Thread: Fatca vs.GATCA (OECD CRS): New global regulation on financial accounts

When fatca was approved, many said the banks would not collaborate.Now most report information without hesitation.The same will happen with CRS/Gatca.It is only a matter of time before all brokers begin to report.

People care a lot about these issues when their real problem is that they are not even profitable in trading.First he earns money consistently, and then worry about how to declare it.

If you think you can hide your money from governments, you are cheating.Automatic information exchange is a reality and will only expand over time.

Why don't governments apply this level of control to large corporations that evade millions?Ah, of course, because these companies have legal and lobbies teams that protect them.Instead, traders are an easy target.

If you have more than one account abroad, start reviewing how this affects your fiscal situation.Do not wait for a fine or an audit to reach you.Ignorance is no excuse for the authorities.

The CRS is basically fatca in steroids, but with global reach.Many traders still do not take it seriously, but when they begin to receive notices from their tax agencies, they will change their minds.

I think this issue is key to any trader with accounts outside your country.It is not only a matter of regulation, but to understand how this can affect the profitability of your operation in the long term.

The problem is that people want to avoid taxes, but without understanding how they really work.There are many legal ways of reducing taxes in trading.Evasion is not the only option.

This type of regulations only make money flow to more opaque jurisdictions.Governments never learn: when you pursue money too much, it simply moves elsewhere.

Some traders continue to believe that they can operate "under the radar."Good luck with that.Today, if you have a bank or trading account abroad, you are already signed.