what is Indicia?Thats pretty much it as @legrant said. The amounts debited and credited, interest paid and even account closure during reporting period. Basically no escape by having a zero balance or closing account etc.
See also my post below on N26. They take CRS reporting seriously and use Indicia even.
Context: I'm a small fish from EU who made some gains with crypto and is hustling to cash out some gains into international real estate to gain a very modest, but resilient and distributed financial independence. My hate my country of origin with a passion from deep down my libertarian soul, I...www.offshorecorptalk.com
I see a lot of people worried about CRS, but if we think about it, which country is really prepared to look at these reports and take action?
Has anyone else seen their N26 CRS report to confirm this is really the case? Thepopo, what was the approximate total deposits made into the account for the past year?N26 only report balance at the 31 december + account number + the interest
Source : my CRS report for my individual account.
But again, gov may ask for more if it is suspicious. A personnal account will be ok because a lot of people have those accounts for travel, so taxman may not ask for more (that's what happened for me) but for a business account they will ask for more information
Even with CRS, they're interested in busting the big fish, 6 figures plus in deposits to begin with. If you deposited 50k in some bank abroad i strongly doubt an overburdened and understaffed tax authority from your typical western nation will be bothered to look into it. However, if you deposit 50k at 6 different banks and they all happen to do reporting, you will attract attention.I see a lot of people worried about CRS, but if we think about it, which country is really prepared to look at these reports and take action?
Please note that I am talking about reports with reasonable values, they are not astronomical values.
I've already seen an answer from you in which you say that deposits and withdrawals are equally reportable, but I've seen a report (just an image) like that and there isn't even a field for that.
They are clear, year-end balance or value and interest.
There is also another person here who I think is a banker who says that deposits are not reported.
He gave as an example the transfer of family members, etc.
But once again I say that if it is not about large amounts, countries should not raise alarms about it, because the resources they have are to be applied to great corruption and not with insignificant amounts.
In Portugal the internal bank accounts reported are only those with more than 50k, if you have 49k you are no longer reported. It is to see the dimension of what they consider significant to investigate, everything else is a waste of time/resources.
yes, as I said, if they are big values, they will have every interest in investigating, but "small" values (I say up to 5 figures), I think that the cost/benefit of the resources will not lead them to that.Even with CRS, they're interested in busting the big fish, 6 figures plus in deposits to begin with. If you deposited 50k in some bank abroad i strongly doubt an overburdened and understaffed tax authority from your typical western nation will be bothered to look into it. However, if you deposit 50k at 6 different banks and they all happen to do reporting, you will attract attention.
Yes, you are also right in that regard. That's why I mentioned the case of Portugal for knowing the reality.
thanks.View attachment 2805
Here is the CRS report (whited of course) what's really important is the "accountreport" at the end, the rest is only my private information that I whited
There is the IBAN, the balance at the 31/12 and interest (no interest in my case because they don't offer them for account holder in Belgium). I had few thousands € flow in this account that year.
It depends on your tax authority. As a Belgian resident I can access the finance ministery website to file my tax and look at the documents (my final tax return, the crs reports, etc).How can u got that?