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I did it all wrong...what can I do now? :(
- Thread starter pixbix
- Start date
You broke Wise ToS
Stop the hating. Wise the best!!!
Are you a customer of Revolut bank or EMI?
It seems like Revolut EMI is not reporting under CRS.
Reference here:
https://www.offshorecorptalk.com/threads/n26-bank-crs.34794/post-197198
If you are with Revolut EMI, you can withdraw the money before you join Revolut bank.
Maybe it can be a good idea to open an account in Serbia (non-CRS country) and transfer the money there.
It seems like Revolut EMI is not reporting under CRS.
Reference here:
https://www.offshorecorptalk.com/threads/n26-bank-crs.34794/post-197198
If you are with Revolut EMI, you can withdraw the money before you join Revolut bank.
Maybe it can be a good idea to open an account in Serbia (non-CRS country) and transfer the money there.
This is the most important question.
If your account was converted to Revolut Bank then your under CRS and anything you do now is pointless and may add money laundering to any tax offence you committed. You may want to speak to a Romanian tax lawyer and see if there is any tax amnesty programs still running.
I don't plan to withdraw the money. it will just create more mess. i have a lot of them in bitcoin/ stablecoins already. I just want to go somewhere , and put my data in Revolut and be sure no one will ask me about the income i had from 2 -5 years ago , or if i paid or not taxes on it.
then when i will come back , i want to buy a house.
Yes, but it is not yet reported. i think they will report it at the end of the year. i can just buy stocks/gold and see if they will report zero, but i can't know for sure.
so it's best to change my address , or even get a real ID in a country they will not care. like Canada/USA maybe.
So they will report 200 000 there, but they will see i am in Canada for only 3 months. make sense? so i don't know if they will report back to Romania. Maybe a small country like Portugual will not care. I need to know a country big/small that simply won't care what i did before going there.
So your under CRS. Revolut Bank reports. Depending on when they switched you over to the bank they may have already been reported you. You had money was there for 3 years if I understand you correctly.
They will report to every country they had for you on record for that year. The country you moved too might not worry if you show up on a CRS report as money could have been earned before you registered there. Hence it would be considered capital by them unless they think you earned it after you arrived. However the country you just left will be after you.
In best case scenario the timing you may slip through the cracks. In worst case it would be considered a serious tax violation if tax owed on money is more than 100k euro which is unlikely so you would just get a fine and avoid jail I think.
How big is the hit if you just agree to pay taxes?
If you have a big tax debt, hiding elsewhere in the EU won't work for very long. Hiding in Dominican Republic will probably work.
But a problem you may face is explaining your source of wealth, if you are asked by a bank, immigration officer, or some such to produce tax returns which prove that your money is clean.
If you have a big tax debt, hiding elsewhere in the EU won't work for very long. Hiding in Dominican Republic will probably work.
But a problem you may face is explaining your source of wealth, if you are asked by a bank, immigration officer, or some such to produce tax returns which prove that your money is clean.
they will want to take all. and the problem is i earned it in Moldova, 15 years ago, but i was exchanging it for bitcoin , then put it in revolut 3-5 years ago, and i did it over the counter, not on legal exchanges,
there were no exchanged to buy bitcoins for Perfect Money, only changer.com and 20 of his clones.
It might take years until local taxman ask you questions about your 200k based on CRS. So you still have time to sort it out, no need to run asap to Alaska.
Withdraw most of it and buy a house or a Nautilus if you really want get rid of cash.
But better talk with a tax lawyer, one that knows international laws and has dealt with similar situation.
Withdraw most of it and buy a house or a Nautilus if you really want get rid of cash.
But better talk with a tax lawyer, one that knows international laws and has dealt with similar situation.
If it will take years, i will be fine, as i won't have to declare how i made money 3 years ago. most of money are from 3 years, so i need to "vanish from CRS" for 2 years, that's all
I deposited them on Revolut to invest them later on.
If i will buy a house, it will still show on CRS i had those money?
I deposited them on Revolut to invest them later on.
According to what I have been told they report to the jurisdiction where the account holder is a resident at the end of the year.
Example: During the entire year 2020 the account holder is a resident of Mexico which means the foreign bank will report in 2021 for 2020 to the Mexican taxman. The account holder continues to live in Mexico till 15-June-2021, then he/she moves to Colombia and lives there for the rest of the year 2021 (and further on). The foreign bank will report the year 2021 in 2022 only to Colombia because that is where the account holder lives on 31-December-2021.
Of course, if after the application of the residence test it is determined that the account holder has two residence addresses (why would anybody determine that?) then it would be reported to both jurisdictions (subparagraph 22, MIRA M846 of Maldives Inland Revenue Authority)
However, base case is that reports are send to the jurisdiction where the account holder is a resident on December 31st of the reported year.
This I am trying to explain. I can only setup a residency in my Revolut inside EU ...so i need to choose a careless EU country. Not germany for sure. Somewhere where i can say "ooo those money i made before coming here" . end of story , not "have you paid taxed on it, if no you can pay them here"
Individual countries don't care much about that. (Well, they do, but they outsource the investigations to the local banks.) It's more a question of what the bank will say. You may be asked to show tax returns to prove the money you are bringing is clean.
If you just move to another EU country and start declaring your income there from the day you moved there, it's possible no one will ever ask about the 200,000 you have sitting in Revolut — as long as you don't give anyone a reason to ask. I.e., don't buy property right away with your untaxed money, don't take out a big loan, don't draw attention, don't wire any large sums from Revolut to your new bank accounts. Start from scratch and only very slowly and gradually dip into the untaxed savings.
If you look like just some average intra-EU migrant looking to open a simple bank account for salary payments, banks will often be satisfied with just basic due diligence meaning they probably won't ask for tax returns or dig deeper into the source of funds. But if you're opening a business account for a new company, the banks are obligated to look into your source of wealth which can include verifying that taxes have been paid.
Your situation might be so bad you need to leave the EU for a while. UAE could work. If you take up residence and get settled in UAE, you can then notify Revolut that because you are about to relocate outside of EU, you would like to close your account and wire all funds to your new bank account in UAE. Stay in UAE for a number of years, build up your wealth in a clean way, and then you can go back to EU.
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