Reporting

Brutus said:

From what I have read EMIs don't report income to your country, yes?
As for registered banks they always report. But the EMI is linked to a registered bank so therefore you are getting reported even though you are using an EMI?

And if I open a company account with Euro Pacific Bank for example (not EMI I know) and the company is incorporated in a different country than me, do they report to the country where the company is incorporated or to my home country?

Click to expand...

Common Reporting Standard (CRS)
The Common Reporting Standard (CRS), calls on countries to obtain information from their financial institutions and exchange that information with other countries automatically on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

Euro Pacific Bank and its subsidiaries have the obligation to comply with the Organization for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS).

To whom is the information reported:

• For accounts held by Euro Pacific Securities, Inc. (Global Trading), the required information will be reported to Financial Services Commission (FSC) of the British Virgin Islands.
• For accounts held by Euro Pacific Intl. Bank Inc., there is no reporting since the United States and Puerto Rico are non-participating jurisdictions.

When will reporting take place and for what timeframe:

• For accounts held by Euro Pacific Securities, Inc. (Global Trading), the information will be reported for the first time in May 2018 for new accounts opened in the period of November 20th to December 30th 2017

For further information on the Common Reporting Standard you may access the OECD informative website at http://www.oecd.org/tax/automatic-exchange/common-reporting-standard

Click to expand...

Brutus said:

Can you link where you found that, thanks.

Click to expand...

countryfree said:

Count me as a paranoid too. I've closed all my bank accounts in the European Union, then in AEOI countries. I have Skrill and Paypal, but with very little money on them. Better stick to real banks in non AEOI countries.

Click to expand...

Solomilla said:

I'm very concerned about how EMIs are reporting their clients money. I was thinking about open some accounts on different EMI and limit up to 10k € each. Could this work?

Click to expand...