Transferewise and AEOI ?

tony7575

New Member
Hello all!

I would like to know if transferewise give information to AEOI (Automatic Exchange of Information) .
I have a personal account with a certain amount.


thank you for help !!!
 

tony7575

New Member
i see them on the website but i dont know if its about aeoi (who all bank need to send information 1/year to gourvenement):

"Will you report my transfers to the tax authorities?

TransferWise Limited is a UK company authorised by the Financial Conduct Authority as an Electronic Money Institution. We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority."



thank you for help !!!
 

Marie Manila

Building Trust
Entrepreneur
In CRS there is no rule to report single transactions at all.
Only the accounts, TIN, account closures, balance at the end of the year, sum of inward transfers and so on are reported.
You can find an exact list of what is included in a CRS report on Google.

I am pretty sure no institute (no EMI and no bank) is reporting normal unsuspicious transactions.

I think Transferwise claims, they do not take part of CRS and do not report anything, if there are no suspicious actions in your account regarding money laundering or terror financing.
 

Artemis Eleutheria

Building Trust
Entrepreneur
That interpretation may suffer from wishful thinking, as it does not correspond to their actual statement.

Further the statement is pretty clear that if they are not reporting today, they may very well start reporting tomorrow.

Solely relying on TW non-reporting is liable to cause major headaches in the future.
 

xzars

Trusted Member
Business Angel
I like Artemis's answer.

1. Transferwise does not report anything under CRS AEOI as of 2019; they do comply with information requests from CRS member states. They do report US persons under FATCA. It's highly likely TW will start to report under CRS AEOI as of 2020 or 2021, so it will not be a viable long-term solution.

2. Revolut reports GBP and EUR balances under CRS AEOI as of 2019, but not USD balances. Similar to TW, they do comply with information requests from CRS member states, and they also report US persons under FACTA.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
TW is too big an EMI fish for EU authorities not to make independent requests for data from them. Authorities have done John Doe requests this for years even from US companies such as AMEX. CRS is only one part of puzzle but is not as effective as John Doe requests which can ask for more detailed data.
 

blackeric

Active Member
1. Transferwise does not report anything under CRS AEOI as of 2019; they do comply with information requests from CRS member states. They do report US persons under FATCA. It's highly likely TW will start to report under CRS AEOI as of 2020 or 2021, so it will not be a viable long-term solution.


Where to Transferwise report?
To a country I've used to open my account with -- a country where I was staying temporarily as tourist?
Or to a country of my passport I've uploaded to my account -- my country of birth?

These are 2 different countries, in none of them am I a tax-resident. Is this safe then?

---

Also, I have several bank accounts in yet other countries, added and used in TW account. Will it report to them too?
 
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Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
CRS reporting is residency/tax residency reporting only.

However its only a matter of time before CRS goes down passport reporting also like FATCA. I am sure plenty of cash strapped countries would want to know what cash their non-resident nationals are holding abroad ns2. Especially those who took flight like the 10,000's of millionaire that ran from France.

I think the end game is this. All CRS countries agree to a new US style passport reporting and a new taxation based on nationality to help fight wealth flight. At the same time they agree to a 50% tax over all assets a citizen holds if they revoke their citizenship...i.e a new OECD exit taxation smi(&%. The end game is scary nai¤%.

P.S They already have very similar policy in place for U.S Citizens
 

GiGoGo

Building Trust
Entrepreneur
Mentor Group
CRS reporting is residency/tax residency reporting only.

However its only a matter of time before CRS goes down passport reporting also like FATCA. I am sure plenty of cash strapped countries would want to know what cash their non-resident nationals are holding abroad ns2. Especially those who took flight like the 10,000's of millionaire that ran from France.

I think the end game is this. All CRS countries agree to a new US style passport reporting and a new taxation based on nationality to help fight wealth flight. At the same time they agree to a 50% tax over all assets a citizen holds if they revoke their citizenship...i.e a new OECD exit taxation smi(&%. The end game is scary nai¤%.

P.S They already have very similar policy in place for U.S Citizens
Scary but agree, next recession would make crypto great again
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Trust me you will come back to this post years from now and wonder how I predicted this. i.e the EU with its asset registers needs to know everything it can confiscate and tax out of you in a crisis. Even if that means extra-territorial taxation of its citizens trying to escape the wicked empire of never ending debt.
 

GiGoGo

Building Trust
Entrepreneur
Mentor Group
Stablecoins can be a solution. I'm thinking to create one that doesn't require KYC/AML to withdraw

Well, what's the problem to park some of one's money in crypto, except the fact that it's not stable?
 
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