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N26 Bank - CRS
- Thread starter mc9
- Start date
According to HSBC, they're reporting the following (I assume most banks report the same thing):
If taxman wants more information though, they will either ask you or the bank directly.
- the balance or value
- the total amounts of interest or payments credited
If taxman wants more information though, they will either ask you or the bank directly.
Thats pretty much it as @legrant said. The amounts debited and credited, interest paid and even account closure during reporting period. Basically no escape by having a zero balance or closing account etc.
See also my post below on N26. They take CRS reporting seriously and use Indicia even.
https://www.offshorecorptalk.com/threads/dubai-property-downpayment-with-cash.33348/post-171011
See also my post below on N26. They take CRS reporting seriously and use Indicia even.
https://www.offshorecorptalk.com/threads/dubai-property-downpayment-with-cash.33348/post-171011
I see a lot of people worried about CRS, but if we think about it, which country is really prepared to look at these reports and take action?
Please note that I am talking about reports with reasonable values, they are not astronomical values.
I've already seen an answer from you in which you say that deposits and withdrawals are equally reportable, but I've seen a report (just an image) like that and there isn't even a field for that.
They are clear, year-end balance or value and interest.
There is also another person here who I think is a banker who says that deposits are not reported.
He gave as an example the transfer of family members, etc.
But once again I say that if it is not about large amounts, countries should not raise alarms about it, because the resources they have are to be applied to great corruption and not with insignificant amounts.
In Portugal the internal bank accounts reported are only those with more than 50k, if you have 49k you are no longer reported. It is to see the dimension of what they consider significant to investigate, everything else is a waste of time/resources.
N26 only report balance at the 31 december + account number + the interest
Source : my CRS report for my individual account.
But again, gov may ask for more if it is suspicious. A personnal account will be ok because a lot of people have those accounts for travel, so taxman may not ask for more (that's what happened for me) but for a business account they will ask for more information
Source : my CRS report for my individual account.
But again, gov may ask for more if it is suspicious. A personnal account will be ok because a lot of people have those accounts for travel, so taxman may not ask for more (that's what happened for me) but for a business account they will ask for more information
Even with CRS, they're interested in busting the big fish, 6 figures plus in deposits to begin with. If you deposited 50k in some bank abroad i strongly doubt an overburdened and understaffed tax authority from your typical western nation will be bothered to look into it. However, if you deposit 50k at 6 different banks and they all happen to do reporting, you will attract attention.
yes, as I said, if they are big values, they will have every interest in investigating, but "small" values (I say up to 5 figures), I think that the cost/benefit of the resources will not lead them to that.
There's so much for them to investigate that simple private people hardly arouse much suspicion, unless they do what you say, have 5-figure amounts spread across several banks.
But here in the group there are certainly more people who are knowledgeable in these matters.
In UK a serious offshore tax offense is one involving evasion of more than just £25,000. Punishment is up to 6 months in jail 
. You need to look at the laws of each country.
. You need to look at the laws of each country.Yes, you are also right in that regard. That's why I mentioned the case of Portugal for knowing the reality.In UK a serious offshore tax offense is one involving evasion of more than just £25,000. Punishment is up to 6 months in jail
You also have to remember it is far more easier for taxman to go after middle class than it is to go after the rich. The rich have expensive lawyers who can find things such as procedural errors done by the taxman in an investigation and get the case thrown out of court. It is far easier to go after Bill the carpenter the lawyered up Donald Trump the business man with complex tax arrangements (ok he is screwed now in NY investigation)
This is a funny case below of what good lawyers can let you get away with. Claiming money came from a "Money Box"
https://www.bbc.com/news/uk-31459067
This is a funny case below of what good lawyers can let you get away with. Claiming money came from a "Money Box"
https://www.bbc.com/news/uk-31459067
I still have a revolut account and a N26 account, both are registrated to my german address (Well actually its my dads address) since I couldn't use those services outside of EU. I'm wondering that the authorities in germany do with these infos
Here is the CRS report (whited of course) what's really important is the "accountreport" at the end, the rest is only my private information that I whited
There is the IBAN, the balance at the 31/12 and interest (no interest in my case because they don't offer them for account holder in Belgium). I had few thousands € flow in this account that year.
It depends on your tax authority. As a Belgian resident I can access the finance ministery website to file my tax and look at the documents (my final tax return, the crs reports, etc).How can u got that?
It really depends on your government. If your country allow online filing try to browse on the website (that's how i found this section)
So it's recent news that N26 got under investigation for insufficient control over money laundering.
I am wondering: N26 seemed the stricter of the bunch, even not offering accounts to those residing in malta or cyprus or other dubious countries.
How comes authorities started to pressure on them?
I am wondering: N26 seemed the stricter of the bunch, even not offering accounts to those residing in malta or cyprus or other dubious countries.
How comes authorities started to pressure on them?
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