Exactly. IBAN in your own name is always reportable unless of adhere circumstances. Shared IBAN that relies on transaction reference number to receive payments is not reportable - currently out of scope in CRS.
Most EMIs provide unique IBAN that you can use to receive wires to your name nowadays.
I suppose those are reportable?
Well what EMIs are left with shared IBAN?
it's depends on your risk tolerance, i wouldn't leave more than 20,000 if i have to -same goes to any emi.
You are right. Services like Revolut, Mister Tango and what else they may named have all obligations to report accounts.I guess there is some value into having a "pooled account" after all.
Keep your calm.
No tax office in the world has time to look into all CRS information they get. If a tax office gets reports of 5 million accounts held abroad by their residents, you can bet they will never under any circumstance investigate more than 10% of accounts. Naturally, they will set their own criteria of what is worth a closer look.
Do not take this for granted, but if you live in a big country, having your tax office contact you about your 25,000 euros/pounds held abroad is EXTREMELY unlikely. So getting reported may or may not matter. If you live in a country of 500,000 residents, your chances of getting investigated will be much higher even on low account balances.
Flag theory is still relevant despite CRS. Get reported on 25K to country A, then get reported on 50K to country B and so on. If you have residency documents from many countries, you can spread your cash around and mitigate tax risk.
Bank of the Commons, WB21
And at least 25 more actively offering this option.
You are wrong. This is 21 century. With technologies like Big data and Data science, any tax agency can analyze millions of data.
Example : HMRC Connect.
Most, if not all, EMIs that provide "private IBANs" are actually just providing virtual IBANs. Those IBANs help them know which transfer goes to which customer. The actual money is still in pooled accounts though.
TW is explicitly stating that it does not report to any tax authority. They have been very upfront so far, and I don't think they are lying. Tinfoil hats off please.
Obviously the authorities will compel such companies to report at some point, but that point isn't today.
You want to have a look here EU: 5th EU Anti-Money Laundering Directive published. AKA EU will know anything about you!
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?