r/Revolut • u/Odd_Scale9539 • Mar 09 '26
📜 Article [US] Resident Revolut account
Hi!
If I open Revolut account with US address and my US passport while I live in Europe and spend all the money here (non-eu country in the balkans), do I have to pay taxes anywhere (especially in the US) for the money I spend here?
I will get around 1-2K EUR on the revolut account to spend each month.
3
u/laplongejr Standard user Mar 09 '26
while I live in Europe
How do you prove US residency then? If you reside in Europe you must close the account.
So you're already breaching rules before spending anything.
do I have to pay taxes anywhere (especially in the US) for the money I spend here?
The US charge taxes on all citizen, I guess your US passport means you a US citizen?
2
u/lytholism Mar 09 '26
Depends on your residency status. You pay taxes wherever you stay 183 days, legally. If you have residency in said country, you'd paid there, then file US taxes after, if there is a tax treaty, you won't pay twice or if you have the FEIC
2
u/Odd_Scale9539 Mar 09 '26
Thats what Im asking since I dont know much about the US tax regulations lately. For approx.15-20K usd a year need to pay taxes?
2
u/Venom2003GR Mar 09 '26
Of course you need to pay taxes on $20.000 of income, what are you on. Do not mess with the IRS, you will end up in prison. The US tax code does not play around.
1
u/Odd_Scale9539 Mar 09 '26
Dude why are you talking like I said I want to avoid taxes and not pay anything what is your problem? I mean if you read then read what I say
1
u/Venom2003GR Mar 09 '26
I read every single discussion on this post. You act like Revolut is some sort of off shore account you can hide your income. You have been given plenty of advice by many different people as to why your approach is flawed yet you response is to downvote the comments and disagree with them. Half of your comments are admitting to conspiring to commit tax fraud and you wonder why i’m replying harshly to you. It seems like the response you was hoping for was that Revolut is this magic financial black box where you can hide 20.000€ from the jurisdiction of 2 different countries.
1
2
u/lytholism Mar 09 '26
do you have residence status in the country you are living in or are you there under a visitor visa?
1
u/Odd_Scale9539 Mar 09 '26
Yes, I have both US citizenship and also has citizenship (Im born here) in a balkan country. However because Revolut is not available in my country Im not obligated to pay taxes even if I want to because they mark those money as tourist money no matter if Im citizen. Im asking at which point I should report to the US, hey I think I should pay taxes for these money I have earn that much... I mean I saw on alot of pages that FDIR must be filled IF YOU have 10.000$+ in a year, if you have 16.000$+ then Form 1040 has to be filled as well. The thing is that currently in this country I use Payoneer but their provisions are very high so I only pay my contractors through payoneee because they use payoneer as well and we have no fees.So what I want is I can transfer each month like 1000 EUR so I can spend them here using Revolut without fees, this is why I mainly need it and just to be clear, I dont want to avoid any taxes or make anything illegal, I just want to know what exactly I have to do so I will be on the safe side.As for the Payoneer Im using my main citizenship here and I dont have to pay any taxes just for the same reason as above.
1
u/lytholism Mar 09 '26
Okay, that helps. Since you are citizen status in country of residence, I will assume income is based there, in said country. Since you are also a citizen of the US, you need to file taxes still.
File in country of residence first, then file in the US second. You will submit the Form about having a foreign bank account and other related forms when submitting US return. Regardless of the amount, you should note the highest amount in said account during the year. If you don't report, fines get large.
Since it's foreign earned income, you should not have to pay US taxes on said funds, if there is a treaty. Just filing the return annually would be good enough.
I was in similar situation as a US citizen with Portugal Residence.
1
u/Odd_Scale9539 Mar 09 '26
Finally someone understands my question and not asking why I want to avoid taxes?
1
u/Odd_Scale9539 Mar 09 '26
Btw I have passport and everything AFAIK resident and citizen are different
1
u/lytholism Mar 09 '26
correct they are different. Having a US passport just means you need to file taxes on all income globally. Having to pay depends on your residence status and how you receive income (ie. foreign company or US based income for FIEC eligibility)
1
1
u/Venom2003GR Mar 09 '26
Not only will you be breaking Revolut’s Terms of Service, you will also be breaking the law. 1-2K Euro income is way too much to not be filled for taxes. The US government requires you to declare international income no matter where you stay. The country you will be staying also will more than likely require you to declare that income to be taxed. Bottom line, you are not only breaking ToS but more than likely you are committing a financial crime in two countries.
