Which EMIs are not subject to OECD / AEOI / CRS reporting?

[Educate]

There are plenty of EMIs like Revolut, Monese, BUNQ, N26 and others, but the question is - are these payment processors subjects of OECD, AEOI, CRS reporting standards?

At end of year do they report to clients jurisdictions the balances on the client's accounts OR their annual turnover?

If they report, do they report just the balance or the whole turnover for the year?

Which ones do report and which ones do not?

Do only the ones with banking licenses report?

If that is true, does it make sense to use only EMIs which do not have their own banking license?

Does it make a difference, since if they don't have their own banking license they will have to use another banks license?

Any EMIs recommended for private persons in particular? Looking to transfer large sums?

 

[negon]

The EMI's not registered as a bank should not be obligated to report your account to any auth. However, this could change in the near future and no one know what they actually doing with your information. So far I have seen none of the EMI's I had last year to have be reported to my local tax office. Not sure how this works or if we get informed at all if our accounts have been reported or not.

 

[Educate]

The EMI's not registered as a bank should not be obligated to report your account to any auth. However, this could change in the near future and no one know what they actually doing with your information. So far I have seen none of the EMI's I had last year to have be reported to my local tax office. Not sure how this works or if we get informed at all if our accounts have been reported or not.

Thanks, do you have information which EMIs are and are NOT registered as a bank?

If this is true, does it not make sense from EMI side not to get registered as banks since their clients will leave as their information will get reported? So why are EMIs like Revolut seeking bank account license?

 

[negon]

Most EMI's have the goal to be a bank sooner or later I believe! They really don't care about the reporting they just want to make business and relay on 90% of people that apply with them either can't get accounts anywhere else or think they reach more privacy!

I have no list, but you may check the list of EMI's here List of EMI and Digital Banks

 

[Martin Everson]

@Educate Bunq and N26 are real licensed banks not EMI's.

Expect EU EMI's to start reporting in the next phase of CRS. Governments are not stupid they see the growth in EMI's in the last 5 years. EMI's like Transferwise actually do more wires than some licensed banks. Oh and as always it will be back dated so closing your EMI account won't work.

In the end move country or come clean with tax man.

 

[Educate]

Why would I expect EU EMI's to start reporting in next phase of CRS if right now CRS applies to financial institutions and electronic money institutions do not fall under that scope?

 

[Martin Everson]

Why would I expect EU EMI's to start reporting in next phase of CRS if right now CRS applies to financial institutions and electronic money institutions do not fall under that scope?

You answered your own question.

Stop posting like crazy because I corrected your duplicate post issue. Think what you are writing first.

 

[Educate]

You answered your own question.

Stop posting like crazy because I corrected your duplicate post issue. Think what you are writing first.

Elaborate how I answered my own question please?

 

[Martin Everson]

Elaborate how I answered my own question please?

Read what you wrote in response to my point and explain how your question differs from the point you replied too .

 

[uplana]

This guy never went back to "elaborate" or explain himself better.

Fact is, all the mentioned are reporting in 2022, time has changed the entire game. There are still EMI's that don't report, it will be a matter of time before this change.

 

[GlobalConsult]

Why would I expect EU EMI's to start reporting in next phase of CRS if right now CRS applies to financial institutions and electronic money institutions do not fall under that scope?

The time for tax evaders is over!

 

[countryfree]

The time for tax evaders is over!

We shall talk of "country evaders" now.

 

[uplana]

We shall talk of "country evaders" now.

Yeah it may be the new word for tax evasion. You have to relocate to a country with low to no tax if you want to avoid taxes. Dubai looks so far to be one of the last places with civilization left to avoid taxes.

On a second place, people have to consider "green cards" / Visa for some countries which may be available to them if they relocate, means, some countries offer a very low tax to no tax if you move there as an foreigner. OR if you relocate, stay away for 2 - 5 years and come back later, also in this situation some countries offer a lower tax or no tax.

It requires some professional insides to navigate in this jungle. The time when you just could put your money in a bag and buy whatever you wanted is over, at least in Europe.

 

[romalo]

This guy never went back to "elaborate" or explain himself better.

Fact is, all the mentioned are reporting in 2022, time has changed the entire game. There are still EMI's that don't report, it will be a matter of time before this change.

Can't find a topic with a list. Only TransferWise is 100% no reporting.

The time for tax evaders is over!

I'm no specialist like others, but now started the process to start Andorra company. I would advice that.
2% CIT regime for patent and software. Just recycle your money, write a 10 mega big invoices to your other company which has your money in BVI/Panama or whatever.
Pay the damn 2-10% CIT, and step2 get the money to private.

When you collected enough money in your company, go live there on paper, pay 0% dividend tax,
But you really have to live there 3-6 months(blabla its not true).

Costs about 1000/month to rent a house/office to create substance and pay social security.
You have IBAN,can get Visa pretty easiliy, can travel in/out Andorra to EU without border control.
Go live in Spain or Netherlands or whatever.
Sound much better then Dubai.
After collecting your millions of dividend, step on the plane, ane emigrate from Andorra to whatever country with your "private and already taxed" money.

This plan has costed me almost 20k for lawyers and is approved by my dutch and colombian accountant. 100% legal.

for payments use a EMI hub account with IBAN. Money coming form and to IBAN numbers dont draw attention. Banks in Andorra will close your account. Don't send money directly from Panama Swift to IBAN in Andorra.
Use a hub-bank like Bankera/Wittix, they will only CRS report to Panama if you have active NFC.
Or use EMI, but not clear how long that works.
Hope some guys know some non-CRS EMI's