Revolut CRS 2024: Aggressiveness & Info Shared?

[DerAufklaerer]

If you would like to find out more about which Revolut entity you receive services from please click here. If you have any other questions, please reach out to us via the in-app chat in the Revolut app. Revolut Bank UAB is a bank established in the Republic of Lithuania, registered address: Konstitucijos ave. 21B, Vilnius, 08130, the Republic of Lithuania, number of registration 304580906, FI code 70700. Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania. Revolut Bank UAB provides credit, payment, current account and demand deposit account services. Insurance distribution service is provided by Revolut Insurance Europe UAB which is authorised by the Bank of Lithuania as an insurance broker undertaking. Registered address: Konstitucijos ave. 21B, Vilnius, 08130, the Republic of Lithuania, number of registration 305910164.

Revolut Ltd provides Crypto and Commodity products. Revolut Ltd (No. 08804411) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference 900562). Registered address: 7 Westferry Circus, Canary Wharf, London, England, E14 4HD, United Kingdom.

Trading and investment services in the European Economic Area (“EEA”) are provided by Revolut Securities Europe UAB (Konstitucijos ave. 21B, Vilnius, Lithuania, LT-08130) which is authorised by the Bank of Lithuania as a brokerage firm. If you have onboarded to trading and investment services before 16.03.2023 your service provider might be Revolut Trading Ltd (No. 832790) which is a wholly owned subsidiary of Revolut Ltd and is an appointed representative of Resolution Compliance Ltd which is authorised and regulated by the Financial Conduct Authority.

Today i close my account

 

[pixbix]

So nobody knows for sure what exactly Revolut reports....

like no speculations... but exactly..exactly

 

[Coconut]

So nobody knows for sure what exactly Revolut reports....

like no speculations... but exactly..exactly

I asked Revolut support about this directly the other day - is there any info of my accounts they share?
The response was vague, but I did expect that, as these kind of questions are not for regular users. Essentially, they told me they don't report anything and any tax requirements I have in my country are my responsibility.

HOWEVER, this is the info on their site:

"Will Revolut share my tax information with anyone? Revolut has an obligation by law to report the year-end account balances to local tax authorities in Lithuania annually or provide information on their request. Revolut does not share your information on an automated basis or directly with tax authorities of other countries, it is the Lithuanian tax authority that’s responsible for collecting and sending this to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed by the OECD, which represents the international consensus on automatic exchange of financial account information for tax purposes, on a reciprocal basis."

So, even though customer support was correct to say REVOLUT does not share any info of my account with MY government, they are obligated to share it with THEIR government (Lithuania), and THEIR government (HAS TO?) share that info with MY government under CRS.

So basically, yes, your account info is shared, but there are many moving parts here I don't think anyone but insiders would know. How often is info shared? In what format? How much manpower are looking into this? How well is actually CRS followed in practice, etc...
I have also seen different approaches to CRS. Some report all the ins and outs of accounts, which would amount to a serious burden of information to be shared and controlled. Others report year-end balances (like Revolut), which is cool, but beats the purpose of the surveillance, since you can just make your net balance 0 before the reporting date, and have moved millions prior. The third option I've seen is companies using a 30-day moving average of inflows and outflows to report.

This is the most "exact" answer I can give you. Hopefully, others can shine light to this as well.

 

[bibing]

How often is info shared? In what format? How much manpower are looking into this? How well is actually CRS followed in practice,

How often? Once a year
In what format? Believe it or not but the data is shared in XML format
I'm quite sure they share end of year balances but also average. So yes if you keep 1M€ and remove it on Dec 30 it is showing you have an end balance of 0 and an average of 997,260€

If you read Wise TOS, for example, they say they report also big transactions (no idea what "big" means to them).

 

[Don]

How often? Once a year
In what format? Believe it or not but the data is shared in XML format
I'm quite sure they share end of year balances but also average. So yes if you keep 1M€ and remove it on Dec 30 it is showing you have an end balance of 0 and an average of 997,260€

If you read Wise TOS, for example, they say they report also big transactions (no idea what "big" means to them).

So nobody knows for sure what exactly Revolut reports....

like no speculations... but exactly..exactly

It's all based on the official standards... in some rare instances, it also depends on where the financial institution is based (in some aspects, practical implementation of CRS can be different across jurisdictions).

https://www.oecd.org/tax/automatic-...schema-user-guide-for-tax-administrations.htm
https://www.oecd.org/ctp/exchange-o...ancial-account-information-in-tax-matters.htm
https://www.oecd.org/tax/automatic-...-reporting-standard-and-related-commentaries/

 

[pixbix]

any updates?

 

[JohnLocke]

Yes, i know that, but Revolut also have a brokerage account, so it will be very nice if someone will show his tax report, and show us what Revolut exactly reported back to their homeland tax authority

There's probably no one who would post their tax form here - that said, I can tell you that they report that you have an account with them with X EUR in it - whether it's zero or 1 million doesn't matter. What happens then is that the tax authorities inquire further about your account if they find it interesting, and then they get all the transactions from your account.

Very simple and elegant.