Recent content by aurlux

here we discussed it: AEOI - beneficial owner reporting? it seems to me that there is still some uncertainty wether the bank will report to company or fiscal country, I guess only the bank who sends the info can assist on this matter, and they should do exactly as they inform the client.

I didn't quite understand how the page 43 says information would be exchanged to the country of the company. Or is this only if the controlling persons are from country not participating in information exchange? Test 2 on page 43: "is the account holder a passive non-fictional entity with one or...

I am still unclear on my main question. When would one have to close an account to avoid personal info being sent abroad from the bank's country? For example if information exchange starts in third quarter of 2017, would the closing of account during summer be still reported?

As to the 250,000usd limit, it's applicable only to the companies made before the bank's country signed the contract, or so I have read.

So the information would be exchanged only at the request of tax officials from the fiscal country? The word double treaty agreement is new to me, would "tax information exchange agreement" be synonymous with it?

Cheers guys. Is there any chance the country where the company is registered will report to country of fiscal residence?

Info seems to be so that when the country signed the agreement(latvia in 2014 in this case), any company made after the signing is considered "new entity" and will be reported. The question remains if the country where the company is made is the country where the info will be sent, or will it be...

was this confirmed?

So more info about this, please, what is considered pre-existing account, that means a company registered before what date? "Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Financial Institution elects otherwise, either with respect to all Preexisting...

How do I determine if an account is considered pre-existing? I found this info from the link above: 9. The term “Preexisting Account” means a Financial Account maintained by a Reporting Financial Institution as of [xx/xx/xxxx]. 10. The term “New Account” means a Financial Account maintained by a...

Great. Any idea about the threshold of 250 000usd mentioned here, what would be considered as "new entity accounts", would that be account made after september 2017 or account made after 2016 january? Any certainty about companies with income below 250 000usd not being reported anywhere...

I have this question: As you all or most know, by end of 2017 Latvia will participate in the automatic exchange program and will send bank information to other EU countries about people who have bank accounts in their country. What I would like to inquire about is that when one should close the...