Question How is a Offshore Company treated regarding CRS?

CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.
Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more

Uajksi

New member
If someone has a offshore company, for example in Dubai, and opens a bank account in Seychelles with companies physical address in Portugal (as the offshore company itself has no physical address in the UAE only P.O.), and the 100% shares owner, director and benefical owner (also the one who opened the bank) lives in Serbia, how will reporting (CRS/AEOI/FACTA etc.) work?

Will the bank report nothing, as the individual person lives in Serbia?
- OR -
Will the bank report to Dubai, because the company is formated there?
- OR -
Will the bank report to Portugal, because the company has its physical address there?

Does anyone have experience with that? Thanks in advance.
 

Sols

Staff member
Mentor Group Gold
It's very hard to say for sure.

In principle, reporting under CRS is to the UBO's country of tax residence. If that's Serbia, there is no reporting to do.

However, if you provide Portugal as a place of doing business, a decision could be made to report to Portugal as well.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I will add that the Dubai company itself will be reported by UAE to UBO's home country also as discussed below.


I will also add that Serbia joined in 2019 the Multilateral Convention on Mutual Administrative Assistance in Tax Matters convention and is on route to AEOI.

 

JimBeam

Entrepreneur
As far as I know, if you have Emirates ID, UAE banks will consider you resident and will not report you to your home country.
 
Top