Will my offshore Romanian company report to my current country of residence?

[thedirtyteller]

I'm in the process of opening an offshore company and a bank account in Romania. Now will the Romanian bank or authorities report this to my current country of resident because of crs?
The company will only be making peanuts for the first six months, no more than 1000 usd in revenue. I currently reside in a Scandinavian country but with a passport from a different eu country. I'm planning to move permanently but within the coming six to 12 months.

 

[Martin Everson]

Yes Romania will report your account under CRS. Both Romania and Scandinavian countries are part of CRS. CRS is based on residency so a foreign passport makes no difference.

 

[thedirtyteller]

Yes Romania will report your account under CRS. Both Romania and Scandinavian countries are part of CRS. CRS is based on residency so a foreign passport makes no difference.

What is the time frame of this? Is it immediate or let's say within a year?

 

[Martin Everson]

What is the time frame of this? Is it immediate or let's say within a year?

Within a year. However your home country may take years to act upon the data if at all. It depends on the aggressiveness the tax agency.