Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
This is an offtopic indeed but for some of you it may be of importance.
Some 60 countries entered into an agreement and produced Common Reporting Standard in their desperate attempt to close budgetary holes.
CRS in a nutshell - banks and financial institutions (incl brokerage firms) from 2018 will bear a burden to watch over tax residences of their clients and report to local tax offices. Local tax office shares this data with partners - overseas tax offices if they define you are a resident of that particular member state.
You will be affected if your trading account is in other member state. You live in the UK and trade via Hong Kong broker, for example.
USA are not a part of the agreement but they have own FATCA. Check details if you’re at risk.