CRS report to residency country or nationality country?

[ciccino]

So I'm an Italian citizen but resident in Panama, I'm going to open an LLC with a corporate bank account and a personal bank account as well,
considering all the banks will ask my passport that is Italian, will the FACTA/CRS be reported to Panama or Italy or both?

 

[Sols]

FATCA is based on citizenship and/or residence.

CRS is based on residence first and foremost, but reporting can be undertaken to multiple jurisdictions if there are indications that the person is resident somewhere else. For example, if you tell a bank you live in Panama but you have an Italian passport and routinely log in from an Italian IP address, send/receive wires to/from Italy, have an Italian phone number, or other indicators like that, there is a risk that data reported will end up in Italy.