CRS and power of attorney

[RexS9999]

My wife opens a trading account in Hong Kong or Asia and is not subject to CRS because of her passport. Can I get power of attorney on the account and not have my details subject to CRS reporting? My passport is subject to CRS, but the funds are not mine. I would just have power of attorney. Appreciate feedback.

 

[daniels27]

My wife opens a trading account in Hong Kong or Asia and is not subject to CRS because of her passport. Can I get power of attorney on the account and not have my details subject to CRS reporting? My passport is subject to CRS, but the funds are not mine. I would just have power of attorney. Appreciate feedback.

What do you mean by "not subject to CRS because of her passport"?

What passport do you have?

If you are US citizen, you cannot as FBAR requires reporting it all accounts you are a signor. The only thing you can do it take her login (which is qualified money laundering under Hong Kong law and subject to imprisonment) and then trade. You then additionally go to a notary and get a power of attorney from her that will allow you to access her account in case if death. The banks will honour this in the worst case.

 

[lory]

I’ve got to say, you’re quite the honorable man to be married to. You leave your wife to deal with all the crap so you can walk away scot-free. Your mom must be proud of you.

 

[Martin Everson]

Can I get power of attorney on the account and not have my details subject to CRS reporting?

Why not just use your wife's username and password to login and trade?

 

[Clank]

Passports have nothing to do with CRS. The reporting is done based on residency.

 

[daniels27]

Passports have nothing to do with CRS. The reporting is done based on residency.

Yes, but quite often they will also ask for your TIN of your citizenship for absolutely complimentary reporting.

 

[bountymounty]

Why not just use your wife's username and password to login and trade?

That's even better!

 

[daniels27]

That's even better!

Yes but like I pointed out above I recommend getting a power of attorney from a notary with which you can ask the bank to execute orders directly in case of accidents, death etc. That's what people in you situation, especially couples with US citizens living abroad, do. Those notary power of attorneys are not subject to reporting, also not for FBAR.