Do EMIs comply with CRS just like any bank or there is difference?

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Tax Cow

Moo Moo! I contribute 60% of my milk to the state.
Entrepreneur
Most EMIs provide unique IBAN that you can use to receive wires to your name nowadays.
I suppose those are reportable?

Exactly. IBAN in your own name is always reportable unless of adhere circumstances. Shared IBAN that relies on transaction reference number to receive payments is not reportable - currently out of scope in CRS.
 

Cclyde

New member
What are good epayments alternatives with good atm withdrawal limits?
Epayments offers 3 cards with 2500$ daily limit on each.
 

xxxmb

New member
So EMI's only pass on information in according with the CRS for accounts with a dedicated IBAN?

I guess there is some value into having a "pooled account" after all.
 

niggashit

BANNED MEMBER
Keep your calm.

No tax office in the world has time to look into all CRS information they get. If a tax office gets reports of 5 million accounts held abroad by their residents, you can bet they will never under any circumstance investigate more than 10% of accounts. Naturally, they will set their own criteria of what is worth a closer look.

Do not take this for granted, but if you live in a big country, having your tax office contact you about your 25,000 euros/pounds held abroad is EXTREMELY unlikely. So getting reported may or may not matter. If you live in a country of 500,000 residents, your chances of getting investigated will be much higher even on low account balances.

Flag theory is still relevant despite CRS. Get reported on 25K to country A, then get reported on 50K to country B and so on. If you have residency documents from many countries, you can spread your cash around and mitigate tax risk.


You are wrong. This is 21 century. With technologies like Big data and Data science, any tax agency can analyze millions of data.

Example : HMRC Connect.
 

Nyep

Active Member
Most, if not all, EMIs that provide "private IBANs" are actually just providing virtual IBANs. Those IBANs help them know which transfer goes to which customer. The actual money is still in pooled accounts though.

TW is explicitly stating that it does not report to any tax authority. They have been very upfront so far, and I don't think they are lying. Tinfoil hats off please.

Obviously the authorities will compel such companies to report at some point, but that point isn't today.
 

latisja

New member
You are wrong. This is 21 century. With technologies like Big data and Data science, any tax agency can analyze millions of data.

Example : HMRC Connect.

The fact that one country was able to advance in analysing tax data doesn't mean everyone can. The mere existence of something superior doesn't make the inferior disappear. Just look at the CRS. Western European country will be able to exchange information with a relatively small margin of error, but less technological advanced countries will struggle.

Most, if not all, EMIs that provide "private IBANs" are actually just providing virtual IBANs. Those IBANs help them know which transfer goes to which customer. The actual money is still in pooled accounts though.

TW is explicitly stating that it does not report to any tax authority. They have been very upfront so far, and I don't think they are lying. Tinfoil hats off please.

Obviously the authorities will compel such companies to report at some point, but that point isn't today.

Nothing to do with tinfoil hats. TW might report nothing atm, but will do once they've been informed that CRS protocol needs to be implemented. And reporting RA isn't limited to the date of CRS implementation. They will probably report all RA made from >2016. For EMI's it's just a matter of time.
 

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