How to Avoid CRS - 3 Options as of 2019

[Mark Rucken]

Lol, Mark! No, CRS is an illusion. It does not exist

Tens of millions of CRS reports are exchanged annually, we've heard of first cases of malicious CRS data breaches, but you're still in doubt if even one information exchange took place!

What the officials do with the data is another story. If your foreign account balance is boring, you will likely not hear anything from the officials. In most cases, the officials either ignore reports or send polite reminders/informative letters, asking to ensure foreign income and/or account balances are on the tax return.

This is an interesting piece of reading that covers some of this stuff: INSIGHT: Tax Transparency—Risks and Rewards

I absolutely did not at any point say CRS does not exist. I had a genuine question wanting to hear from someone who was affected by CRS or at least knows someone who was.

 

[Silvio]

I have heard of 2 people that got arrested in their country (non-EU country) because of CRS automatic reports, and they had to pay back taxes + fines.

 

[Tax Cow]

I have heard of 2 people that got arrested in their country (non-EU country) because of CRS automatic reports, and they had to pay back taxes + fines.

Yup, we're bound to have more of it in the future. Commie-style financial surveillance and tax collection is precisely why the thing was invented.

Since this stuff is new, tax officials around the world are still trying to figure out how to best put this data in use in a cost-efficient way. Right now, they are cute barking Labrador puppies, but once they figure this stuff out, they'll be more like a gang of nasty yellow-teeth piss-smelling hyenas.

 

[Artemis Eleutheria]

it's even easier to start demanding tax residence certificates

Not necessarily ... you see that would create additional work for the Government with it's associated costs ... current system forces banks and individuals to work for the government for free.

 

[daxbr]

Yup, we're bound to have more of it in the future. Commie-style financial surveillance and tax collection is precisely why the thing was invented.

Since this stuff is new, tax officials around the world are still trying to figure out how to best put this data in use in a cost-efficient way. Right now, they are cute barking Labrador puppies, but once they figure this stuff out, they'll be more like a gang of nasty yellow-teeth piss-smelling hyenas.

So time is now to act as they are "Commie-style" and mop up all loose ends. Closed 2 perfectly good Asian accounts this week that served well for years but do not fit in to current matrix.

 

[Spinat]

I absolutely did not at any point say CRS does not exist. I had a genuine question wanting to hear from someone who was affected by CRS or at least knows someone who was.

That would be a interesting story. To hear from someone who actually got troubles coursed directly by CRS!

 

[daxbr]

Yup, we're bound to have more of it in the future. Commie-style financial surveillance and tax collection is precisely why the thing was invented.

Since this stuff is new, tax officials around the world are still trying to figure out how to best put this data in use in a cost-efficient way. Right now, they are cute barking Labrador puppies, but once they figure this stuff out, they'll be more like a gang of nasty yellow-teeth piss-smelling hyenas.

So time is now to act as they are "Commie-style" and mop up all loose ends. Closed 2 perfectly good Asian accounts this week that served well for years but do not fit in to current matrix.

 

[blackeric]

I've closed 12 bank accounts already. And I'm going close 5 more soon.

And then I'll abandon money altogether.

 

[daxbr]

(...) And then I'll abandon money altogether.

would love to hear about it.

 

[blackeric]

would love to hear about it.

Who would love to hear about it?

 

[Whirl]

And then I'll abandon money altogether.

But how will you pay?

 

[GiGoGo]

But how will you pay?

Coinbase Mastercard? Cash?

 

[Mark Rucken]

I've closed 12 bank accounts already. And I'm going close 5 more soon.

And then I'll abandon money altogether.

Who the hell has 17 bank accounts????

 

[blackeric]

Who the hell has 17 bank accounts????

That's not much. I know a guy who has 24. But that number may higher.

 

[GiGoGo]

That's not much. I know a guy who has 24. But that number may higher.

Some people in HK have like 10 because they keep closing accounts

 

[blackeric]

Some people in HK have like 10 because they keep closing accounts

Why? Open and close? People close them, or the banks?

I have around 8-10 already . None in HK.

 

[Spinat]

You guys are crazy. Okay I remember a post by @Martin Everson who mentioned 128 accounts or so, that's even more cray

Depending on what business you are into and how huge it is, then 10 - 50 accounts is not unusually.

 

[GiGoGo]

Banks, specially if the account is for an offshore entity

Why? Open and close? People close them, or the banks?

I have around 8-10 already . None in HK.

 

[BlueMist]

A friend of mine has been contacted by the tax office (in his EU country) to confirm the accounts and balances he holds in banks outside EU, based on the reports the tax office got. The balance isn't small, which is probably why it triggered some interest, also it hasn't been declared on tax returns. No further repercussions so far, but who knows what will happen next?

 

[Spinat]

A friend of mine has been contacted by the tax office (in his EU country) to confirm the accounts and balances he holds in banks outside EU, based on the reports the tax office got. The balance isn't small, which is probably why it triggered some interest, also it hasn't been declared on tax returns. No further repercussions so far, but who knows what will happen next?

Your friend will have to pay tax from the balance of this account and if he is lucky he won't get penalized this time. There is a threshold of about 5000 or 20000 euro where such amounts won't get reported. Not 100% sure about the amounts but I know it is not all that has to be reported.