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Revolut CRS 2023
- Thread starter pixbix
- Start date
Yes. They do CRS as they become a Bank. Maybe they also did CRS before.
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc
)) ... and that bank sayd they will report only the balance at end year.
seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc
)) ... and that bank sayd they will report only the balance at end year.seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
Reporting is done in a standardized form according to OECD guidelines. What "support level" tells you is irrelevant. They all report the same.Yes. They do CRS as they become a Bank. Maybe they also did CRS before.
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc
seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
Everything what is relevant ->
FAQs about the Common Reporting Standard (CRS)
Understand: "Any interest or other payments deposited into the account" is equal to turnover.
You sell a stock and invest the amount into an FD with same bank. This will will be reported as turnover which can blow up the reproted figures enormously. It might be fun to explain that to your local tax office ... - that way they catch professional daytraders who pose as private investors in some jurisdictions.
Funny. I've heard about a guy from UK , he had a 32 millions USD forex position , into currencies, where you can easy do 1000-2000x ... lol
so they just come to his door )
)) telling him he have to pay 16 millons to not get arrested, bla bla blaOne bank told me that only the balance at the end of the year is reported. but the turnover, or the total payments recieved.
Could you elaborate on that last sentence?Funny. I've heard about a guy from UK , he had a 32 millions USD forex position , into currencies, where you can easy do 1000-2000x ... lol
so they just come to his door )
One bank told me that only the balance at the end of the year is reported. but the turnover, or the total payments recieved.
I wrote an email to all the banks in Romania, saying I am a Spanish guy (maybe i should have told them i am girl, maybe they would help them) who doesn't live anymore in Europe. I told them my mother was Romanian, but i am not a romanian but a spanish citizenship. I told them i want to open an account at their bank because fees are very low in Romania, and I asked about the CRS because i told me i am a web programmer in Colombia and i make 2000-3000$/month, and i wanted to know if at the end of the year i will have a zero balance, they will report anything back to Spain.
One bank responded me , telling me they only send the end year balance. So if i have zero at the end of the year, they will send the value zero.
All the others banks wanted me to send them my ID "for identification and clarification" ... that's sad. they made them look like governmental spies.
That is good news. For some reason my Revolut account is still not asked for a tax identification... after 4/5 years. But I feel they might ask me this year and that end of balance thing would be just great if true.
My tax agency shows all banks that report, and they include at least:
Revlout
Bunq
So can confirm at least that Wise doesn't report.
Revlout
Bunq
So can confirm at least that Wise doesn't report.
No.
They do not go out of their way. They report in accordance with local regulations. These local regulations are based on the applicable OECD CRS compendium.
Study the OECD website where everything is published!
If you read carefully through the statement on their website ( How does tax work with my Wise Account? | Wise Help Centre ) Wise currently reports what is obliged to report: everything held by it's Assets subsidiary is reported ( because it's stocks, basically ), as it's everything which is held by Wise Australia. For all the rest, at the moment there is no reporting, but that doesn't mean that Wise doesn't do his due diligence. Regarding revolut, if your account is held by the bank ( so basically if you are protected in case Revolut fails, which I guess was the reason they did the banking licence, as Wise was profitable but Revolut was not ), then it's reported. If they still have an EMI licence and some accounts fall under that EMI licence they probably are not reported. In general what's reported is everything Forex / stocks / funds in banks.
https://www.e-tar.lt/portal/lt/legalAct/f410dab0558711e6b72ff16034f7f796/asryou can see even database fields what's must be reported.
more:
https://www.vmi.lt/evmi/en/duomenys...askaitu-iplaukas-ir-skolinius-isipareigojimus
also keep in mind that years ago is implemented "one click" info gathering, and to get details from another euro county in one click. I bet this work with not all countries, but in the long run it should be. How I know from germany in one click, but knowing uk banking laws they don't share info quite easy, of course until written request. Also uk is not eu now.
Interesting it talks mainly about residents. Wonder how EMIs work? I mean they can report you, but it's not useful info for the Lithuanian government getting the balances of some guy in Argentina.
I think that if the governement wants to know something about someone as they suspect a criminal offence, they can have a court order and the EMI will give everything they have. I mean that's my understanding with wise, they don't exchange data automatically, but if Wise suspects something will communicate to the tax authorities, and if the tax authorities needs to investigate they must make a request to Wise. Unsure if it needs to be a court order or not, might vary by country.
They also take your ID, and country who issued it. So you can't have an ID from Finland and register in Romania , because they will know who issued your document... even if you have a valid address in romania, and you say you are tax rezident there. revolut do not accept "residents cards" only passport, driving licenses and nationals IDs...
they don't report the TAX ID? or your national issue ID? i can't see a place for "Tax residence" also
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