If you are tax resident in EU, but have staked Ether in one of the crypto friendly Swiss banks will they report to your government your eth balance at the end of the year or that is just for fiat assets?
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Will Swiss banks report your digital assets to your country of tax residence?
- Thread starter PinkCat
- Start date
Seems to me that this is only for Swiss passports owners, or at list only for EU passports
Yes, since they under heavy surveillance of the tax loving crowd, one must assume they report everything.
One must assume they report your whole balance according to crs and even pay attention to indicia where you might be living for real.
They do report to your residence of country
Some one lives in Saudi Arabia and he is Egyptian got 1M $ then the bank of swiss sent this to the Saudi government and he got investigated on that
So yes Swiss banks are very dangerous specially now
In "most" (I'm being kind. I don't want to stress the obvious) places in Latin America, the resident would probably get kidnapped or have a bunch of hardened criminals (to get a reduction of sentence) testifying they did business with the resident.
This whole CRS/AEOI snitching BS blows my mind!
I wonder about the question since it is publicly known that virtually all countries (if not all) in Europe report to each other, which is what CRS is for. And surely, Switzerland cannot stand outside this agreement, unfortunately. We are 20 years further ahead now where there are no secrets in Switzerland anymore as they were known back then, certainly there are opportunities, but not as they were 20 years ago.
Can anyone explain:
1. What a Swiss bank exchanges? Start balance, end balance, transfers ?
2. Does the bank still exchange if the account get closed before the end of the year?
Start balance and end balance for sure. Individual transfers not but turnover probably (I am not sure).
Yes; for the year of closure.
I've asked this question to several Swiss bankers over the last 9 years. They don't know (or don't want to tell me?
). They claim it's the "back office" that does it with their local government and the "front bankers" don't know what is being sent. Someone who retired from a Latin American tax office "alleges" that the information they may receive on Peter (start balance, end balance) may not be the same fields they get from Paul (start balance, Txs, end balance, other bank accounts with same name etc). I find this hard to believe, but I have no way of knowing.
We've asked in other countries and nobody seems to know. There has NOT been one person who has inspired confidence in their "answers".
PS. I do have a client that I know of ("client" as in he purchases IT products from me) in the US, with a very common name, who was audited for having an account in a tax haven, but it was NOT the same person. With the help of a tax lawyer and an accountant, he sorted it out with the IRS. It lasted ~18 months, but with about $30K in professional fees, he got to prove the account did not belong to him. So, no penalty and no prison time
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