CRS reporting - Explain it a bit more in detail please.

[Benzouser]

HI ... is CRS reporting like a database any tax agency can log in to and search for a client they looking for ?.

Etc. , i have all by banks and crypto exhanges trafic in Thailand & Lituania in my name, no TIN attached.

Im looking in-to a halfyear move to Bulgaria (less then 183d) not yet concider if im going to get a TIN there or not......
So the real question is if tax agency in Bulgaria can log in to the CRS data base and see my banks crs reports? or any UAB accounts/crypto debit cards.

 

[Sols]

Information is shared from one country to another. If you notify a bank that you live in Bulgaria or if the bank suspects that you believe in Bulgaria, they will share information with the Bulgarian tax authority.
https://www.oecd.org/tax/beps/country-by-country-exchange-relationships.htm

 

[JohnLocke]

As far as I know, there is no CRS database - but as written above, banks and other financial institutions report your information to the respective country's tax authorities.

 

[Benzouser]

Great. . . thank you guys.

 

[jafo]

if the bank suspects that you believe in Bulgaria

Just out of curiosity, if, for example, someone with a French passport, born in French Polynesia, is often in Bulgaria, can their bank *legally* (in French Polynesia) share their bank information with Bulgaria?

 

[LosAngeles]

Information is shared from one country to another. If you notify a bank that you live in Bulgaria or if the bank suspects that you believe in Bulgaria, they will share information with the Bulgarian tax authority.
https://www.oecd.org/tax/beps/country-by-country-exchange-relationships.htm

Is there such a thing as a reverse list? You know, like which countries don't cooperate with each other? For instance, which country doesn't cooperate with Portugal?

 

[Sols]

Is there such a thing as a reverse list? You know, like which countries don't cooperate with each other? For instance, which country doesn't cooperate with Portugal?

Wouldn't take long to make one yourself, I think. Just grab a list of countries and cross reference with the list on that website.

 

[LosAngeles]

Wouldn't take long to make one yourself, I think. Just grab a list of countries and cross reference with the list on that website.

No, they're not specifying which countries out of the 101 aren't sharing information with each other. They're only mentioning those that do. Naturally, the rest would be the ones not mentioned. But I was wondering if there's a list of all those remaining countries.

I also have a question. Let's say I'm residing in Portugal. If I were to travel to Armenia, Serbia, Albania, or Puerto Rico—countries that don't share financial information and not in that list—and open a personal bank account there, theoretically, could I keep my assets untraceable by my home country?

If I were to deposit a significant sum, say 6digit$, it seems too easy to avoid detection.

What am I overlooking?

 

[wellington]

No, they're not specifying which countries out of the 101 aren't sharing information with each other. They're only mentioning those that do. Naturally, the rest would be the ones not mentioned. But I was wondering if there's a list of all those remaining countries.

I also have a question. Let's say I'm residing in Portugal. If I were to travel to Armenia, Serbia, Albania, or Puerto Rico—countries that don't share financial information and not in that list—and open a personal bank account there, theoretically, could I keep my assets untraceable by my home country?

If I were to deposit a significant sum, say 6digit$, it seems too easy to avoid detection.

What am I overlooking?

Probably Cambodia and other places similar otherwise any and all OECD countries share and all affiliated or trade deals where it’s implemented between countries share.

Again it comes back to the following if living in the West literally pick your a*s up and move and sever all ties to said western states and eventually cease the citizenship.

Most of these countries will cease to exist in their current structure within 15 yrs anyway especially in the EU.
You don’t want to be the one there when it gets hot and you certainly don’t want to be the one paying for it.