Revolut CRS 2023

#41
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Can anyone knowledgeable clarify - Revolut EU is supposed to report by CRS to Lithuania at the end of the year, however to which EU countries Lithuania will forward this info then?
Will it be to all of them at once? Or just to the country of user's tax residence?

That's more like a question about how CRS works in general, rather than Revolut specifically.
I tried to look at OECD guidelines online, and it looks like the data is sent only to the country of the user's tax residence, but can't tell for sure.
 
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#42
Normally only to your country of tax residence. Reporting to other countries only in cases of suspicion.
 
#43
yes, info will be sent to country of user's tax residence. However, if you made verification in revolut with german passport, but you specify that you currently reside in Romania for exemple, you will be reported to both Germany and Romania.

But if you use france number to get verified, it may be sent to France also
 
#44
blackmax said:
if you made verification in revolut with german passport, but you specify that you currently reside in Romania for exemple, you will be reported to both Germany and Romania.

But if you use france number to get verified, it may be sent to France also
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That sounds strange, though - on what sources this information is based?
I'm asking, because neither passport/ID nor phone number seem to be normally reported via CRS, it's only TIN/date of birth/full name/address.
So, I don't see how Lithuania would be able to report to the "country of phone number", for example - only if somehow it receives this information from Revolut outside of CRS, but I doubt that's the case.

Sols said:
Normally only to your country of tax residence. Reporting to other countries only in cases of suspicion.
Click to expand...
Cool. And is it indeed the case, maybe you know - that only TIN (taxpayer ID) is being sent via CRS (by Revolut, in particular), not passport/ID card information? So the user is being identified only by TIN (as well as full name), not by his/her passport data?
 
#45
I assume most of people, all over these years, created Revolut accounts to get rid of the headaches of these financial instruments. Now , I related to some of the situations here. I have one nationality and live abroad. Used my Revolut for online shopping , subscriptions and from time to time to some transfers ( barely 10k / year overall transactions ). Now, I also received the notification to send my data, but I`m a little hesitant about this. Basically , what`s the outcome in case you choose not to send? They already have your details , so not sure why they ask you as long as they can directly report your financial statements. Furthermore, you have a deadline ( until June ) , if not your account gets closed. ( I assume?) . And yes, all these years, indeed there were some updates regarding policies ,etc , but I was never asked until now for it.
 
#50
You could also setup a hiding address using some of the services that offer real mailing addresses with mail forwarding or simply SCAN and E-MAIL. Works well in such cases too.

That said, back to topic. Revolut is risky to use, I don't know if their UK branch will report yet, but you need to think 5 years ahead.
 
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#51
I'm also asked to enter my tax ID. The problem is I don't have one, and I would probably not be able to travel to the country where I'm registered with Revolut before the due date to ask for one. Shall I place a random Id number until I get one?
 
#54
Hi, can you tell what details are visible in your tax return card regarding this account? I also live in one EU country we also have this tax return sheet that usually includes the details about all income that tx office tracked. but for my revolut account there was nothing, though I did not have any interest income there last year, only some bank-bank transactions for online payments, about 3k a year.
 
#56
Not sure, they just showed the bank account for me.
 
#59

I have not done it. What happened ? Anyone tested?
 
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