AEOI - Check all the bilateral agreements here for your country

#41
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#45
AEOI will also apply for service providers of offshore companies. I don't speak about all the middle mans but the large incorporation services registered directly with the governments / authorities in the respective offshore jurisdictions. So f**k AEOI and forget about not to be reported, you will get badly reported today!

There will be some exceptions still, but I believe all the jurisdictions and service providers that require you to provide more than a passport and utility bill use this information to comply to International laws and pressure to forward that information!
 
#46
@Internationaloff What is the purpose of a second citizenship in this case? I understand the residency as this is where banks will report to. But I don;t see how citizenship matters?
 
#47
You supply your panamanian TIN when registering for bankaccount.

So the bank will report CSR/AEoI to Panama (where your income is not taxed as outside Panama) instead of your home country (ie Germany).

Result will be you live in fi Germany and your offshore accounts report to Panama. So no German taxman knows, and the Panamanian Taxman doesn't care.
 
#52
EricVN said:
It seems like there is no report for Corporate Account less than 250000$?

some informations about that?
Click to expand...

This is not true banks are ignoring the threshold and reporting all accounts as its far technically easier and ethical to do.
 
#55
Will EMIs like Revolut and N26 report according to AEOI as well?

If yes, does it make sense to use them for a few months to do large transfer, then leave account with 0$ balance or delete it, so at worst case it reports outstanding balance of 0$ at end of year?
 
#57
But what will they report? Will they report outstanding balance at end of year? Which means if you close account before end of year you are fine? Or if you empty account at end of year they report 0$? When will Revolut acquire banking license? What license are they operating under now? And which EMIs do not report in that case?
 
#58
In the case of an account closure, the Reporting Financial Institution
has no obligation to report the account balance or value before or at closure, but must report that the account was closed. In determining when an account is “closed”, reference must be made to the applicable law in a particular jurisdiction. If the applicable law does not address closure of accounts, an account will be considered to be closed according to the normal operating procedures of the Reporting Financial Institution that are consistently applied for all accounts maintained by such institution. For example, an equity or debt interest in a Financial Institution would generally be considered to be closed upon termination, transfer, surrender, redemption, cancellation, or liquidation. An account with a balance or value equal to zero or that is negative will not be a closed account solely by reason of such balance or value.
 
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#59
Right, so my plan is good then? Use an EMI like Revolut to transfer a large amount of sum from exchange -> Revolut -> stock broker (interactive brokers for example). Then close the Revolut account.

As a result you no longer have an UK bank account (in Revolut) or if you still do it shows 0$ and 0$ balance gets reported according to CRS at end of year.

From what I understand CRS reports THE BALANCE at date of 31.12 and not the turnover, right?

So as long at end of year you maintain balance of 0$ you are fine? Pretty much get reported, but with 0$ in your account.

You might say - yeah but the account you transferred to will get reported, right?

NOPE!

If you transfer to US broker and buy stocks they won't report you at end of year, because US is not member of FACTA, correct?
 
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