so its for doing something illegal, right?Legal risk management
Not at all, legal risk is something even the Pope is exposed to.so its for doing something illegal, right?
It is not you that decide what the law is, what the law means, or that uphold the lawwhat is the money are legal?
The main reason not to publish on internet all your account details, including your balance, is presumably to avoid having the money somehow stolen ... same reasoning applies when the criminals are in government.is there other reason I mean to hide from crs?
Not at all, legal risk is something even the Pope is exposed to.
It is not you that decide what the law is, what the law means, or that uphold the law
The main reason not to publish on internet all your account details, including your balance, is presumably to avoid having the money somehow stolen ... same reasoning applies when the criminals are in government.
https://en.wikipedia.org/wiki/PopeWhat is Pope ?
How could you ever know?I mean what IF the money are legal.
Why don't you? After all you have nothing to hide, do you? Is not all your money perfectly legal?which account is published on the internet? i've never seen
thank you
There is always a risk to lose your money, the only way to avoid the risk is by having no money to loose.I didn't get your point sorry. but i understand it's privacy issue.
But from reading here i understand that these banks are risk to lose your money
Risk management starts with trying to identify and understand the potential risks. Your risk profile will be different from everyone else, as will your tolerance of risk.can you give more details? you mean to save them in different locations to share the risk?
@blueweb
CRS is about year-end account balance reporting, interest income reporting, you get from the bank itself (CFD, savings accounts). The bank does not have a bullet proof way of telling if the money you get from other sources is income or not.
EMIs nor banks report your other income under CRS. It's not in the scope.
If the bank cooperates with your tax office to look in depth into your earnings, it's not CRS but an investigation.
About EMI's and reporting, the relevant factor is if you have a unique IBAN or equivalent in your name. Transferwise is actively breaking the law by refusing to report borderless accounts and respective year-end balances under CRS. They do not have an obligation to report USD balances, but EUR, GBP etc. must be reported as of many years ago. We'll see for how long the authorities let it go on.
@Osleak
Pretty much right, but the classification label you want to maintain is "Active NFE". With all the CRS classification risks and uncertainty around, I wouldn't bet my life savings on that horse. Can't take a bank to a court to redeem tax losses if they send a wrong (but somewhat correct) report to the wrong (but somewhat correct) tax man
@blueweb
CRS is about year-end account balance reporting, interest income reporting, you get from the bank itself (CFD, savings accounts). The bank does not have a bullet proof way of telling if the money you get from other sources is income or not.
EMIs nor banks report your other income under CRS. It's not in the scope.
If the bank cooperates with your tax office to look in depth into your earnings, it's not CRS but an investigation.
About EMI's and reporting, the relevant factor is if you have a unique IBAN or equivalent in your name. Transferwise is actively breaking the law by refusing to report borderless accounts and respective year-end balances under CRS. They do not have an obligation to report USD balances, but EUR, GBP etc. must be reported as of many years ago. We'll see for how long the authorities let it go on.
So, in theory, if Transferwise was reporting under CRS and you are an EU resident with US LLC (or another location) with a borderless TW account in USD you wouldn't be reported?
Not in theory but in practice. TW does not comply with CRS - they are very clear about it, stating it on their website. The problem is that it won't last; the governments will only accept it for a while, and then demand action. Once TW starts reporting, there are no guarantees they won't send reports for previous tax years too.
Correct. Belize will relay bank account information via CRS AEOI to 64 countries (as of 2019). Many more than 64 have joined the CRS. Jurisdictions pick their "dating partners".
In contrast, Turkey only reports to 2 jurisdictions - Latvia and Norway. Other CRS members get nothing from Turkish banks.
They don't report because they have a electronic money license (store of value) so legally the don't need to report.Not in theory but in practice. TW does not comply with CRS - they are very clear about it, stating it on their website. The problem is that it won't last; the governments will only accept it for a while, and then demand action. Once TW starts reporting, there are no guarantees they won't send reports for previous tax years too.
c. After you get the ID, register as non-resident and leave.
- Try not to do it on the same day you get your ID.
- If they ask why, make even sadder puppy eyes and say you could not find more work.