What CRS is
CRS (Common Reporting Standard) is the OECD standard under which countries automatically exchange information about the financial accounts of non-residents. In plain terms: your bank identifies your tax residency and reports your balances and income to the relevant country's tax authority. It's not a case-by-case request; it's an annual, automatic flow. Spain and Thailand both take part, so the snapshot of your accounts crosses the border without anyone asking for it.
And CARF for crypto
What CRS did for bank accounts, CARF (Crypto-Asset Reporting Framework) does for crypto assets: it requires crypto service providers to report transactions and holders, and that information is also exchanged between countries. It's why portfolio hygiene before you move —documenting balances and acquisition cost— has gone from "good idea" to "essential."
| CRS | CARF | |
|---|---|---|
| What it covers | Financial accounts | Crypto assets |
| Who reports | Banks and financial institutions | Crypto service providers |
| How | Automatic annual exchange | Automatic exchange (rolling out) |
| What it means for you | Your balances are visible | Your crypto transactions too |
What it means for someone moving
The conclusion is liberating, not threatening: the right strategy was never to hide. Legally reducing taxes when you move to Thailand comes from changing your tax residency properly —the 180-day rule, the Thai certificate, an orderly exit from Spain— and taking advantage of local rates. That's solid and CRS-proof. The alternative —opaque accounts, odd movements— is fragile precisely because the information travels on its own.
Where Bexpat fits in
We don't handle your reports: we handle the move (visa, flight, arrival and apartment). The visa test is the starting point.
Frequently asked questions
What is CRS?
The OECD standard under which countries automatically exchange financial account information about non-residents. Your bank reports your balances and income to your country of tax residency. Spain and Thailand both take part.
What about my crypto?
CARF extends automatic exchange to crypto assets: crypto providers report transactions and holders. It's the crypto version of CRS, rolling out across participating countries.
Can I hide accounts?
It's neither viable nor advisable: the information travels on its own. What legally reduces taxes is changing your tax residency properly and documenting it, not hiding.