Paysera and CRS

[randomguy]

Do you trust Paysera? They say "we do not provide any information automatically to local(tax) authorities" Do you know if it is mandatory to comply with CRS being an EMI in Lithuania?

 

[Gediminas]

Do you trust Paysera? They say "we do not provide any information automatically to local(tax) authorities" Do you know if it is mandatory to comply with CRS being an EMI in Lithuania?

They are misleading its users. They are obligated and to provide everything.

Where exactly did you find this?

 

[randomguy]

They are misleading its users. They are obligated and to provide everything.

Where exactly did you find this?

I sent an email, that is literally what they told me ("we do not provide any information automatically to local(tax) authorities" ), I don't think they are telling the truth.

 

[Gediminas]

I sent an email, that is literally what they told me ("we do not provide any information automatically to local(tax) authorities" ), I don't think they are telling the truth.

By saying "local" maybe they meant Lithuania? In this case, they are not providing any information to local (LT) authorities, but that's not the case with the foreign (outside LT) authorities.

 

[randomguy]

By saying "local" maybe they meant Lithuania? In this case, they are not providing any information to local (LT) authorities, but that's not the case with the foreign (outside LT) authorities.

As long as I know, CRS is always sent to local authorities and then this local authorities send it to foreign authorities.

 

[Gediminas]

As long as I know, CRS is always sent to local authorities and then this local authorities send it to foreign authorities.

Well, yes. You are right there. Technically, they will exchange this information through the local tax office.

Not sure why, but they are misleading their clients.

 

[AMD]

As long as I know, CRS is always sent to local authorities and then this local authorities send it to foreign authorities.

I don't know but could it be they don't comply to regulations, should not be the first time for an EMI! Mister Tango was mentioned here already in the past, ePayments and more.

 

[CaLViN]

I am sure they do.As they are located in LT.

 

[NicolasMaduro]

Whats their incentive to lie about? And why do they have to do it, when TransferWise dont do?

 

[JohnLocke]

They want to fool new customers into their business. Perhaps they are under intense pressure from competitors and losing market share.

 

[Andrius]

Its not true, I asked them the same question and they answered me that the info is provided about all clients according to the CRS requirements to the LT authorities. Maybe they have meant that if you are, for example, citizen of Cyprus, then they do not provide information directly to the local Cyprus government institution.

 

[Konstanz]

Guys, you should not try to overcome CRS in such way. Government can get your account details through other sources if they know that you have one. You when will be in big trouble.
Be smart, structure your wealth the right and legal way or get tax free residency in other country.
About Paysera I am 100% sure they are part of CRS and share all details.

 

[sullyferdinand]

Be smart, structure your wealth the right and legal way or get tax free residency in other country.

100% agree

Everybody paranoid and looking illegal ways. They always get caught soon or later

We are in 2020, it is not about paying ZERO taxes, but about setting up best structure and minimize them.
As I read somewhere else in this forum, pay your taxes and sleep well at night.

 

[Neil]

As far as I'm aware, they provide their local STI only with the basic info - that client X opened an account, and then STIs can share that info between themselves.. But other details are normally given to the authorities only if some active investigation about that specific client starts.

 

[kkein]

is it possible that, in 2020, it's still unclear how CRS works?
Shouldn't this be explained clearly not only for the authorities but also for common citizens?
Until now, i knew (thought) that CRS info would be exchanged directly with the tax authority where the customer is tax resident and noone else.
Then i speak with $providers, and they claim banks share customer details only if one is under investigation
Finally, i read here that banks (well, in this case, an EMI) shares details with the authority where the EMI is located, and this authority will then forward the info to <???>.
Where can an ultimate answer be found?

 

[Neil]

is it possible that, in 2020, it's still unclear how CRS works?
Shouldn't this be explained clearly not only for the authorities but also for common citizens?
Until now, i knew (thought) that CRS info would be exchanged directly with the tax authority where the customer is tax resident and noone else.
Then i speak with $providers, and they claim banks share customer details only if one is under investigation
Finally, i read here that banks (well, in this case, an EMI) shares details with the authority where the EMI is located, and this authority will then forward the info to <???>.
Where can an ultimate answer be found?

Well I mean simple Google search of "How does CRS work?" gives quite detailed answers that pretty much match and explain which countries participate in it, what is shared, when, etc.

 

[sullyferdinand]

is it possible that, in 2020, it's still unclear how CRS works?
Shouldn't this be explained clearly not only for the authorities but also for common citizens?
Until now, i knew (thought) that CRS info would be exchanged directly with the tax authority where the customer is tax resident and noone else.
Then i speak with $providers, and they claim banks share customer details only if one is under investigation
Finally, i read here that banks (well, in this case, an EMI) shares details with the authority where the EMI is located, and this authority will then forward the info to <???>.
Where can an ultimate answer be found?

Providers are not banks no confirm that

The Financial Institution (call it bank, emi, pp, investment traders, fund management companies,etc) have the right to share information with tax authorities, it does not mean that they always do it, specially when it comes to HNWI, they always find the way to protect as much as they can this clients

Also, even if there is no ''investigation'', they can still share information

 

[JohnLocke]

If you look around and read some of the many threads about EMI's and sharing Information you find the same answer over and over again. Most don't share yet but soon they will.

Some say they don't share and will not share to fool "new customers into the shop" and don't really care about the future.

 

[isyet]

Guys, you should not try to overcome CRS in such way. Government can get your account details through other sources if they know that you have one. You when will be in big trouble.
Be smart, structure your wealth the right and legal way or get tax free residency in other country.
About Paysera I am 100% sure they are part of CRS and share all details.

I agree too. Our Paysera experience: We had a business account at Paysera. Although we filled out the KYC form during the first registration, the money on the account was restricted after 1000 USD. Account remained closed for 30 days. we have become unable to do our job. Our customers sent money to our paysera account. But we couldn't take the money. I sent the same KYC form we gave a year ago many times. They did not unblock our account again. After a lot of emails, our account opened 1 month later. We became victims. We have tax numbers in 3 EU countries. Paysera excuses KYC and runs the money for a long time. When they said we would complain to the EU consumer rights agency, they opened our account. All emails are available as evidence. I recommend you stay away.