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E-wallets and CRS

Exchange ideas and share info about all e-wallets
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arbusers
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Re: E-wallets and CRS

Tue Nov 14, 2017 7:23 pm

The title of the e-mails sent by NT is:
Changes to the NETELLER Terms and Conditions (PSD2)
It all has to do with PSD2. To make a long story short PSD2 gives the right to payment companies to have access in the pull of clients of banks. From now on, we should all be very careful when we tick a box allowing 3rd parties to have access to our banking information. I made a good search and only one article in linkedin is linking PSD2 with CRS, and it appears like science fiction. However, science fiction in payments might not be in the far future.
I would suggest that we all calm down and keep these issues low in the agenda.
Last edited by arbusers on Tue Nov 14, 2017 7:24 pm, edited 1 time in total.
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Re: E-wallets and CRS

Tue Nov 14, 2017 7:27 pm

Alfa1234 wrote: These changes will come into effect on 13 January 2017 and will automatically apply to the services we provide to you.
This is an important observation that needs to be clarified.
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Re: E-wallets and CRS

Wed Nov 15, 2017 9:57 am

Arbusers wrote:
Alfa1234 wrote: These changes will come into effect on 13 January 2017 and will automatically apply to the services we provide to you.
This is an important observation that needs to be clarified.
He probably thought 2018.
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Re: E-wallets and CRS

Wed Nov 15, 2017 10:03 am

Arbusers wrote: The title of the e-mails sent by NT is:
Changes to the NETELLER Terms and Conditions (PSD2)
It all has to do with PSD2. To make a long story short PSD2 gives the right to payment companies to have access in the pull of clients of banks. From now on, we should all be very careful when we tick a box allowing 3rd parties to have access to our banking information. I made a good search and only one article in linkedin is linking PSD2 with CRS, and it appears like science fiction. However, science fiction in payments might not be in the far future.
I would suggest that we all calm down and keep these issues low in the agenda.
Yes. Payment Services Directive 2 (PSD2) and Common Reporting Standard (CRS) are different things. So calm.
Thordin
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Re: E-wallets and CRS

Wed Nov 15, 2017 2:04 pm

the 2017 thing is a typo, new emails say 2018
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Re: E-wallets and CRS

Wed Nov 29, 2017 8:38 pm

Does anyone know anything about the $ 250,000?


Opening a bank account from 2017 can be a complicated decision if the necessary precautions are not taken, depending on your situation you may be interested in having a bank account in a tax haven with or without information exchange. As of January 1, 2017, the new IAI law or treaty on the automatic exchange of information between 56 countries will come into force.

The main feature of this new law is that 56 countries signatories of the new law of automatic information will share banking information, among them are: Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Holland, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovakia, Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos, United Kingdom. The 6 countries that have not signed the information treaty and have committed themselves are: Bulgaria, India, Seychelles, Greenland as well as Trinidad and Tobago. The countries that will start with the exchange starting in 2018 will be Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, Bahamas, Belize, Brazil, Brunei, Canada, Chile, China, Cook Islands, Costa Rica, Ghana, Grenada , Hong Kong (China), Indonesia, Israel, Japan, Kuwait, Marshall Islands, Macao (China), Malaysia, Monaco, New Zealand, Panama, Qatar, Russia, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, St Maarten, Switzerland, Turkey, United Arab Emirates, Uruguay. The data that will be shared will affect individuals and legal entities with account balances of more than $ 250,000, bank accounts that are below this amount will not be exchanged information.


http://www.paraisos-fiscales.info/3-cuentas-offshore
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Re: E-wallets and CRS

Wed Nov 29, 2017 8:43 pm

Desmodromico, I suggest you read this thread before posting this information. Our analysis and information went far beyond what you can find in mass media.
Thank you.
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Re: E-wallets and CRS

Thu Nov 30, 2017 9:56 am

Last edited by TheJog87 on Thu Nov 30, 2017 8:38 pm, edited 1 time in total.
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Re: E-wallets and CRS

Thu Nov 30, 2017 6:31 pm

Of course.
Coinbase is regulated, if you make profit they should report to IRS.
Same as financial broker platforms, trading platforms etc
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Re: E-wallets and CRS

Thu Nov 30, 2017 8:25 pm

Many dont know but IRS will take you money if u made some profit.
Funny that nobody wants profit your USD/EUR pair...
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Re: E-wallets and CRS

Wed Dec 06, 2017 10:04 am

I read the CRS handbook in several different countries. It seems it will only report the balance in Dec 31th each calendar year insofar, not like FATCA, which reports all payment received in the whole calendar year since 2016.

Does this mean, if I keep my Skrill balance as low as possible in the end of each the year, my account will be much less likely to draw any attention from tax organization? Do you think there will be any chance that CRS will require to report, in all future calendar year, the account payment received?

