Hello everyone ,
I saw a few threads on CIM bank and I see most people are satisfied with their service.
My question for you experts is will cim bank share my info according to AEOI?
I live inside EU and technically they should automatically share that information .
If that is true then there is no point for me to open account with them.
My purpose for opening account with them (personal) would be to transfer my legal cash to them and perhaps 10.000€ per year of cash. I asked if I can add 10.000€ cash per year and CIM told me it's absolutely fine as long as I don't start doing it on a monthly basis... or 'relatively' often... I don't trust my government (Croatia) and would like to keep my money somewhere safe.
I did a lot of research and found different things.. among one of them I find interesting :
This agreement includes the Common Reporting Standard (CRS) which obliges Swiss banks to automatically send foreign tax authorities the client's name, address, domicile, tax number, date of birth, account number, account balance at years end, and the gross investment income.The CRS does not, however, override the Swiss Banking Law of 1934, so the client's expenses (withdrawals) and investments are not disclosed. Thus tax authorities cannot "go fishing" for tax evaders, they must directly link a financial crime to the client's account. The disclosed information can only be used for tax auditing and Swiss authorities may prevent disclosure.
This would mean that my information would indeed be shared but if i spend that 10.000 before the years end tax authorities wouldn't find out about it..
Also I'm not talking about multi million transfers just a few thousand euros here and there..
Thank you for your time !
I saw a few threads on CIM bank and I see most people are satisfied with their service.
My question for you experts is will cim bank share my info according to AEOI?
I live inside EU and technically they should automatically share that information .
If that is true then there is no point for me to open account with them.
My purpose for opening account with them (personal) would be to transfer my legal cash to them and perhaps 10.000€ per year of cash. I asked if I can add 10.000€ cash per year and CIM told me it's absolutely fine as long as I don't start doing it on a monthly basis... or 'relatively' often... I don't trust my government (Croatia) and would like to keep my money somewhere safe.
I did a lot of research and found different things.. among one of them I find interesting :
This agreement includes the Common Reporting Standard (CRS) which obliges Swiss banks to automatically send foreign tax authorities the client's name, address, domicile, tax number, date of birth, account number, account balance at years end, and the gross investment income.The CRS does not, however, override the Swiss Banking Law of 1934, so the client's expenses (withdrawals) and investments are not disclosed. Thus tax authorities cannot "go fishing" for tax evaders, they must directly link a financial crime to the client's account. The disclosed information can only be used for tax auditing and Swiss authorities may prevent disclosure.
This would mean that my information would indeed be shared but if i spend that 10.000 before the years end tax authorities wouldn't find out about it..
Also I'm not talking about multi million transfers just a few thousand euros here and there..
Thank you for your time !
