Common Reporting Standard Consultation
The CRS consultation services offered by us aims to provide you with professional advice on exemptions from reporting under permitted circumstances and to resolve the tax problems you face when setting up a company abroad. If you would like to know under what circumstances exemptions may be granted, please contact us for professional advice.
Q & A
A: Anyone who opens a foreign bank account. For example, the information on a bank account opened in China by a French resident will be automatically reported to the Chinese authorities by the bank every year.
Q: If I split my money into multiple accounts, will the information on my bank accounts not be reported?
A: Not necessarily. Some people may think that they can avoid being reported by holding multiple accounts so that each account has a balance of no more than US$1 million. Even though accounts with a balance of more than US$1 million are reported first, the possibility of accounts with a balance less than US$1 million being reported cannot be ruled out – it may just happen at a later date. In fact, China has started to report all accounts regardless of their balance since 2018.
If you would like to know under what circumstances exemptions may be granted, please contact us for professional advice.