Does Revolut report to Tax Authorities?

A common question from our users is whether Revolut shares account information with local tax authorities. To provide a clear answer, we reviewed Revolut’s FAQs and reached out to their Support for information. Here’s what we discovered.

Revolut, as a financial institution, is required by law to collect and report information on your tax residencies. This is regulated by international standards, specifically CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act).

Why does Revolut need your tax residency and tax identification number (TIN)?

"Under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), Revolut must collect certain tax-related information to identify whether an account holder qualifies as a reportable individual. For FATCA, this involves distinguishing US Persons, while CRS requires customers to identify any tax residences outside the country in which they hold an account. As part of these processes, we may also ask for some additional documentation to confirm your tax status."

What are FACTA and CRS and why are they important?

"The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) are global reporting standards introduced by tax authorities to tackle tax evasion. Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD). It requires participating jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. (...) The Foreign Account Tax Compliance Act (FATCA) is a United States legislation that requires foreign financial institutions to obtain information about the foreign financial assets held by US citizens."

Source: Revolut

What information is reported by Revolut?

According to the CRS regulations, Revolut must report:

Account Holder Information

• - Full name of account holder
• - Full address
• - Date and place of birth
• - Tax Information Number (TIN)
• - Tax residency country

Financial Account Information

• - Account number
• - Year-end account balance or value
• - Interest income
• - Dividend income
• - Gross proceeds from sale or redemption of financial assets
• - Other income generated with respect to the assets held in the account

Are my Crypto assets subject to reporting?

The Common Reporting Standard (CRS) has been updated to include provisions for reporting crypto-assets. In October 2022, the Organisation for Economic Co-operation and Development (OECD) introduced the Crypto-Asset Reporting Framework (CARF), a global tax transparency initiative designed to facilitate the automatic exchange of tax-relevant information on crypto-asset transactions.

The CARF requires Crypto-Asset Service Providers (CASPs) - such as crypto exchanges and wallet providers - to collect and report information on their users’ crypto-asset transactions. This includes details about the users’ tax residences and taxpayer identification numbers. The collected information is then shared with the relevant tax authorities to enhance tax compliance and combat evasion. 

In the European Union, these reporting requirements are set to take effect from January 1, 2026, under the eighth amendment to the Directive on Administrative Cooperation in the field of Taxation, commonly referred to as DAC8. This directive mandates that CASPs report on all transactions involving the acquisition, disposal, or exchange of crypto-assets by EU residents, even if the service providers are not based within the EU