EMI & CRS/AEOI locations

[bigladsmith]

Basic question that I can’t find answer to....

Which EMI’s are located in non- CRS countries? Any?

 

[Educate]

CRS does not apply to EMIs if they are not registered banks yet, correct?

 

[bigladsmith]

Really? I was understanding that the location of the bank determined this?

 

[Dubsize]

CRS does not apply to EMIs if they are not registered banks yet, correct?

no, total bulls**t. CRS apply to all financial institutions.

 

[Dubsize]

Really? I was understanding that the location of the bank determined this?

You are 100% correct.

 

[Educate]

no, total bulls**t. CRS apply to all financial institutions.

Can someone else comment on this? EMIs were not considered "financial institutions" from what I know?

 

[Dubsize]

Can someone else comment on this? EMIs were not considered "financial institutions" from what I know?

What's wrong with you? EMI are reporting the sh** out of you.
EMI are regulated body, taking deposit, moving money etc... this also works for online brokers etc... they report.

 

[Educate]

What's wrong with you? EMI are reporting the sh** out of you.
EMI are regulated body, taking deposit, moving money etc... this also works for online brokers etc... they report.

No, CRS laws does not qualify EMIs as banks aka financial institutions since they are not depositors. Your argument is invalid. EMIs report only if they are registered as banks unless laws have changed since 2016.

Online brokers do not have obligation to report as per CRS.

 

[bigladsmith]

So what’s the position? Who knows for sure?

 

[mrau]

No, CRS laws does not qualify EMIs as banks aka financial institutions since they are not depositors. Your argument is invalid. EMIs report only if they are registered as banks unless laws have changed since 2016.

Online brokers do not have obligation to report as per CRS.

Well, I had accounts at LeoPay (EMI) and they did report them to my country's taxman under AEOI.

 

[Educate]

Well, I had accounts at LeoPay (EMI) and they did report them to my country's taxman under AEOI.

That is because they have bank license I think.

 

[Dubsize]

Someone must stop that guy from spreading BS
Leopay has no banking licence, they are reporting like any other EMI located in CRS country.

 

[alex777]

It's depend of local regulation.

UK:
Electronic Money Institutions authorised under the Electronic Money Regulations 2011 (EMR), which implements the European Union Electronic Money Directive (2009/110/EC) (EMD) in the UK, are not deposit takers for the purposes of the EU Capital Requirements Directive (2013/36/EU) (CRD). Issuing electronic money (e-money) in exchange for funds, i.e. providing an e-money account in which to hold funds, does not constitute deposit taking. Consequently, Electronic Money Institutions will not fall within the definition of Depository Institution, which requires deposits to be accepted in the ordinary course of a banking or similar business.

https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim400750
Malta:
It's more complicated:
https://leopay.eu/pdf/CRS_FAQ_EN SATABANK.pdfhttps://www.e-ma.org/emaweb/wp-cont...regarding-FATCA-and-CRS-13-September-2016.pdf

 

[bigladsmith]

So for the U.K. doe they report under CRS? It’s not clear.

How about Mistertango, they are located in Lithuania

 

[Educate]

So for the U.K. doe they report under CRS? It’s not clear.

How about Mistertango, they are located in Lithuania

Lithuania reports 100%. For UK - not fully clear, they should be reporting, but maybe brexit is impacting this?

 

[tomboy]

What brexit has to do with this ?
UK fully reporting. You guys are fool!!!

 

[Educate]

What brexit has to do with this ?
UK fully reporting. You guys are fool!!!

"is fully reporing", "fools". Plural.

There were recent news with UK using new laws as tax shielding for corporations. Obviously there are some loopholes that could be used.

 

[Dubsize]

I'm dying for @Martin Everson to enter this thread. He loves ppl thinking they can avoid CRS especially in the U.K.

 

[Martin Everson]

Was on holiday so missed a lot of the conversations but I am back now

Yup forget avoiding CRS via EMI's unless located in non-CRS country obviously. Some EMI's may have decided to do correct action and report already. Others such as transferwise are still deciding.

https://transferwise.com/help/13/understanding-fees-and-rates/2932394/borderless-accounts-and-tax

 

[Osleak]

Was on holiday so missed a lot of the conversations but I am back now

Yup forget avoiding CRS via EMI's unless located in non-CRS country obviously. Some EMI's may have decided to do correct action and report already. Others such as transferwise are still deciding.

https://transferwise.com/help/13/understanding-fees-and-rates/2932394/borderless-accounts-and-tax

Yes i’ ve read on the FAQ of transferwise about it, but the question is, they will report also retroactively?

And if i change residence with UAE visa they will exchange with the UAE or old government?