How Does Your Country Know About Your Offshore Bank Accounts?

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This is the question that pops up quite often: How does my home country know about my foreign bank accounts?
If you open an offshore bank account will your home country find out, and how?

The answer is YES they do know, and will find out. Bank secrecy is the thing of the past, and as we live in digitalized era automatic exchange of information became the norm almost everywhere.

FATCA and CRS are some of the most known regulations that prevent banking secrecy.
CRS is the Common Reporting Standard and FATCA is Foreign Account Tax Compliance Act and it applies to American citizens, while CRS applies to everyone else. These are mechanisms by which banks automatically share your information to your home country (a country that you're a citizen or resident of).

There are also Tax Information Exchange Agreements, by which governments can request information if they suspect something.

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#FATCA #CRS #Taxes #CommonReportingStandard #TaxInformationExchangeAgreements

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