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CRS ins and outs activity ?
- Thread starter 334
- Start date
The following is reported:
- Name, address, Taxpayer Identification Number (TIN) and date and place of birth of each Reportable Person.
- Account number
- Name and identifying number of the reporting financial institution;
- Account balance or value as of the end of the relevant calendar year (or other appropriate reporting period) or at its closure, if the account was closed.
- Distributions made to the account (dividends, interest, gross proceeds/redemptions, other)
You can read it here:
But there are record keeping requirements, banks must keep all account statements etc. for about six years, depending on the jurisdiction. If you are suspicous, there are additional treaties allowing the countries to share the whole account activity.
And for FACTA, the rules are very similar as I explained here:
FATCA question
I’m a US Citizen with accounts in europe. I know I have to report accounts when balance hits 10k at any time in a calendar year or when aggregate balances across all accounts reaches 10k. My question is; what information does the bank report to the fincen? Do they report my highest balance of...
www.offshorecorptalk.com
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It doesn't matter what has been reported under CRS to the tax authorities. If you're caught having an account somewhere in the world and haven't informed the tax authorities about it, they'll select you for an audit and simply demand a complete account statement, either from the person involved or, if that fails, from the bank. Same, same...
It depends on your country(ies) of tax residences. I can't find any sources but I assume most of countries do not require personal offshore bank accounts to be declared to the local tax authority... yet.
That's wrong.
A friend of mine moved from Asia to Germany and then to Belgium.
In Germany he didn't have to declare offshore accounts if no interest was paid.
In Belgium he has to declare every offshore account.
In the UK you don’t either
In Europe you do - my neighbors go through that annually
I believe it’s Canadian, US, EU citizens that have to by law
It depends on the tax laws.
US > FBAR, full disclosure if you have non-US accounts totalling more than $10k at any time during the year
For the rest, you most often only have to report if there is taxes due on it. If there is no capital gains and no wealth tax, most often there are no reporting requirements. If there is a capital gains tax, you only need to report accounts with interest. And then for countries like Switzerland that have a wealth tax, you need to declare all accounts you hold.
Let's take Germany, yes you only need to report if you have capital gains above the threshold. You can then file a KAP annex.
Anlage KAP (Einkünfte aus Kapitalvermögen) Ausfüllhilfe
Hier finden Sie alles, was Sie wissen müssen, um die Anlage KAP (Einkünfte aus Kapitalvermögen) Ihrer Steuererklärung korrekt auszufüllen.
www.steuern.de
But in regards to the original question: As mentioned CRS only reports balance and distributions but not any other account movements. (Yes, you may be subjecto to self-reporting with your government already.) However, if you for whatever reason land in an investigation, they can get the whole statements from the bank's government, the bank or directly from you.
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