your personal account

Not to move money from it to EU

 

[wellington]

Puerto Rico was where Shiff's bank was based, the J5 came down on that (proven innocent but bankrupted the bank, and bank depositors still haven't been refunded).

Wouldn't touch it with a ten foot barge pole.