The Rules · from Part 4
Do offshore banks share account data?
Short answer
Mostly, yes. Under the OECD's Common Reporting Standard, banks report foreign account holders — including the people behind companies — to tax authorities, who share it automatically. In 2019 the OECD said data on ~47 million accounts worth ~€4.9 trillion had been exchanged among 90+ jurisdictions.
Offshore used to mean secret. Not anymore. Under the OECD's Common Reporting Standard (CRS), banks in participating countries collect the tax residency of account holders — including the real people behind companies — and report it to their tax authority, which sends it automatically to the account holder's home country.
The real case, how people get caught, and what to do instead — in the full Rulebook. Get the Rulebook → (free with the Founder's Pass)
Sources
- goldinglawyers.com/crs-exchanges-account-information-for-more-than-...
- www.oecd.org/ctp/exchange-of-tax-information/
REAL
General information, not legal or financial advice.