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Jonathan

New member
Hi, I have recently opened an offshore company registered in Gibraltar and need a business bank account. Would an EMI like Wise (Transferwise) be a sensible place to open the account? Or would a bank account in a non- CRS reporting country be better? Surely if EMIs are non-CRS reporting, wouldn't that be a better bet than non-CRS bank accounts...? Thanks for your help.
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
Hey,

Do you have intentions to hide from the tax authorities (not recommended)? If you do, then keep in mind Wise also reports.
 

Sols

Staff member
Mentor Group Gold
EMIs are subject to CRS but it hasn't yet been a high priority to ensure they are compliant.

It's unclear if Wise reports. On their website, it says they don't in the UK but that might not be true and they are likely reporting for non-UK customers.

I would operate under the assumption that all EMIs do report.
 
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