CRS(AEOI): by citizenship or by residency?

[worldwideservice]

Hi community,

Situation: i have private account opened in some country, that is going to make first CRS report soon. Account is on the EU passport, but i live in another EU country.
Question: where will they send it (and if they will do it at all?) in case if account is opened on the local address of that country (was opened during long-stay on that address, however have never lived there anymore)?
Bank account is actively used ofc.

Thanks in advance.

 

[Gediminas]

CRS is based on your residency information, not citizenship. The bank should have asked you before where you pay taxes, if not - they might ask for this information at some point in the future.

 

[worldwideservice]

CRS is based on your residency information, not citizenship. The bank should have asked you before where you pay taxes, if not - they might ask for this information at some point in the future.

Well... they require local address only, foreign address is not accepted. Account is active for 8 years already. Since the local address is filed there - i assume they consider me to be local resident thus not subject to CRS/AEOI with any country?

 

[JackAlabama]

Well... they require local address only, foreign address is not accepted. Account is active for 8 years already. Since the local address is filed there - i assume they consider me to be local resident thus not subject to CRS/AEOI with any country?

yes, if they have not done any recent update for info it is like that.
maybe they will come and harass you for tin and stuff like that.

 

[bizniz]

I agree. It sounds like they will treat you as a local resident, but this is unlikely to last much longer. You should have Plan B in place.

 

[nomad999]

Pretty sure CRS requires a Tax id so if the bank don't have one they can't report you.
Could someone confirm or dismiss this ?

 

[rowena]

Pretty sure CRS requires a Tax id so if the bank don't have one they can't report you.
Could someone confirm or dismiss this ?

They can report without tax id. Your national id or combination of your "first name + last name + date of birth" is also an identifier.

 

[JackAlabama]

They can report without tax id. Your national id or combination of your "first name + last name + date of birth" is also an identifier.

they most probably will. but if that dataset gets processed and how is anyones guess and if you get any notice from your residence country.

 

[daxbr]

Been in similar situation. Decided to contact bank proactively and redirected CRS reporting to where I wanted it to go.