Discussion in 'Offshore Bank Accounts' started by Brutus, Apr 25, 2018.

  1. Brutus

    Brutus New Member Entrepreneur

    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?
    blizz likes this.
  2. Grigorijs

    Grigorijs New Member

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

    Brutus New Member Entrepreneur

    Can you link where you found that, thanks.
  4. Grigorijs

    Grigorijs New Member

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

    respect Offshore Agent Entrepreneur

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

    Brutus New Member Entrepreneur

  7. DirtyDexter

    DirtyDexter New Member

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

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

    Brutus New Member Entrepreneur

    All income
  9. DirtyDexter

    DirtyDexter New Member

    that's not good :)
  10. jonage

    jonage New Member

    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 .
  11. Brutus

    Brutus New Member Entrepreneur

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

    Admin Forum Moderator The Forum Cleaner

    You can what too? sorry seems I missed something here?
  13. Brutus

    Brutus New Member Entrepreneur

    I was saying that anyone can contact Leupay support as well and confirm for themselves what I have posted is true.
  14. K12AN

    K12AN New Member

    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.
  15. countryfree

    countryfree Active Member Entrepreneur

    You just need to look at where's the EMI is based. If it is based in the European Union, it will report...
  16. K12AN

    K12AN New Member

    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?
  17. countryfree

    countryfree Active Member Entrepreneur

    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.
    Grigorijs likes this.
  18. Solomilla

    Solomilla New Member

    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?
  19. blizz

    blizz Trusted Member Mentor Group Business Angel

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

    AlexMK New Member

    Are they reporting to non eu countries also?