Reporting

[Brutus]

From what I have read EMIs don't report income to your country, yes?
As for registered banks they always report. But the EMI is linked to a registered bank so therefore you are getting reported even though you are using an EMI?

And if I open a company account with Euro Pacific Bank for example (not EMI I know) and the company is incorporated in a different country than me, do they report to the country where the company is incorporated or to my home country?

 

[Grigorijs]

From what I have read EMIs don't report income to your country, yes?
As for registered banks they always report. But the EMI is linked to a registered bank so therefore you are getting reported even though you are using an EMI?

And if I open a company account with Euro Pacific Bank for example (not EMI I know) and the company is incorporated in a different country than me, do they report to the country where the company is incorporated or to my home country?

If you aren't US-citizen and the company isn't registered in US --> Euro Pacific Bank reports nothing anywhere.

Common Reporting Standard (CRS)
The Common Reporting Standard (CRS), calls on countries to obtain information from their financial institutions and exchange that information with other countries automatically on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

Euro Pacific Bank and its subsidiaries have the obligation to comply with the Organization for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS).

To whom is the information reported:

• For accounts held by Euro Pacific Securities, Inc. (Global Trading), the required information will be reported to Financial Services Commission (FSC) of the British Virgin Islands.
• For accounts held by Euro Pacific Intl. Bank Inc., there is no reporting since the United States and Puerto Rico are non-participating jurisdictions.

When will reporting take place and for what timeframe:

• For accounts held by Euro Pacific Securities, Inc. (Global Trading), the information will be reported for the first time in May 2018 for new accounts opened in the period of November 20th to December 30th 2017

For further information on the Common Reporting Standard you may access the OECD informative website at http://www.oecd.org/tax/automatic-exchange/common-reporting-standard

 

[Brutus]

Can you link where you found that, thanks.

 

[Grigorijs]

Can you link where you found that, thanks.

Support - Euro Pacific Bank
Under "Topics" and "User’s Guide" sections. Second one "Common Reporting Standard (CRS)"

 

[respect]

Interested in this topic. Do EMIs report via CRS as real banks do?

 

[Brutus]

Leupay reports all incoming payments as well as end of year balance.

LeuPay Support & FAQ - Common Questions & Answers
LeuPay Support & FAQ - Common Questions & Answers

 

[DirtyDexter]

"The income (interest, dividends, gross proceeds, etc.) "

so it means that all income in year will be reported too ?

 

[Brutus]

"The income (interest, dividends, gross proceeds, etc.) "

so it means that all income in year will be reported too ?

All income

 

[DirtyDexter]

that's not good

 

[jonage]

Are you sure ? I think at this phase they report only balance at the end of the year and no turn over. If by "all income" you mean all profits then probably they report them no matter if you withdraw profits and capital by the end of the year .

 

[Brutus]

Are you sure ? I think at this phase they report only balance at the end of the year and no turn over. If by "all income" you mean all profits then probably they report them no matter if you withdraw profits and capital by the end of the year .

I have talked with their support about this and you can too

 

[JohnLocke]

I have talked with their support about this and you can too

You can what too? sorry seems I missed something here?

 

[Brutus]

You can what too? sorry seems I missed something here?

I was saying that anyone can contact Leupay support as well and confirm for themselves what I have posted is true.

 

[K12AN]

Correct. LeuPay will report personal accounts information to your home country under CRS.
If it's a business account it's a little more complicated.

 

[countryfree]

You just need to look at where's the EMI is based. If it is based in the European Union, it will report...

 

[K12AN]

Are the EU EMIs any safer than non EU?
I'm not sure how comfortable I am storing any sizeable sums in any emoney account. I know there supposed to keep funds in segregated accounts etc. But I still worry...am I being paranoid?

 

[countryfree]

Count me as a paranoid too. I've closed all my bank accounts in the European Union, then in AEOI countries. I have Skrill and Paypal, but with very little money on them. Better stick to real banks in non AEOI countries.

 

[Solomilla]

Count me as a paranoid too. I've closed all my bank accounts in the European Union, then in AEOI countries. I have Skrill and Paypal, but with very little money on them. Better stick to real banks in non AEOI countries.

How much is "very little money" for you?

I'm very concerned about how EMIs are reporting their clients money. I was thinking about open some accounts on different EMI and limit up to 10k € each. Could this work?

 

[blizz]

I'm very concerned about how EMIs are reporting their clients money. I was thinking about open some accounts on different EMI and limit up to 10k € each. Could this work?

This can work fine, I'm never leaving more money than that on my EMI's - so far I didn't got burned.

 

[AlexMK]

Are they reporting to non eu countries also?