There are some countries, which use IBAN system for bank accounts numbering and are not members of CRS. But better than using their services is to move yout residency to the country, which is not a CRS country, or move your residency to the country which is CRS country, but has a territorial personal income tax regime.
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EMI no CRS
- Thread starter numibo
- Start date
I am also interested in the following question:
Now Russia and Lithuania do not exchange tax information, despite the fact that both states are members of the CRS.
If both states sign a bilateral agreement on the exchange, let's say in 2022 - will the information be transferred from previous years, or only from the moment of signing the agreement? \
Does the CRS regulate something in this case?
Who can tell what?
Now Russia and Lithuania do not exchange tax information, despite the fact that both states are members of the CRS.
If both states sign a bilateral agreement on the exchange, let's say in 2022 - will the information be transferred from previous years, or only from the moment of signing the agreement? \
Does the CRS regulate something in this case?
Who can tell what?
In our experience that's not correct. All the Lithuanian EMI we already worked with told us after request that they collect the clients data for purpose of tax information exchange. Only few collect really the TIN but all mentioned us they participate in exchange of informations.
I can imagine that local tax authorities only go after the big fishes using such EMI's but this will change for sure in the future because the countires need money after COVID-19.
So there are two ways - first get you a CRS shielding tax residency outside EU and open accounts with this residence or second if you can't effort the first way you are most likely a small fish and nobody goes after you.
Lithuania is a member of the CRS, but despite this does not have a bilateral agreement on data exchange with Russia, which is also necessary for data transfer With other countries, the exchange is
https://www.consultant.ru/document/cons_doc_LAW_370540/c5142c3774c6f7fe48f67bd3036554a74861b20e/
If you are interested in exactly the exchange of Lithuania and Russia
for now it seems safe. to e-mails with direct requests they say they do not exchange information. let's hope it's true!
They have a web page about this https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account and since they are not a bank ( and making lots of money not being a bank ) it's possible that they will continue not to report.
Of course bear in mind that they of course provide data if asked, so you still need a clean set up.
You shouldn't be worried about CRS reporting. Most EMIS have enough money to hire the best attorneys and find a new loophole.
90% won't report you because there's no bank account opened in your name. The funds you deposit/receive are held and kept in the EMI bank account on your behalf. It is like a power of attorney that allows you to have control of your funds.
conclusion may be like this, if they are not licensed and operate as bank, they have no obligations to report.
that's an important part of information.
open a new thread, you are getting off topic!
So we hope you never pick the 10% that are going to report you. But you are right, many are not reporting as it is right now.
Hi,
I am unearthing this old topic.
Do you stell feel Advcash are not reporting under CRS/AEOI?
I am interested in knowing which EMIs are currently considered as non-reporting?
Thanks
I just asked Hong Kong based EMIs currenxie , neat, statrys. All replied that since they are technically considered neither banks nor financial institutions requiring reporting they do not report under CRS .They don't disclose UBO of any business account with them to any govt.
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