@@gummarao FATCA requires all Participating Foreign Financial Institutions to give details about the US citizens/residents to IRS. FATCA is only a bilateral agreement between the US and let's say India. Whereas in CRS, more than 100 countries are participating in the automatic exchange of information of investors who are residents of a country other than the domestic country. So, If a country other than US wants to have information about their foreign residents who are hiding money in offshore bank accounts, they must comply with CRS.
Does the app Wise tell the tax office wether you have some money on it?
Thanks for info sir,
Still i have question, why we FTca and Crs
Why still we have fata and crs
Anyone is enough right
@@gummarao FATCA requires all Participating Foreign Financial Institutions to give details about the US citizens/residents to IRS. FATCA is only a bilateral agreement between the US and let's say India. Whereas in CRS, more than 100 countries are participating in the automatic exchange of information of investors who are residents of a country other than the domestic country. So, If a country other than US wants to have information about their foreign residents who are hiding money in offshore bank accounts, they must comply with CRS.