EMI & CRS/AEOI locations

bigladsmith · Jul 14, 2019

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

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

Educate · Jul 16, 2019

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

bigladsmith · Jul 18, 2019

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

Dubsize · Jul 18, 2019

Educate said:
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 · Jul 18, 2019

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

You are 100% correct.

Educate · Jul 18, 2019

Dubsize said:
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 · Jul 18, 2019

Educate said:
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 · Jul 18, 2019

Dubsize said:
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 · Jul 19, 2019

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

mrau · Jul 19, 2019

Educate said:
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 · Jul 19, 2019

mrau said:
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 · Jul 19, 2019

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 · Jul 19, 2019

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.pdf https://www.e-ma.org/emaweb/wp-cont...regarding-FATCA-and-CRS-13-September-2016.pdf

bigladsmith · Jul 20, 2019

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

How about Mistertango, they are located in Lithuania

Educate · Jul 26, 2019

bigladsmith said:
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 · Jul 26, 2019

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

Educate · Jul 26, 2019

tomboy said:
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 · Jul 26, 2019

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 · Aug 11, 2019

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 · Nov 5, 2019

Martin Everson said:
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?

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