Recent content by mrmrmanhuman

NO not at the moment. They may collect informaiton but i do not think any of them fall into the CRS / FATCA catetgories. Which is why a new OECD framework is created to capture them into scope, this will likely take effect in 2025. Until such time then...

It depends on the nature of your entity in Dubai. 1. If it is a financial institution under the definiitons of CRS = Not reported 2. If it is considered and declared as an active entity with active business, then it is reported to the country of its residence (where management is conducted or...

BVI recently introduced a new requirement where Financial Institutions (investment entities relevant here) will need to have a person with a "permanant position" in the entity to be the Primary User of the reporting system (FATCA CRS). Currently if a structure uses corporate directors and have...

Bringing your attention to this; g20 report tax ministers - https://www.oecd.org/tax/oecd-secretary-general-tax-report-g20-finance-ministers-april-2021.pdf “The OECD will continue to work on the detailed technical proposals for the new tax reporting framework for crypto-assets, with a view to...

I think you need to get your facts right KJK. Section IX of the CRS requires tax offices to ensure effective compliance to the CRS via rules, penalties, follow up procedures and audits. Based on the OECD CRS implementation handbook, it provides “guidance” on how to ensure “effective...

Your responses are helpful! In the management of confidentiality due to CRS, there are jurisdictions that do not participate in the CRS, and there are jurisdictions that participate but do not have a hard approach on the FIs. Anyone here know whether any Tax Authorities have begun auditing any...

Agree with the above response. Equity ETFs are overpriced. A consideration could be low beta ETFs such as commodities or utilities ETFs. Also if you want to hold a foreign currency, you can consider a bond ETF in that currency, e.g. US 10 year : TLT However my friend, before ALL THESE...

This is a very interesting point. Any idea if there are any trading platforms out there which allows you to trade (i.e. realise) your stock by way to exchanging it for another stock? Probably not due to the difficulty in matching a 1 to 1/whole number swap (else one party will make a transaction...

For good measure, I got to clarify with you that the crypto may not be reported if it is not considered a Financial Asset under the CRS definitions, refer to the OECD CRS Commentary, section VIII, para 23 oneards - Common Reporting Standard and related Commentaries - Organisation for Economic...

On your Response to #1, I read that if the cryptos are considered Financial Assets, and the entity which holds the cryptos are considered Custodial Institutions, the crypto holdings will be financial account and its net value will have to be reportable. any thoughts on this?

A direct purchase into anything that stores value, that is not a financial account type asset could work. Something like art or actual gold

So the fiat is definitely reportable, but would the value of the cryptos be considered and reported too? And since we are on that point, since USDT is a crypto, would it be considered fiat or not as it tracks the USD?

Then again, does it mean that the crypto accounts are reportable as Financial Accounts? There are a few tests to clear for you, as an account holder to be reported. 1) open an account with a reporting financial institution 2) the account has to be a financial account 3) you have to be a tax...

Depends on the type of account. But any redemptions in that year will generally be reported (aggregated).