question about aeoi and crs

[realcat]

I just want to get it clear.

Are banks reporting your account to country of residence or country of citizenship or both?

 

[JohnLocke]

They report to country of residence and only if you open a personal account. If you are going for a corporate account there are different reporting obligations as we have discussed a few times here on the forum already.

 

[negon]

They report to country of residence so if you are using a second citizenship passport to apply they will report to this country if you have a utility bill for that country too. That would work for real bank accounts.

If you use an online service it can be done much cheaper than the 15K USD required for a new passport & citizenship.

 

[realcat]

country of residence (utility bill) can be easily spoofed, especially for online services.
What happens when report gets to country of residence and if for example you don't live there anymore, you think information gets forwarded to country of citizenship ?

 

[negon]

country of residence (utility bill) can be easily spoofed, especially for online services.
What happens when report gets to country of residence and if for example you don't live there anymore, you think information gets forwarded to country of citizenship ?

Well in many European countries it is not by law mandatory that you tell your current city / country where you want to move or what country you are moving too. I have seen that apply in several European countries. So I imagine in your case nothing will happen as long as you not move back!

 

[bagoo]

They report to country of residence and only if you open a personal account. If you are going for a corporate account there are different reporting obligations as we have discussed a few times here on the forum already.

Hi, @Admin I searched in the forum for "crs reporting obligation" but didn't find other discussions, maybe I'm not searching right. I'm interested in reading about the different reporting obligations of banks of different countries have for personal bank accounts vs. business bank accounts. I only found this guide on another post but I don't think that is specified there: https://www.oecd.org/tax/exchange-o...e-of-financial-information-in-tax-matters.pdf

Any link to another discussion or useful article that might enlight me on this?

Many thanks!

 

[Internationaloff]

Hi, @Admin I searched in the forum for "crs reporting obligation" but didn't find other discussions, maybe I'm not searching right. I'm interested in reading about the different reporting obligations of banks of different countries have for personal bank accounts vs. business bank accounts. I only found this guide on another post but I don't think that is specified there: https://www.oecd.org/tax/exchange-o...e-of-financial-information-in-tax-matters.pdf

Any link to another discussion or useful article that might enlight me on this?

Many thanks!

Summary of the Common Reporting Standard (“CRS”)

 

[JohnLocke]

There is also this thread CRS Automatic Exchange Relationships Listing - Bilateral Agreements, Etc.
and here Tax information Number & bank account

 

[Internationaloff]

I just want to get it clear.

Are banks reporting your account to country of residence or country of citizenship or both?

The AEOI is between the bank and the Tax Authority (country of residency) except for US citizens (FATCA).

Please read the Common Reporting Standards.

PS: The United States has indicated that it is undertaking automatic information exchanges pursuant to FATCA from
2015 and has entered into intergovernmental agreements (IGAs) with other jurisdictions to do so.