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Question EMI and CRS

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60PERCENT

New member
Studied the CRS for a while now and got three questions which might be interesting for some.
Would be happy to get some answers / start a discussion

1. As of now no EMIs such as TransferWise, Genome dont report anything to CRS. What wonders me is, that they register a bank account under your name and address. The bank itself is required to collect the data and report to the gov. Even if the EMIs is not complying the bank itself is so? If not, is the status still up?
2. From my understand in the most cases only the final balance is reported on october, november or december at the end of the month. Incoming and outgoing volume is (if the company doesnt fuck up) not required. Which makes pretty much sense since most companys do 2-10 % profit and if they go by whole amount it would be way too much. So basically if you clear your bank account earlier (lets say to crypto), you should be fine?
3. How far backwards does CRS report go?

Thanks for all answers.
 

lingshan

New member
I have a Swissquote account registered in March this year and I am a resident of Asia and not of Switzerland,,my first deposit was helped by a Ukrainian money changer I found online. The bank asked me a lot of questions, and finally Finally agreed to deposit
 

Gediminas

Offshore Tax Advisory
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Commercial Service
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Why do you think they report?

Because that's how CRS works.

To avoid starting this conversation over and over again, I would suggest reading this thread, we spoke about it some time ago.

 

Cetme308win

offshore libertarian
Mentor Group Gold
Quite strangely, their support claims otherwise. Got in touch with 'em yesterday. They referenced a page on TW website that has commonly known information. Why do you think they report?
their partner US bank report through FATCA and the european one through CRS
 
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