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Does Revolut report end of year account balance or turnover according to CRS?

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neweraoffshore

IT Nerd Offshore Guy
Mentor Group Gold
@Educate . There are basically just 2 (3) options left. Option 1: leave the country and relocate to a 0% tax haven or/and become a PT, maybe you even have to abandon your old passport in case you are a US passport holder for example.. Option 2: use a good nominee structure to keep your name hidden from banks and company registers. (Option 3: use darks. But this is not recommended if we are talking about big sums.).
That's basically it.
Remember, most EU countries tax you on your center of life. Means all sophisticated tax structures with Malta, Cyprus whatever (without nominees) can be attacked by suing them for misuse of structural alternatives if you continue living in your old country or have your center of life there.

But anyway, this is not part of this topic, so please let's go back to the main topic.
 

neweraoffshore

IT Nerd Offshore Guy
Mentor Group Gold
@Educate you can write me a PM or allow me to send you one, or you can look into the advertisers like Turner, Geminidas or me. Please take into account that my setups for OCT are a little different than from the other providers, my setups are not intended to do real business, they are just intended to shift profits out from onshore companies and then spend the money for private purpose or purchase assets. Feel free to ask the providers here what they can offer you so you can choose what suits you the best.
 

sonato

Offshore Agent
Not being reported is not even the issue here. Everyone knows it's reported! Correct? Here the question is whether if at the end of the year they will report only the balance on account or all the amounts that were entered in the account!
they will report everything that has been going on at this account. There is a thread & link I can't remember now which explained it well what was reported. according to that everything will be reported once they do.
 

kkein

Entrepreneur
So to sum up, balance plus total flow (pluses, minuses) as aggregate, no individual transactions?
I suppose if they need checking they will send individual requests to the institutions (after all some accounts may have kilometric lists of transactions).

I am also wondering another thing: When opening a biz account with such EMIs ( revolut, TW, etc), and UBO is the one who opens it, and UBO is tax resident in country X but company is in country Y, does revolut report the biz account info to country X or country Y? This is biz account, not UBO personal account where most likely the dividends would be transfered.
 

Btraveler

Entrepreneur
Also interested in that: "When opening a biz account with such EMIs ( revolut, TW, etc), and UBO is the one who opens it, and UBO is tax resident in country X but company is in country Y, does revolut report the biz account info to country X or country Y? This is biz account, not UBO personal account where most likely the dividends would be transfered"

Monzo is reporting, but, REVOLUT and TRANSFERWISE are reporting all of that?
 

Btraveler

Entrepreneur
My question is about where it's going to be reported, not if :) at least for Revolut, that is reporting. TW is still stating they aren't reporting for the time being.
Right. As you're the UBO of that company, I think they will report you at your home country because your "permanent residence/establishment" is in your own country
 

Benzouser

New member
Guys, I have encountered Revolut at least 5 times for CRS reporting question as I have 4 Tax Ids. My request was simple, wanted to set to them right number for CRS due to my accounting, they 5 times refused to accept any of such attemps as they said they do not do CRS yet and once they do, they will contact me. Belive me I tried hard to convince them I need them to follow this in right way. Usual crs reporting institution will do some research, especially if client asks for himself from his own side. I do not see probable they just use whatever they like to choose. I have read CRS guidelines for banks and is mandatory for them to rightly assest customers tax duties and make some efforts. Even crazy leopay did. I think it has something to do with low value accounts indicia in crs guidelines as these are exemp from reporting, who knows. I am not saying I am expert or so, just saying what I did and still do. I want my tax duties to be right, if they do not want proof of my tax residency and I am cypriot (no tax id on our ids) how could they determine right number? Just my view, not answer to OP question. A.
I was also told that they dont automatically do CRS reporting .

 

Benzouser

New member
well its okey . . my tax juristician is very relaxed in Asia. . also . .i dont think they report the annual turnover just the info of client and balance in December . .
 

nomad999

Entrepreneur
well its okey . . my tax juristician is very relaxed in Asia. . also . .i dont think they report the annual turnover just the info of client and balance in December . .
You are KYC on Revolut with a residence in Asia ?

although CRS absolutely will report the total turnover for the year, that's a guarantee.
 

juvejuve2020

New member
You are KYC on Revolut with a residence in Asia ?

although CRS absolutely will report the total turnover for the year, that's a guarantee.
See what MONESE said:

"
Aleksandr (Monese)

27 Nov 2020, 12:40 GMT

Hello,

Thank you for contacting Monese. We apologise for the delay in the reply to your email.

We are online financial institution, so we not providing any sensitive information regarding your account without official request.
Our balance, account movements or sensitive information can be provided only by court decision.

Let me know if you have any questions."
 

nomad999

Entrepreneur
What do you know about crs?? Crs doesnt talk about turnover. Why dont you read the crs rules? Fake information no please! Do you have any proof?
Relax ... we are just talking here.
Imagine building a system like CRS for decades and only requesting to report end of year balance, I mean come on ... they are not that stupid.

now if EMI's are using a loophole that they don't have to report that's another thing.
 

juvejuve2020

New member
Relax ... we are just talking here.
Imagine building a system like CRS for decades and only requesting to report end of year balance, I mean come on ... they are not that stupid.

now if EMI's are using a loophole that they don't have to report that's another thing.
Think about the data to report all movements and turnover of the all accounts. Can you imagine the size of the data?
 
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