CRS & FATCA

CRS and FATCA - (UBO)

Now you see me; now you don’t: using citizenship and residency by investment to avoid the automatic exchange of banking information.

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange it with other jurisdictions annually.

The CRS and the UBO legislation have far-reaching implications.  These are dangerous because the EU legislation was introduced quietly and most think that one should not pay too much attention to it! ERROR...Fines for violations of the UBO legislation run up to Euro 50,000!  The CRS legislation was transposed into Belgian/Dutch law a few years ago. In other words, this legislation was invented by the EU[SSR] and made into a law. Then the EU member states were REQUIRED to transpose it into national legislation. Fines run up to €50,000!

What is clear here is that national governments are increasingly standing by "for appearances' sake." In other words, something for which millions died during 2 world wars is now "given" without bloodshed "on a silver platter" to a predominantly German supra-nationality. I compare it to De Klerk donating South Africa to the Blacks in 1994.

The following data is passed on by the banks to the local tax authority. The local tax authority then passes it on to the tax authority of the country (or countries) where you are taxable.

1. Identity data (name, address, etc.)
2. Balances of all accounts on December 31 of the year. If an account was closed during - - - - the year, a zero balance will be reported for it.
3. Gross account income (e.g., interest)
4. Gross sales proceeds of securities.

In short, the CRS requires banks and other financial institutions to determine the residence of their account holders so that their banking information will be sent to the corresponding country (where the account holder actually resides) so that authorities can check if the person has declared the foreign bank account and paid relevant taxes. However, if the account holder manages to trick the bank by pretending to be a resident in another country, their banking information will be sent to the wrong country, or it might not be sent at all. Citizenship and residency by investment schemes can be abused for this precise purpose. An account holder may acquire one of these citizenships or residencies in exchange for money, not to migrate to another country, but to trick their foreign banks about where they live. Be advised there is more required than just a 2nd Passport to be 100% SAFE!

IMPORTANT NOTE:  Your local accountant, local banker, local notary,...are BY LAW not allowed to assist you in this matter. On the contrary, it is a criminal offense not to communicate your bad intentions to the Authorities if they suspect any.

We again recommend - to avoid later problems and fines - that everyone amend their situation as soon as possible. These are things that should not be allowed to drag on!

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