Zenus and CRS

[Eldubb]

If Zenus operates in Puerto Rico which is a non CRS territory, does that mean Zenus does not share reporting to my country of residence outside of the USA?

 

[Forester]

If Zenus operates in Puerto Rico which is a non CRS territory, does that mean Zenus does not share reporting to my country of residence outside of the USA?

Puerto Rico is an unincorporated territory of the United States. As well as the United States it's a non-AEOI/CRS country. Nevertheless, there is FATCA enforced in the United States; I do not know whether is concerns also Puerto Rico: if not then you cannot be reported, if yes then in theory you can be reported; but in the practice company accounts from the U.S. are not reported and personal ones rarely, AFAIK (FATCA represents rather one-way information flow, about US citizens to the feds from abroad).

 

[koohl]

So it is worth to have a look into if reporting matters!

 

[Eldubb]

Puerto Rico is an unincorporated territory of the United States. As well as the United States it's a non-AEOI/CRS country. Nevertheless, there is FATCA enforced in the United States; I do not know whether is concerns also Puerto Rico: if not then you cannot be reported, if yes then in theory you can be reported; but in the practice company accounts from the U.S. are not reported and personal ones rarely, AFAIK (FATCA represents rather one-way information flow, about US citizens to the feds from abroad).

Thanks for the info. Gives me an avenue to look into further.

 

[12345]

Puerto Rico is an unincorporated territory of the United States. As well as the United States it's a non-AEOI/CRS country. Nevertheless, there is FATCA enforced in the United States; I do not know whether is concerns also Puerto Rico: if not then you cannot be reported, if yes then in theory you can be reported; but in the practice company accounts from the U.S. are not reported and personal ones rarely, AFAIK (FATCA represents rather one-way information flow, about US citizens to the feds from abroad).

I think FATCA is one side reporting - signatories inform IRS about US citizens, US doesnt report anything or does it very very rarely as far as I know

 

[Sols]

Due to its peculiar status, Puerto Rico is exempt from FATCA.

Attracting tax evaders and money launderers is how these Puerto Rican quasi-banks survive.

 

[Forester]

Due to its peculiar status, Puerto Rico is exempt from FATCA.

A valuable information (as usually, from you ); thanks for sharing.