What info that US banks report for non-resident aliens?

[zaborocomo]

Here is noob question:
If somebody who is non-resident alien receives payments into real big US bank and then when and what info can be reported by US bank to CRS or other countries ?
Do they care about low earnings as well?
How long does it take? If they withhold tax and collect it and so when they try to bring that ? on the time the taxpayer visits USA?

 

[Martin Everson]

Welcome aboard

US is not part of CRS but does report as part of FATCA to foreign countries. Please read the below thread fully and then the FATCA agreement relevant to your country . If in doubt as the banks legal department.

https://www.offshorecorptalk.com/th...-us-person-deposits-in-them.22676/#post-69650

 

[zaborocomo]

Welcome aboard

US is not part of CRS but does report as part of FATCA to foreign countries. Please read the below thread fully and then the FATCA agreement relevant to your country . If in doubt as the banks legal department.

https://www.offshorecorptalk.com/th...-us-person-deposits-in-them.22676/#post-69650

i read that and those countries you posted but i'm not from any country in your list on that thread. However i also read somewhere that they include almost 95% of countries around the world.
I also read somewhere on this board that somebody said, tax authorities usually don't care much about low income bank account owners, they usually go after who earn more than 10k/monthly. Is that true?
I lil bit confused.

 

[Martin Everson]

I also read somewhere on this board that somebody said, tax authorities usually don't care much about low income bank account owners, they usually go after who earn more than 10k/monthly. Is that true?
I lil bit confused.

That's nonsense. Small fish can't afford lawyers or legal bills so are easier to prosecute than a Bill Gates sized tax cheat who are lawyer up with a team of lawyers.

Read the FATCA agreement for your country. the part that is not clear you can ask about. All is explained in it.

 

[fshore]

US banks will report your account to IRS, who will report to your country (if part of fatca), any account that has generated $10 or more in interest.

 

[zaborocomo]

US banks will report your account to IRS, who will report to your country (if part of fatca), any account that has generated $10 or more in interest.

only in interest(savings)?
what about the deposits?
i heard it reports only end of the year balance, is that true?

 

[BillBong]

US has come down hard on the rest of the world forcing other countries and their banks to signup, searching for US citizens to enforce taxation because of it's outdated citizenship based tax regime. US right now APPEARS to be protecting US bank holders and not providing much info to non-us countries/banks but that will likely change in the future.

Any transaction into a US bank account over 10k gets reported immediately to IRS, if it's under 10k and bank software suspects you are transfering under 10k by doing it in smaller amounts e.g. 2 x 5000 to dodge the 10k mandatory reporting requirement it will also report you. If you generate too many red flags expect to be audited. There's a certain name for the list, can't remember off the top of my head.

IRS is primarily interested only in US citizens but other countries like UK it's sharing with. You shouldlook intothe 12 eyes to understand surveillance/data sharing also.

 

[fshore]

US has come down hard on the rest of the world forcing other countries and their banks to signup, searching for US citizens to enforce taxation because of it's outdated citizenship based tax regime. US right now APPEARS to be protecting US bank holders and not providing much info to non-us countries/banks but that will likely change in the future.

Any transaction into a US bank account over 10k gets reported immediately to IRS, if it's under 10k and bank software suspects you are transfering under 10k by doing it in smaller amounts e.g. 2 x 5000 to dodge the 10k mandatory reporting requirement it will also report you. If you generate too many red flags expect to be audited. There's a certain name for the list, can't remember off the top of my head.

IRS is primarily interested only in US citizens but other countries like UK it's sharing with. You shouldlook intothe 12 eyes to understand surveillance/data sharing also.

The 10k is cash only! Not bank transfers