Let me say a few words regarding what the senior brother mentioned. First of all, paying taxes according to the law is necessary; taxes that need to be paid should be paid everywhere. However, CRS does not monitor all information:

First: For those who have obtained overseas compliant residency status and have opened accounts locally to trade US stocks or local stocks, I have not seen any cases related to China's CRS, even though these countries have CRS relationships. Essentially, they do not submit their tax citizen information to other countries, which is the most important point.

Second: Opening an account with a US brokerage will not be subject to CRS because there is no CRS system between the US and China. Even if a purely American brokerage platform is registered using Chinese identity, it will not be counted by CRS. The US uses its own FATCA system, which only requires foreign banks to report "US tax residents" to the US.

Third: If you already have an overseas identity but still register and trade in CRS system countries using Chinese identity (including Chinese phone numbers, addresses, or other proofs), the data will be exchanged, especially if you open an overseas bank account with Chinese identity and primarily use that bank card, particularly in Hong Kong, where almost all data will be exchanged.

In simple terms, while US stock accounts will not be subject to CRS, if you sell stocks and withdraw the money back to a bank in a CRS country, such as Hong Kong, then CRS will regain your information.

Therefore, whether it is a ZA or any other bank card in Hong Kong, while it can solve some issues related to deposits and withdrawals, there will still be CRS issues. In fact, CRS does not impose requirements on the amount, but if the funds in the card are substantial (7 million HKD or 1 million USD), the probability of being randomly checked by the bank system will be higher, and occasionally, you may be asked to provide proof of the source of funds.

Thus, legitimate overseas tax citizen information is not involved in CRS exchanges.

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