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Moulaga

New member
Hello guys,
Is it risky to open EMI bank accounts (Revolut, Bunq…) with my European passeport and EU Residency (bank statement with old address) knowing that I don’t live there anymore ? EU tax know that I don’t live there and got my real new address ( North African country)

So if EMI report to Tax department, will they ignore or send the info to my new residency country ?

I’m asking as majority of EMIs accept only EEA residents. I need SEPA accounts / their cards to move funds

PS : got UAE residency too.. should I maybe send UAE address to EU Tax department to cover my tracks ?
 

Forester

Silver Member
Hello guys,
Is it risky to open EMI bank accounts (Revolut, Bunq…) with my European passeport and EU Residency (bank statement with old address) knowing that I don’t live there anymore ? EU tax know that I don’t live there and got my real new address ( North African country)
IMO, not recommendable.
PS : got UAE residency too.. should I maybe send UAE address to EU Tax department to cover my tracks ?
It will not cover your tracks – but a UAE address is IMO definitely better for opening a bank/EMI account that an address from a North African country.
 

Moulaga

New member
Thanks for your response. May I know why / what are the risks ?

IMO, not recommendable.

UAE is better for sure but it means can't open any EU EMIs..
It will not cover your tracks – but a UAE address is IMO definitely better for opening a bank/EMI account that an address from a North African country.

My question is actually what would be the risks if EMI report to EU country..knowing that that EU country knows that I don't live there anymore

Cheers
 

Forester

Silver Member
Thanks for your response. May I know why / what are the risks ?
??
Situation:
1. You claimed (probably with some proof) to the EU tax office that you live in North Africa
and
2. You claimed (definitely with some proof) to an EMI (BTW, Revolut and Bunq are not EMIs but banks) that you live in EU.
From the external point of view it is impossible to distinguish what is true, both alternatives are possible and in the same time mutually exclusive.
So, when EU tax office will be aware of (2) (and banks report for sure), any standard taxman will eagerly fill a report accusing you of a tax fraud (you did not pay taxes and you should, as you are living in the EU) and you can/will face a criminal investigation (tax evasion is a crime throughout Europe). If you prove that you lied not to the tax office but to the EMI, the tax office will inform EMI eagerly – and your account will be suspended and (at least) money frozen for a very long time (but probably you will never see it again).
Think it over.
Bottom line: Actually, many people pretend that they live in another country than it is real. But in such a case they usually never reveal their real residence to any official insitution (landlord etc. who is paid in cash is not an official institution, of course).
UAE is better for sure but it means can't open any EU EMIs..
True. And what's the problem? If you need SEPA transfers, as you mentioned above, you need not to have an account with an EU EMI. (For example HK EMIs can serve you as well.)
 
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