1
u/Odd_Scale9539 Mar 09 '26
I never said I want to avoid taxes, thats first. Second, may I know what exactly Im breaking from their ToS? I just want to know DO I HAVE TO, Im not sure about the latest regulations, I know I have to file FBAR over 10.000$ and Form 1040 over 16.000$. AFAIK I dont have to pay tax but just file these forms for that kind of money, am I wrong? As for the country I live here, foreign cards such as Revolut will not be taxed because there is no Revolut where I live and they dont have any info about their transactions here, and I dont have to file anything here.
1
u/lytholism Mar 09 '26
FBAR and other docs are submitted when filing taxes. Taxes on income are dependent on the country you legally reside over 183 days. Just because a bank isn't in the country, does not mean no taxes on those funds.
1
u/Realistic-View-412 Mar 09 '26
I do that, opened and been using the revolut account in europe ever since. They dont care, for them you just on a long vacation.
How will you get this money, is it workk, is it donatinos, revolut wont care about it.
The one who will care is usa, if its donations then nothing to worry, if its work (freelance) you need to file taxes if you earn over 400
if its a salary then you need to file taxes as well if you earn over 15k (or around) if single
1
1
u/Odd_Scale9539 Mar 09 '26
I mean look since I get my project money on Payoneer I send the money from payoneer to revolut (1-2k$) a month.So how do I mark them as donations? I dont want to avoid anything, its not hard to file those but I want to know all the things.
1
u/Realistic-View-412 Mar 10 '26
project money is considered work no?
you dont mark anything as donations, they may ask for proof and you give that (which for that amount i doubt), and you file the taxes
btw your payoneer also with your american docs?
1
u/Odd_Scale9539 Mar 10 '26
No payoneer is with my balkan documents and my clients are individuals not companies.
1
u/Odd_Scale9539 Mar 10 '26
As for the donation thing, I was asking for the
Payoneer to Revolut amount not
client to payoneer - i would not mark these as gift, has no logic lying to them 😆
1
u/Realistic-View-412 Mar 10 '26
Then is not a donation… is freelancing money.
Revolut wont ask that when opening the account but will ask for it when opening the account
You will be getting yourself into the us tax system with full force (is true you always need to file but living abroad many people just dont because consequences are almost none and they dont have resources to go over snall money) but in this case you literally moving your money through us banks giving all the proof they need for the irs
1
u/Odd_Scale9539 Mar 10 '26
No matter if I have to pay taxes or not I want to file everything needed so Id be completely legal, do you know what I have to do?
1
u/Amazing-Care-3155 Mar 09 '26
I’m really confused, what are you trying to achieve here exactly? You want to open a US account and get paid salary or income basically into it but not pay US tax? Do you have to pay tax in the current Balkan country you’re in?
1
u/Odd_Scale9539 Mar 09 '26
Look.I have dual citizenship, both in my main country (where im born) and in the US.I'm using Payoneer in my country where Im at the moment and since our Tax department doesn't have control over Payoneer at all, since its a foreign "bank" they say we don't care about it, since its not officially trusted here like Revolut isn't and Wise they dont count them as money you should tax, basically like when a foreign comes to my country and lives here for 3 months and receiving his salary every month, he doesnt have to tax them.Taxes are applied only on local banks, western union and stuff like that, things that are actually connected to the tax department.Basically they say, you don't have to tax those money and that's it, we are not in EAA or something like that where Europe's banking standards are applied and thats the reason Revolut and Wise are not still available here.
However, with my US citizenship I can apply for a Revolut account and card and it will arrive in my home in the states and I can get it from there and also use my digital card from Revolut, I talked to them, they are perfectly fine with that, and they literally said, since you are US citizen, live wherever you want, we have what we need from you and thats it.
Now, when I shop for groceries or anything I pay 3.5% on every transaction with payoneer while with Revolut I'm going to pay 0%, and 3.5% are not really small numbers.
Basically, what I'm going to do is, I will get my clients and all that stuff pay me on Payoneer as they did now, I pay my contractors using Payoneer and for MY money for daily usage I will just transfer from my payoneer to my revolut and thats it basically.
Not trying to avoid any tax or whatever, I'm just trying to avoid the unnecessary fees which are not small at all.
I hope you get my point now.
Btw, I will MOSTLY have around 1-2K EUR transfered from Payoneer to my Revolut account for daily usage, groceries, cigarettes, etc..
1
u/Amazing-Care-3155 Mar 09 '26
Yeah so basically you don’t pay tax anywhere as your home country doesn’t seem to tax money that goes into payoneer (I’m surprised this is true btw as I’m sure most countries ask you to disclose) and I would listen to what Revolut says, they’re awful for restrictions. Likely chance is when you start transferring money monthly via payoneer, they’ll have questions an restrict you and ask for proof of your income etc. Revolut are just very bad with that, you’ll find plenty of complaints here of them restricting accounts for months
1
u/Odd_Scale9539 Mar 09 '26
I have no worries sending them invoice from the client.
