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Banks, emigration and CRS (Common Reporting Standard)

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Cohen123
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Banks, emigration and CRS (Common Reporting Standard)

Postby Cohen123 » Sun, 17 Mar 2019 4:36 pm

Hello, (and happy st Patrick’s day if you celebrate the occasion ) ,

Has any emigrants been affected by the CRS reporting to banks recently?

Some countries now expect its tax residents to pay tax on their overseas income ( such as bank interests). Has anyone here been affected in that way ?

Thanks for any shared info.

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PNGMK
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Re: Banks, emigration and CRS (Common Reporting Standard)

Postby PNGMK » Mon, 18 Mar 2019 11:57 am

Your answer depends on which country you're referring to.
IANAL. IANACPA. IANA Teacher.
Arrested? Lawyer Up
International School job? School website or http://www.ISS.edu
School advice? Avoid for profit schools
Tax advice? CPA
Pay me $5k for 100% success filling in PR form!

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sundaymorningstaple
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Re: Banks, emigration and CRS (Common Reporting Standard)

Postby sundaymorningstaple » Mon, 18 Mar 2019 5:34 pm

Yeah, tell me 'bout it! :-(

Cohen123
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Re: Banks, emigration and CRS (Common Reporting Standard)

Postby Cohen123 » Mon, 18 Mar 2019 6:47 pm

I think some countries like Canada, NZ and Australia already uaing CRS a means to recoup overseas income from tax residents, similar to the US FATCA.

Most new emigrants will have bank accounts in their home countries. These accounts will likely generate interest. What’s more if you sell your property and deposit the amount in the bank, this amount will be reported under CRS. In fact, any income deposit into the bank will likely come under scrutiny under the new exchange of information between governments.

This is happening more frequently in the last year or so. Has any emigrant been affected by this recently ?

Any info appreciated. Or email me at Danny123@post.com if you do not want to publish and publicise your circumstances. Thabk you for your sharing.

Cohen123
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Re: Banks, emigration and CRS (Common Reporting Standard)

Postby Cohen123 » Mon, 18 Mar 2019 7:24 pm

sundaymorningstaple wrote:Yeah, tell me 'bout it! :-(


Did something happen to you with the CRS?

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sundaymorningstaple
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Re: Banks, emigration and CRS (Common Reporting Standard)

Postby sundaymorningstaple » Mon, 18 Mar 2019 10:29 pm

My reply was for PNGMK, inside joke/complaint.

Cohen123
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Re: Banks, emigration and CRS (Common Reporting Standard)

Postby Cohen123 » Fri, 22 Mar 2019 9:12 am

Thank you to everyone who contributed and wrote me to share your personal stories.

Many thanks


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