CRS form, What it is and why you shouldn't do what the bank says

Business Money
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Here is some information about the CRS (Common Reporting Standards) form and it’s implications and why you should likely NOT give your home country’s tax information. (NOT FOR AMERICAN CITIZENS)

https://livingintw.com/what-is-that-crs-fatca-form-and-why-is-my-bank-telling-me-to-declare-that-i-am-a-tax-resident/

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Had this exact problem two months back.

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Let’s try to share the information with as many new people as possible. We need to make a change

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I was forced to fill this out when I had to “re-open” my account after id number change. They would not let me finish until I filled it in despite me insisting that there’s no reason for my home country to know this. They just explained it away as “hurr durr global stanards, government says we have to”. Luckily I hardly use that account.

We’ll see if my government tells me that should not have been filled in.

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I feel lucky now. I have an old account made before this stuff started and the bank never asked me to do anything when my ID number changed. They just photocopied it and changed it in the computer. US citizen.

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This doesn’t apply to you as a US citizen… as a US citizen you need to fill out a FATCA form. (Which you would’ve done when you opened your account).

Also your tax residency laws are messed up that you are basically counted as a tax resident wherever you go.

Also, you are a nightmare to deal with when it comes to any banking, investment etc… because of that

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Ok, I confused it with the FATCA, which I have never filed out. My account is very old.

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They never asked you to fill out a FATCA? :dizzy_face::face_with_spiral_eyes::face_with_spiral_eyes::dizzy_face:

Yikes, that could be big penalties there for that bank if that was found out… treasure that account my little tax evading apprentice. :wink:

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Truth be told… they probably got a ton of penalties from messing up American FATCA forms that they now just force everyone to list their home countries tax residency now

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I made the account in the 90s. I was expecting to be asked about it eventually but never was.

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If you only have a small amount and not many investments in your home country, it’s unlikely but possible. However, I’d prefer if they did the forms the right way and didn’t force a “self certification”

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Oh then if your account has less than 50,000 usd they wont ask…

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So they could have reported the account themselves without me doing anything?

It’s not a big account. The most I ever hold in it is US10 to 20K, and it usually only holds a few hundred.

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I mean anything prior to 2010 and under 50,000usd doesn’t need reporting

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Thanks. Glad to know that. I’ll make sure to never break that 50K limit.

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Even if you do… just use a different account.

However, what’s the point. It doesn’t affect you unless you have millions anyway…

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I know. It’s just the principle of the whole thing that annoys me.

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This is where we were discussing it before:

Maybe some of the info should be merged? @Marco @tempogain

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First Bank once insisted with me that i have to put a home address overseas on the form. i insisted i dont have one since ive been living here continuously for 10 years.
it felt as if im talkong to myself, there was no comprehension on their side what so ever.

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I didn’t see that one mate because it doesn’t mention CRS. I’d be happy to post my link there too as it seems that there is some misconceptions of what the CRS is