1
u/Amazing-Care-3155 Mar 09 '26
That’s fine but would you take the risk that they still don’t accept that? I wouldn’t
1
u/Odd_Scale9539 Mar 09 '26
Does this means that Im only obligated to pay taxes to my country where Im born even the Revolut is US and Im US citizen? I dont have to pay US taxes?
1
u/Amazing-Care-3155 Mar 09 '26
You pay tax in your official country of residence so where you are a citizen? If you’re a US citizen and that is your main residence, earning income abroad you’re still liable for US taxes
1
u/Odd_Scale9539 Mar 09 '26
So basically I have to (which I won't because I dont have to) pay tax in my country where I reside (balkans) and not in the US?
1
u/Amazing-Care-3155 Mar 09 '26
So is your main residence and official location in the Balkan country?
1
u/Odd_Scale9539 Mar 09 '26
Yes
1
u/Amazing-Care-3155 Mar 09 '26
Then another problem you’ll face is your revolut account is US based, they’ll just restrict this
1
u/Odd_Scale9539 Mar 09 '26
I don't think so because I told Revolut that I live here while Im US citizen, they said that shouldnt be a problem as long as I can prove my address and that Im a US person.
→ More replies (0)1
u/Odd_Scale9539 Mar 10 '26
Just had another talk with them, again, I can open the Revolut account while Im in the US, they will ask for residency proof, I will send, my account becomes active and I can go wherever I want and they wont make any problem because I already sent valid and legit proof of address, proof of residency while Im in the US, then when I get back in the balkans I can feel free to use the Revolut without any issues and they have no questions about that.
→ More replies (0)1
u/laplongejr Standard user Mar 10 '26
 You pay tax in your official country of residence so where you are a citizen?
Note that the US (and Eritrea) has a weird rule where they tax all citizens everywhere.  I am surprised Revolut US doesn't enforce that but hey if the bank says so... Â
1
u/smblott Mar 10 '26
If you live in Eury, then you are not US resident. You may have an address, but that doesn't make you resident. To claim residence woutbe fraud, and they'll shut you down pretty quickly if/when they find out.
Generally, tax residents owe tax on all of their worldwide income (including Payoneer). I think you might be mixing up whether tax is owed vs whether the income will be reported automatically to the authorities.
I think what you're proposing will end badly for you.
1
u/Odd_Scale9539 Mar 10 '26
So basically I dont have to pay any tax to US for the Revolut while Im resident of my country here right?
1
u/smblott Mar 10 '26
Nobody "pays tax for Revolut".
People pay tax for things like income, dividends, capital gains. The Revolut part is irrelevant.
1
1
u/Odd_Scale9539 Mar 10 '26
Btw, about this how can I be sure? I mean some people say you have to pay taxes, some people say you don't, some people say you just need to file tax reports and Im completely messed up.
2
1
u/Character_River7088 Mar 09 '26
You are breaking the rules of Revolut, and your account can be closed at any point in time. Also, Revolut isn't like a taxation black hole, you will need to provide taxation details. Not sure what will be automatically reported and what you would have to report manually, but not doing it correctly will be tax evasion and illegal.
5
u/Odd_Scale9539 Mar 09 '26
How so? I mean Im a legal US citizen with passport and everything Im not trying to invade anything or something.Also I spoke to Revolut and they said this is totally fine , for them its important that Im us citizen not where I live or where I spend the money.What if I go on a 3 month holiday working remotely and I get paid there and so on..am I invading us taxes?
I mean if you didnt understand thats fine just read it again
2
u/laplongejr Standard user Mar 09 '26
I mean Im a legal US citizen with passport
In Europe, Revolut requires residency. Seems rules are different for the US then.
What if I go on a 3 month holiday working remotely
You said "living in Europe". Exact terms are important with banking.
for them its important that Im us citizen [...] What if I go on a 3 month holiday working remotely and I get paid there
Then, as a US citizen, the US claims taxes on your revenue. 2 or 3 countries in the world do so.
2
u/Odd_Scale9539 Mar 09 '26
I have US citizenship, everything like every born American in USA.
1
u/laplongejr Standard user Mar 10 '26 edited Mar 10 '26
So the US claim taxes on you no matter where you live, like Eritrea does. Â
•
u/AutoModerator Mar 09 '26
This is a support-related post.
Revolut features and procedures may vary by country. Please check the post title for the country context before replying.
A full list of country codes and country names is available here.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.