Wise is now CRS compliant

[Ryanab]

A few months ago I checked their terms of service pages and it didn't mention CRS, now it does...

 

[Marzio]

Well it was long time coming and expected.

 

[artvandelay555]

is this 100

 

[Martin Everson]

Can you send link?

 

[JohnLocke]

https://wise.com/de/help/articles/4...what-taxes-do-i-need-to-pay-when-i-use-assets
Scroll down the page... they speak about ASSETs not sure if this makes any difference.

 

[Ryanab]

Can you send link?

https://wise.com/fr/help/articles/4...what-taxes-do-i-need-to-pay-when-i-use-assets

 

[Martin Everson]

Humm they cite a specific situation i.e UK residents and investments as I guess they are introducing investment funds from Black Rock etc.

Would be wise (no pun intended) to assume they will report ordinary accounts of UK resident and non-residents at some point as they role out globally whatever this new offering is. So if CRS is a concern you may want to pay attention to that. However it is still not entirely clear.

 

[sebastian]

Im afraid Im pretty much F…ed once they start reporting

 

[EliasIT]

Im afraid Im pretty much F…ed once they start reporting

why did you forget to report your taxes and profits

 

[wellington]

Applies to domestic asset holders, or corporations, for most, there's no changes (at current).

 

[Martin Everson]

At best you have not hot much time left. The clock is ticking.

 

[dread pirate]

I recently signed up and checked out the platform. What I noticed is that giving my residency and address in Australia triggered a request for TFN whereas giving my address in China (where I currently reside) triggered no such request. China participates in CRS, well on paper anyway.

 

[AMD]

wait, you live in china, gave wise an address in Australia and you got rid off the CRS ?

personally it is going to be annoying with all the stuff and ever changing world to the worst.

Time to fire up the dark side of the earth and start working on fake assets.

 

[dread pirate]

lol
yeah did initially, then edited it to my Chinese address.
maybe it's too hard to report, who knows?

 

[kkein]

Humm they cite a specific situation i.e UK residents and investments as I guess they are introducing investment funds from Black Rock etc.

Would be wise (no pun intended) to assume they will report ordinary accounts of UK resident and non-residents at some point as they role out globally whatever this new offering is. So if CRS is a concern you may want to pay attention to that. However it is still not entirely clear.

Since they speak about gains and losses and amount of money held as stocks, it does indeed sound like this is specific to the brokerage offering

 

[Martin Everson]

Since they speak about gains and losses and amount of money held as stocks, it does indeed sound like this is specific to the brokerage offering

Yeah it does seem that way like I said. But anyone seeking to avoid CRS cannot be 100% confident in that.

 

[bizman]

Yeah it does seem that way like I said. But anyone seeking to avoid CRS cannot be 100% confident in that.

That's true, you can't relay on a service that is growing that fast and believe they will never go and report you. Start working on your setup now!

 

[stivemoose]

But this is including even for whom has LLC in the USA with Wise attached? And by the way, what do they report, the owner of the account or just the company? Is it safe to continue using it for the nonresident alien in the USA?

 

[karishi]

From their site:

Will you report my transfers to the tax authorities?

Wise Limited (Wise) 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.
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account
Wise will of course share information with tax authorities if they NEED to, so if there is a direct request by the tax authority. That's how I read it. It's not automatic, but if the TAX authority requests information, they will share it. There might be some twists to it.

 

[satoshim]

This is way more complex than you think. Check this implementation guide for bankers https://www.pajak.go.id/sites/defau...-financial-information-in-tax-matters (1).pdf

By that guide, Wise is not reporting USD accounts as the custody is actually held by a US bank.