CRS - country of company or country of bank

cristiansilva33as

Active Member
Hello,
What is taken into account for the CRS for information sharing, the country of the bank account or the country of the company?

Example, a company is registered in jurisdiction "A" but has a bank account in a bank located in jurisdiction "B".

Let's say that only jurisdiction "A" has an agreement with CRS. Will that company's bank account be reported to the fiscal country?
 

fshore

Trusted Member
Business Angel
Hello,
What is taken into account for the CRS for information sharing, the country of the bank account or the country of the company?

Example, a company is registered in jurisdiction "A" but has a bank account in a bank located in jurisdiction "B".

Let's say that only jurisdiction "A" has an agreement with CRS. Will that company's bank account be reported to the fiscal country?
No, as it's the bank in country B will not report if they are not part of CRS.
 

cristiansilva33as

Active Member
Thanks for the explanation, so when it comes to CRS the country of jurisdiction is of no use to anything. What always matters is the country of the bank.
 

BTCNG

Active Member
If your bank is not in a CRS country, you are off the hook.
If you have residency which is not in a CRS country, you are off the hook (and this is the only residency that is registered in your bank)

You will of course need a specific professional guidence in your personal case.

You can see the CRS countries here :
https://www.oecd.org/tax/transparency/AEOI-commitments.pdf

All the above can change in time of course and you always need to follow.
 

BTCNG

Active Member
Very nice chart Alex.
I saw you recommend this bank several times in this forum.
Can you give more details and if you have a running account with them?
 

BTCNG

Active Member
you are right, i have an account in this bank. Can you clarify what exactly you want to know? what kind of details
How long does it take to open an account with them?
Do I need to come there in person to open the account?
How hard is their compliance in term of running the account (do I need to present an invoice for every income)?
How good is their e-banking?
Who are their US$ corresponding bank?
Will the account have a dedicated IBAN?
Does the fact they deal with Bitcoins does not expose them in losing their banking license?
 

mnschwarz

Offshore Agent
Business Angel
Just had a quick look. They really don't share much on the site do they? I requested some more information which can apparently only be provided by a bank manager.

I'm also curious how they can offer 10% on EUR savings accounts.... Especially since they state they are a transactional only bank, offer no loan products and don't use clients funds for investments...
 

BTCNG

Active Member
Just had a quick look. They really don't share much on the site do they? I requested some more information which can apparently only be provided by a bank manager.

I'm also curious how they can offer 10% on EUR savings accounts.... Especially since they state they are a transactional only bank, offer no loan products and don't use clients funds for investments...
Maybe Alex93 can give us more info.
 

BTCNG

Active Member
i am not a manager, but try to answer -
-the account was opened 20 days ago without a personal visit
-compliance with the standards
-e-banking works normally
-my account in Euro
- about bitcoins i really dont know

I will let you know about pros and cons in near future
Are they opening also USD accounts?

I must say that the fact they give 10% on the Euro is absolutelly alarming. Don't you think so?
 

BTCNG

Active Member
as i know yes, you can open USD account also. According to the procents - maybe you are right, but for offshore banks to my mind its normal.
I would suggest you keep your eyes open.
No one is offering, legally speaking, this king of %.
 

mnschwarz

Offshore Agent
Business Angel
@Admin Were the posts here from alex93 removed? Was it found to be BS info provided or some other reason those posts no longer appear? Thanks.
 

OffCap

Building Trust
Entrepreneur
If your bank is not in a CRS country, you are off the hook.
If you have residency which is not in a CRS country, you are off the hook (and this is the only residency that is registered in your bank)

You will of course need a specific professional guidence in your personal case.

You can see the CRS countries here :
https://www.oecd.org/tax/transparency/AEOI-commitments.pdf

All the above can change in time of course and you always need to follow.
Be careful here if you're dealing with international banks. For example, most of the banks in Montenegro are foreign owned and it's normal that everything they do flows through their parent in say Austria so you need to be aware not just of the local presence but how the foreign parent deals with it as well. Some banks are good about using this to client advantage for example in cases where some banks use their presence in Puerto Rico to avoid CRS on that portion of their business but it's case by case.

Just had a quick look. They really don't share much on the site do they? I requested some more information which can apparently only be provided by a bank manager.

I'm also curious how they can offer 10% on EUR savings accounts.... Especially since they state they are a transactional only bank, offer no loan products and don't use clients funds for investments...
If it's on pure savings then it's non-sense. You can do better than that in EUR bonds and you can do around those numbers through various finance arrangements but that won't be a pure savings account your money is being lent out to get those kinds of returns for sure.
 

andres33

Member
Offering 10% on EUR savings = PONZI SCAM

"Nioumachoua, Autonomous Island of Mohéli, Union of the Comoros"
:D:D:D:D:D

Sounds legit ...
Moheli is the smallest of the island of Comoros. Since 1975 the Comores have suffered approximately 20 attempts coups d'état of which at least 7 have been achieved. Of all these coups d'états at least 4 were directed by Bob Denard former commando marin in France and commander of the mercenary group that invaded the island.
In this country, the current legal guarantee is null. Therefore, in this jurisdiction does not entail any type of guarantee. Nowadays you can buy a passport and a nationality for 20K $. The passport is useless. I have been as a military in Comores in those convulsive years and I know the area and the problem
 
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