What does cis mean in immigration?

CRS is an agreement between 10 1 countries in the world to inform each other about the assets of tax residents in overseas financial institutions. For example, I'm from China, and I have an overseas asset that the domestic tax authorities didn't know before, so I will report it back later, so my overseas assets are transparent. High-net-worth individuals or enterprises, or invest to get rich, or serve as government officials. There is likely to be tax evasion or gray income. In the past, this fund was safe overseas, but once it is known by the government in the future, it will not only have to pay taxes, but may even involve criminal responsibility.

CRS exchanges the stock information of all financial accounts to the tax authorities, not the past details. For example, a customer's overseas bank account had US$ 6,543,800+at the end of the year and exchanged information with the tax authorities in China, so the tax authorities may have to check the source of this money. If the source is illegal income, it shall be confiscated. If there is tax evasion at the source, it is necessary to pay taxes and accept punishment. If the source is legal after-tax income, there is no problem and there is no need to pay extra taxes.

Therefore, crs is very influential to some high-net-worth big bourgeois, so it is very important to plan your assets in advance and avoid CRS reasonably!