its useless. If youre worried about that, you can approach that from another angle.Has been said that bank accounts should be emptied by December 31 to avoid the CRS report of the end-of-year balance. Now, in some recent posts, I read that this isn’t the case and that emptying accounts by December 31 is pointless. What is the truth? What should one do?
For bank accounts CRS only automatically reports interest earned and the balance on December 31. Incoming and outgoing amounts from your other accounts or from other people are not automatically reported.They report the incoming and outgoing amounts so it's useless.
That’s not true. If that was the case CRS would be useless.For bank accounts CRS only automatically reports interest earned and the balance on December 31. Incoming and outgoing amounts from your other accounts or from other people are not automatically reported.
That being said, the existence of the foreign bank account would now be known by the resident country's tax authorities.
I have never heard of it actually being done, but the tax authorities can look into the zero balance and are able to ask the foreign bank for statements.
Whether one wants to take that risk and empty the accounts before year end, it's up to them. If you're a tax resident of a country in North America or the EU, I personally wouldn't.
Any source for this? According to OECD official stand, these transactions should not be reportedThey report the incoming and outgoing amounts so it's useless.
They report totals, not individual transactions.Any source for this? According to OECD official stand, these transactions should not be reported
correct, you're reported anyway.Now, in some recent posts, I read that this isn’t the case and that emptying accounts by December 31 is pointless.
No, you will be reported anyway. All my accounts were reported to the German authorities last year. I don’t live in Germany anymore, so I don’t care!Has been said that bank accounts should be emptied by December 31 to avoid the CRS report of the end-of-year balance. Now, in some recent posts, I read that this isn’t the case and that emptying accounts by December 31 is pointless. What is the truth? What should one do?
From what I learned from N26, they are only interested in accounts with more than 5000 euros. So I guess you can open lots of EMIs, neobank accounts and keep 4999 euros in each one?No, you will be reported anyway. All my accounts were reported to the German authorities last year. I don’t live in Germany anymore, so I don’t care!
I’m sorry but I don’t understand page 97.Have you checked this one:
https://www.oecd.org/content/dam/oe...ation-in-tax-matters_ab3a23bc/896d79d1-en.pdf
Page 97 lists what is being reported, transactions are not listed there. But please note that in case of fraud/suspicion your government can request further details from the banks.
Hence I would say that for CRS, it would work. For FBAR (US) it does not help as you need to report the highest balance throughout the year.
no country reports its tax residents. CRS only is used if you hold an account in a country where you are not tax resident.Does anybody know if it's true that Dubai while formally participating in CRS, in practice, doesn't really report residents?
yeah but I dont ask about tax residents but just residents.no country reports its tax residents. CRS only is used if you hold an account in a country where you are not tax resident.
Does anybody know if it's true that Dubai while formally participating in CRS, in practice, doesn't really report residents?
From people on the ground in Dubai, more than 1.Where did you hear this? I don't think UAE would play those kind of games and risk their reputation on an international level
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