Also, for FATCA, it starts to require reporting payment received in each calendar year since 2016, is this retrospective? For example, it starts requiring financial institution to report all payment received since 2016, but will they report all payment received in 2015/2014/2013/2012/2011...etc?
Last edited by PewPewMaster555 on Wed Dec 06, 2017 10:19 am, edited 1 time in total.
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Re: E-wallets and CRS

Wed Dec 06, 2017 1:48 pm

PPM555
As far as it concerns e-wallets, I believe you will get all the answers that you want if you read this thread carefully.
I suppose that your question is in regards to bank accounts. For 2016, only year end (Dec 31st) balances were exchanged. For 2017, transactions within the year should be also reported, but, I have serious doubts that transactions will be exchanged as well, because year end balances reporting already caused a chaos. I believe absolutely no-one would answer to that question now, but if things stay as they are, transactions should be reported also.
As for FATCA, I m afraid I have no idea.
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Re: E-wallets and CRS

Thu Dec 07, 2017 2:29 am

Arbusers wrote: PPM555
As far as it concerns e-wallets, I believe you will get all the answers that you want if you read this thread carefully.
I suppose that your question is in regards to bank accounts. For 2016, only year end (Dec 31st) balances were exchanged. For 2017, transactions within the year should be also reported, but, I have serious doubts that transactions will be exchanged as well, because year end balances reporting already caused a chaos. I believe absolutely no-one would answer to that question now, but if things stay as they are, transactions should be reported also.
As for FATCA, I m afraid I have no idea.
I asked FATCA because it seems CRS heavily copies the way FATCA works. And FATCA requires financial institutions to report more and more data every year since 2014/2015/2016.

So...for CRS, at this moment, it will only report account balance in Dec, 31th, 2016, and transactions in 2017, 2018, 2019....etc? They will NOT report any transactions or yearly received total payment in 2016, 2015, 2014, 2013, 2012, and all previous years?

IF Skrill ended up with having to cooperate with CRS regulation; for example, IF this happens in 2018, do they still have to do the same? (by collecting old data from 2016, 2017 again...), or they can ignore old years data, like starts only from 2018?
Last edited by PewPewMaster555 on Fri Dec 08, 2017 4:34 am, edited 1 time in total.
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Re: E-wallets and CRS

Thu Dec 07, 2017 10:32 am

I once again ask you to read this thread carefully. Your questions are already answered.
FATCA initiated some years before CRS.
According to CRS, all balances of 31st Dec 2016 are already reported somewhere in the middle of the year, probably May or June 2017. There is no obligation for the transactions for 2016 or any previous year.
Your last question is a hypothetical one and no-one will be able to answer it. I can only speculate that if e-wallets are forced to fall under the CRS, they will have to report data of the current year.
You have to keep in mind that national tax authorities might request for more information on individuals, no matter if this is triggered by CRS or any other event.
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Re: E-wallets and CRS

Fri Dec 08, 2017 9:34 am

Arbusers, now you probably scared the fella that e-wallets have already exchanged information, which they haven't, for two reasons.

"According to CRS, all balances of 31st Dec 2016 are already reported somewhere in the middle of the year, probably May or June 2017. "

You meant banks, and other depository institutions, it seems they have exchanged it, yes. But they also clearly announced it, some even a year in advance.

As far as e-wallets, there are two indicators for their exclusion for the time being. The old directive about them being excluded since they are non-depository accounts (and mostly connected through banks anyway, how many people do you know that have money on e-wallets, especially substantial money, that has never gone through any of the banks?) seems to be still in effect.

1) They haven't asked for self-certification. Banks did, ALL of them. Meaning, if HSBC bank wanted to share information and send it first to their domicile tax office and then that tax office would distribute it and "exchange" it with other tax offices, they needed to ask for self-certification, including the TIN number and residence, since people change residences all the time and your TIN number is what differentiates you from another "John Jones" out of gazillion.

2) Skrill, Neteller and several other e-wallets are STILl replying to people nowadays that they are excluded from reporting, that this doesn't apply to them.

When it does,IF it does, they will have to somehow announce it, implement it so they don't lose a massive number of clients. So communication is key. They have the right to exchange something if necessary, but only if they get a court order for the time being, nothing automatic.

Also, you may have to want to read the topic in its entirety for details, since there are many other details here that are important, like the fact that paypal has a banking license and therefore is more regulated than FCA regulated e-wallets, etc. And yet not even paypal has exchanged anything yet, despite announcing so, they haven't asked for self-certification, which again, ALL of the banks and insurance companies that participate, have done.

Bottom line here is, nothing is official, nothing can be checked, I sincerely believe there is no way in the world for us to find out why exactly e-wallets have been excluded so far and if and when they would be included.

All I know is there is some resistance to the CRS protocols, from various sides, and bank compliance takes time and is gradual, but if you ask me whether in 2022. all that wouldn't be connected, I would say it will, which of course limits traders, arbers, punters, to relocating to countries with favorable legislations about it.


P.S. Don't forget to, just in case, not have anything on your balances guys on 31.DEC.

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