What does LeuPay report to whom (CRS)?

[Mimi Xunzi]

Dear members,

Newbie here, getting into international tax regulations. I want to add LeuPay as bankaccount to a Seychelles IBC, but register the LeuPay account as resident in The Netherlands. I don't live in the Netherlands anymore and am an expat in Africa. However, does LeuPay report what they need to to the Dutch tax autorities, or to whom do the 'report'?

LeuPay Support & FAQ - Common Questions & Answers

Many thanks, mimi

 

[countryfree]

It depends of the address you gave them. If you told Leupay you were a resident of an AEOI country, they will report you to that country.

 

[negon]

If you provide them with your address in the Netherlands they will report there and you may be home free! However, I assume they will ask for a utility bill or something not older than 3 month!

 

[Suzy Emerald]

Hi

Just to confirm and for my understanding:
- Do Leupay (an other EMIs') report to your country of residency, not to your country of citizenship?
- What exactly do they report: amounts in/out per year + balance?
- Does Leypay and other EMIs in case of a business account report to the country the business is established or to the country of residency of the beneficial owner?

 

[Educate]

Hi

Just to confirm and for my understanding:
- Do Leupay (an other EMIs') report to your country of residency, not to your country of citizenship?
- What exactly do they report: amounts in/out per year + balance?
- Does Leypay and other EMIs in case of a business account report to the country the business is established or to the country of residency of the beneficial owner?

Also interested in this! Bumping!

 

[Tax Cow]

Hi

Just to confirm and for my understanding:
- Do Leupay (an other EMIs') report to your country of residency, not to your country of citizenship?
- What exactly do they report: amounts in/out per year + balance?
- Does Leypay and other EMIs in case of a business account report to the country the business is established or to the country of residency of the beneficial owner?

1. To all countries where they believe/suspect you are a resident in. Citizenship or your Country of Passport Issue does not count.
2. End of year balance, i.e. what you have on your account on 31 of December. You may expect 31.12.2018 report to be delivered to your country of residence September/October 2019. They also report investment income, including interest received from account itself and other savings/investment products you have with them. Account turnover is out of scope in CRS.
3. Generally to both. The country of incorporation, and to each country where a beneficial owner has 20% of shares or more. This 20% might have dropped to 10% but I'm not fully aligned what the exact minimums are as for 2018, and whether they are fully enforced updates or unenforced drafts.

There's also an exemption for active NFE's but I will not elaborate on that

 

[fshore]

1. To all countries where they believe/suspect you are a resident in. Citizenship or your Country of Passport Issue does not count.
2. End of year balance, i.e. what you have on your account on 31 of December. You may expect 31.12.2018 report to be delivered to your country of residence September/October 2019. They also report investment income, including interest received from account itself and other savings/investment products you have with them. Account turnover is out of scope in CRS.
3. Generally to both. The country of incorporation, and to each country where a beneficial owner has 20% of shares or more. This 20% might have dropped to 10% but I'm not fully aligned what the exact minimums are as for 2018, and whether they are fully enforced updates or unenforced drafts.

There's also an exemption for active NFE's but I will not elaborate on that

An active company is reported as the account holder to the country where the bank deems it resident. The beneficial owner is not reported.