DeGiro is asking for my tax residency and CRS status

[Martin Everson]

@Martin Everson I would appreciate your thoughts on this. It has been explained to me that way some time ago but I am not sure if that is correct.

My thoughts are it will be reported to all addresses on record throughout the year simply via indicia. All FI's are required to do a digital record search for indicia as part of CRS. A digital record search will show addresses on documents you have provided where CRS reports will hence be sent. The FI has some discretion in this area but if you look at FI's like N26 they are saying they are reporting even to countries where you send a lot of payments too. I guess their digital record search encompasses payment destinations.

Even if they follow Example 1 this may not I feel overrule indicia that I have been talking about for years. See CRS Handbook (page 77. 167) The OP may not have enough evidence to overrule it via self certification.

P.S Sorry for late reply was on holiday

 

[backpacker]

My thoughts are it will be reported to all addresses on record throughout the year simply via indicia. All FI's are required to do a digital record search for indicia as part of CRS. A digital record search will show addresses on documents you have provided where CRS reports will hence be sent. The FI has some discretion in this area but if you look at FI's like N26 they are saying they are reporting even to countries where you send a lot of payments too. I guess their digital record search encompasses payment destinations.

Even if they follow Example 1 this may not I feel overrule indicia that I have been talking about for years. See CRS Handbook (page 77. 167) The OP may not have enough evidence to overrule it via self certification.

P.S Sorry for late reply was on holiday

Thanks for your reply.

If I understand your opinion correctly: Example 1 is valid if the customer brings sufficient documentary evidence (i.e. proof of address like government ID, utility bill, local phone number, local bank account).
Whereas the presentation of only a self-certification will most likely be considered insufficient documentary for the case of Example 1.

 

[Martin Everson]

If I understand your opinion correctly: Example 1 is valid if the customer brings sufficient documentary evidence (i.e. proof of address like government ID, utility bill, local phone number, local bank account).
Whereas the presentation of only a self-certification will most likely be considered insufficient documentary for the case of Example 1.

Exactly. Signing a Self Certification form saying your tax resident only in i.e Dubai is not acceptable especially when indicia clearly says otherwise i.e when a digital search is done of documents supplied to open the account show Germany etc. A broker or bank will land itself in trouble if caught for not following CRS rules and reporting also to Germany.