PAYEER CRS-reporting

[juvejuve2020]

I haven't confirmed for definite myself, but from what I have read on this forum, N26 and Bunq might have banking licences and therefore might report under CRS? Not sure about Revolut or Monese.

If CRS is a concern for you, then it might be worth you looking into those financial institutions a little more so you know for sure what their status is there.

I think I have also read some scepticism on the forum about CRS and the "end of year balance" reporting too. You may only have $0 at that point, but if you are still reported to your local tax authority for interest earned during the year (or for your indicia or for some other reason) what's to stop your local tax authority investigating you further? Maybe some others on the forum who know more about this process can elaborate further on this point?

What I have in mind is to raise the money that falls on these EMIs and keep it. The only bank account I have with cash is the account where I receive my salary. Besides, I want to raise everything, so that these accounts (EMIs) are almost always as clean as possible. Therefore, these accounts do not generate interest. Thank you for your answer.

 

[myomyo]

REVOLUT reports GBP and EUR accounts but not USD accounts (if you are not a US citizen)

Where do you have this information from?

 

[Benzouser]

Any updates . .
Is the EMI reg in UK still not reporting under the CRS standard . .

 

[uplana]

Wonder if some of you guys will get back here and let us know if you got reported. By now everyone must know which EMI reports under CRS and which one does not.

 

[Var12]

Are there any news? I wrote to Wise, this is the answer:

Regarding tax obligations, of course our clients are required to pay all necessary taxes associated with transfers made through our systems.

These obligations essentially depend on the tax residence.

Wise Limited (Wise) is a UK company authorized by the Financial Conduct Authority (FCA) as an Electronic Money Institution. We are still evaluating how the so-called Common Reporting Standards, including FATCA, deal with our specific case and how we will implement the new directives.

For the time being, we do not report this information to any UK tax authority.

Should local authorities (based on residence) request information, Wise is required to share it.

Customers are required to disclose and pay all necessary fees associated with transfers made through our systems.

The activation of a tax obligation and / or reporting obligation depends on the tax residence, the nature of the income or profits, and potentially the amount.

What do you think? Could this be a misrepresentation?

 

[bonox]

What do you think? Could this be a misrepresentation?

it is business as usual. Don't think you will escape the reporting. Prepare your stuff and get out of the trouble before it is too late.

 

[Tr0nad0r]

Are there any news? I wrote to Wise, this is the answer:

Regarding tax obligations, of course our clients are required to pay all necessary taxes associated with transfers made through our systems.

These obligations essentially depend on the tax residence.

Wise Limited (Wise) is a UK company authorized by the Financial Conduct Authority (FCA) as an Electronic Money Institution. We are still evaluating how the so-called Common Reporting Standards, including FATCA, deal with our specific case and how we will implement the new directives.

For the time being, we do not report this information to any UK tax authority.

Should local authorities (based on residence) request information, Wise is required to share it.

Customers are required to disclose and pay all necessary fees associated with transfers made through our systems.

The activation of a tax obligation and / or reporting obligation depends on the tax residence, the nature of the income or profits, and potentially the amount.

What do you think? Could this be a misrepresentation?

This text hasn't been updated in years and you should note that it talks only about Wise UK, Wise has an EMI in Belgium for EUR accounts and uses Evolve for USD accounts, those might be required to report under CRS/FATCA.