Revolut CRS 2024: Aggressiveness & Info Shared?

[pixbix]

Any update of how aggressive they are and what information they are sending?

 

[Don]

Revolut is a hybrid bank/EMI.

If you want less reporting stick to pure EMI-s.

EMIs are not considered subject to the CRS as they are not Depositary Institutions.

 

[pixbix]

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

 

[Don]

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

This could be useless for you because you first need to understand how the entity is classified for CRS purposes.

The CRS categorizes entities into different types based on their activities and functions. Based on the classification the entity/person might be excluded from reporting.

Under CRS, the details to report includes customer’s tax residency details and financial account information (i.e. balance/value and the total amounts of payment credited to their respective financial accounts).

 

[inector]

EMIs are not considered subject to the CRS as they are not Depositary Institutions.

This is new to me, does it apply to all EMIs (obv unless it's an online bank)

Do they report anything then, and what's the risk?

 

[Don]

This is new to me, does it apply to all EMIs (obv unless it's an online bank)

Do they report anything then, and what's the risk?

Note that this is about to change.
With the amendments to the CRS, entities that hold specific Electronic Money Products or Central Bank Digital Currencies for the benefit of customers become Financial Institutions under CRS.
https://www.grantthornton.ie/insigh...-amendments-to-the-common-reporting-standard/

 

[Giorgiogori]

True, this is relevant:

Inclusion of new financial products​

Depository Accounts, as a category of financial accounts, are no longer restricted to the ‘traditional’ definition linked to banking or to interest-bearing accounts held with insurance companies. Added to this list is any account representing electronic money (e-money) or Central Bank Digital Currencies (CBDC.)

Consequently, any entity that holds e-money or CBDC for the benefit of customer will now fall under the term “Depository Institution”, a category of Reporting Financial Institutions under CRS.

What does this means?
"To note that these new accounts would be reportable under CRS, with the exception of e-money accounts whose 90-day rolling average does not exceed USD 10,000 at any day during the year."

less than 10k per year are not reported?

 

[Dictator]

How to get a Revolut account if one doesn't have a residency of the countries Revolut support? Neither a temporary, nor a permanent one. Are there any workarounds?

 

[Cloudbanck]

How to get a Revolut account if one doesn't have a residency of the countries Revolut support? Neither a temporary, nor a permanent one. Are there any workarounds?

If you are an EU/EES citizen, then you just get a utility bill in your name in one of the countries Revolut supports. Not too difficult.

If you are a non-EU/EES citizen, Im less sure, maybe a residency permit is required.

 

[bibing]

Which EMI is not reporting accounts then?

 

[Cloudbanck]

Which EMI is not reporting accounts then?

They all report.
But say you opened an EMI account with a utility bill from EU country A, but you live in Panama/UAE or somewhere outside the EU. Then the EMI will report to country A, and then I don't know what will happen, but country A can't tax you since you are not a tax resident there.

Worst case they'll tell the EMI their record is wrong and the EMI will ask you to update or close the account. In practice nothing seems to happen though.

 

[bibing]

Oh ok, but in that case, you need to be very careful.
Hopefully by seeing this guy is not resident in COUNTRY A, they are not going to send the info by default to the country of citizenship.

 

[Cloudbanck]

Oh ok, but in that case, you need to be very careful.
Hopefully by seeing this guy is not resident in COUNTRY A, they are not going to send the info by default to the country of citizenship.

Well, in this scenerio, or in any scenario really, if your country of citizenship is a high tax western country, it is best to have cut the ties and left a long time ago. So the country of citizenship will just see that this guy doesnt live here and isnt a tax resident here, not our problem.
But it is an interesting question if banks report to the country / countries of citizenship.

 

[DerAufklaerer]

Over 6 months Revolut will have my tax number. I hav not given account is also open and works

 

[pixbix]

nobody can answer my question .... and so many people use revolut

 

[Don]

nobody can answer my question .... and so many people use revolut

Its rather simple - standard information that is reported under CRS if your entity is reportable.

 

[DerAufklaerer]

Not company
PESONAL (German citizen)

 

[banafinfodafuggiano]

Not company
PESONAL (German citizen)

Leave Germany. If you live in Germany, you risk.

 

[DerAufklaerer]

I am seriously considering closing my Revolut account. I only use it for free credit card deposits and transfers for gambling, which is also possible with other providers such as ZEN.

 

[DerAufklaerer]

Many newsletter rrabout products ETF, gold..