Revolut CRS 2023

[snowypeaks]

Can anyone knowledgeable clarify - Revolut EU is supposed to report by CRS to Lithuania at the end of the year, however to which EU countries Lithuania will forward this info then?
Will it be to all of them at once? Or just to the country of user's tax residence?

That's more like a question about how CRS works in general, rather than Revolut specifically.
I tried to look at OECD guidelines online, and it looks like the data is sent only to the country of the user's tax residence, but can't tell for sure.

 

[Sols]

Can anyone knowledgeable clarify - Revolut EU is supposed to report by CRS to Lithuania at the end of the year, however to which EU countries Lithuania will forward this info then?
Will it be to all of them at once? Or just to the country of user's tax residence?

Normally only to your country of tax residence. Reporting to other countries only in cases of suspicion.

 

[blackmax]

Can anyone knowledgeable clarify - Revolut EU is supposed to report by CRS to Lithuania at the end of the year, however to which EU countries Lithuania will forward this info then?
Will it be to all of them at once? Or just to the country of user's tax residence?

That's more like a question about how CRS works in general, rather than Revolut specifically.
I tried to look at OECD guidelines online, and it looks like the data is sent only to the country of the user's tax residence, but can't tell for sure.

yes, info will be sent to country of user's tax residence. However, if you made verification in revolut with german passport, but you specify that you currently reside in Romania for exemple, you will be reported to both Germany and Romania.

But if you use france number to get verified, it may be sent to France also

 

[snowypeaks]

if you made verification in revolut with german passport, but you specify that you currently reside in Romania for exemple, you will be reported to both Germany and Romania.

But if you use france number to get verified, it may be sent to France also

That sounds strange, though - on what sources this information is based?
I'm asking, because neither passport/ID nor phone number seem to be normally reported via CRS, it's only TIN/date of birth/full name/address.
So, I don't see how Lithuania would be able to report to the "country of phone number", for example - only if somehow it receives this information from Revolut outside of CRS, but I doubt that's the case.

Normally only to your country of tax residence. Reporting to other countries only in cases of suspicion.

Cool. And is it indeed the case, maybe you know - that only TIN (taxpayer ID) is being sent via CRS (by Revolut, in particular), not passport/ID card information? So the user is being identified only by TIN (as well as full name), not by his/her passport data?

 

[aldumiq]

I assume most of people, all over these years, created Revolut accounts to get rid of the headaches of these financial instruments. Now , I related to some of the situations here. I have one nationality and live abroad. Used my Revolut for online shopping , subscriptions and from time to time to some transfers ( barely 10k / year overall transactions ). Now, I also received the notification to send my data, but I`m a little hesitant about this. Basically , what`s the outcome in case you choose not to send? They already have your details , so not sure why they ask you as long as they can directly report your financial statements. Furthermore, you have a deadline ( until June ) , if not your account gets closed. ( I assume?) . And yes, all these years, indeed there were some updates regarding policies ,etc , but I was never asked until now for it.

 

[12345]

Yes, Revolut has started CRS it's true, I have been using revolut for a few years and they asked me to provide my tax residency and tax ID untill June 1th, the same for a lot of people I know.

 

[I'mRobot]

They have been doing CRS all the time since beginning of 2022

 

[mrthit]

In the UK Revolut still operates as an EMI. Any idea if they report the UK accounts?

 

[mrsv]

They ask me about Tax residency too, I might just give the old one or create a fake proof of address of a random EU country. I don't live in Europe anymore but I want to keep having the account as is still useful to me.

 

[JohnLocke]

You could also setup a hiding address using some of the services that offer real mailing addresses with mail forwarding or simply SCAN and E-MAIL. Works well in such cases too.

That said, back to topic. Revolut is risky to use, I don't know if their UK branch will report yet, but you need to think 5 years ahead.

 

[pepitolanda]

I'm also asked to enter my tax ID. The problem is I don't have one, and I would probably not be able to travel to the country where I'm registered with Revolut before the due date to ask for one. Shall I place a random Id number until I get one?

 

[Sean Restling]

Notification to add my tax ID arrived to me too these days after years having that field empty.

 

[countryfree]

Wild wild west is over, Revolut also asked me my TIN. I understand regulations forced them to do that, but they will loose many customers.

 

[alexgored2]

At the time The Netherlands. This was the first time the account showed up when I filed my tax returns. Also everytime I transfer 2K+ in I get a pop-up that tells me to update my tax info. Lastly, the account did not have a tax residency set, just my passport. This was possible because it was created during the first months Revolut became available in The Netherlands.

Hi, can you tell what details are visible in your tax return card regarding this account? I also live in one EU country we also have this tax return sheet that usually includes the details about all income that tx office tracked. but for my revolut account there was nothing, though I did not have any interest income there last year, only some bank-bank transactions for online payments, about 3k a year.

 

[pixbix]

Does anyone see what they are reporting?

 

[FantomOffshore]

Hi, can you tell what details are visible in your tax return card regarding this account? I also live in one EU country we also have this tax return sheet that usually includes the details about all income that tx office tracked. but for my revolut account there was nothing, though I did not have any interest income there last year, only some bank-bank transactions for online payments, about 3k a year.

Not sure, they just showed the bank account for me.

 

[AlexPCS]

One of the solutions to the CRS challenge could be a nominee bank account and in addition to that layer the bank account could also be from the non-CRS country.

 

[pixbix]

Not sure, they just showed the bank account for me.

just the IBANS, no end year balance, total transactions,etc?

 

[DerAufklaerer]

Hello


You need to provide your tax details by 2023-06-24 so you can continue to access all of Revolut's amazing features. It won't take long: just go to your app and tap on the "Provide tax details" tile.

If you run into problems updating this info, make sure your app is up to date.

What is my tax identification number?
Your Tax Identification Number (TIN) is a number used to report taxes. You are usually designated as a tax resident and given this number in countries where you pay tax or are personally present for at least 6 months of the year. See our FAQ to learn more about how to find your tax identification number.

Why do I need to submit this information?
Under the CRS (Common Reporting Standard), Revolut is required to report information about its customers' financial accounts directly to the tax authorities.

Not all countries participate in CRS. So if you don't see the country where you are tax resident on the list when you try to submit your data, you don't have to submit your tax information for that country.

We are also required to provide information about financial accounts of US taxpayers or foreign entities (in which US taxpayers have a material interest under FATCA (Foreign Account Tax Compliance Act)).

I have not done it. What happened ? Anyone tested?

 

[karishi]

One of the solutions to the CRS challenge could be a nominee bank account and in addition to that layer the bank account could also be from the non-CRS country.

Banks asks and report the beneficiary owner.