Jump to content

FATCA and OECD's Automated Exchange of Information (CRM)


Recommended Posts

Hello All,

I don’t know why the Internet has not blown up about this yet, but both US and the prepaid MasterCard issuer Choice Bank’s country Belize signed these treaties.

So my question is… Do the owners of Payoneer Prepaid cards will have to worry about being reported to their countries tax authorities either by Fiverr or Belize or by the U.S.?


Link to comment
Share on other sites

  • 1 month later...

Nice acronym, by the way. It just needs a T on the end.

Anyway, there’s not much to see here unless you’re a US citizen living outside of the United States. Most US companies paying non-US citizens are obliged to withold a 30% chunk of earnings until an EIN and/or local national insurance/social security number has been produced. Amazon is one such company. Fiverr is an Israeli company so isn’t beholden to that standard (though I understand Israeli sellers/buyers have to do some extra tax stuff).

As for Payoneer and PayPal, I don’t really know, but they just shuffle money about, so I’m not sure they’re included. Anyway, bit of a non-story here, I think, especially compared to TTIP, and that’s why nobody responded, I imagine.

FUN FACT: taxing non-resident citizens isn’t the global norm. The US does it, as does Libya and North Korea to mention a couple of examples. Most countries tax their resident populations only. God bless Uncle Sam!

Link to comment
Share on other sites

  • 2 weeks later...

FATCA is for U.S. citizens AND for all other people around the world who have funds kept in U.S. financial institutions!

AEOI is for almost everyone in the world except North Korea and some other countries who have funds abroad in certain financial institutions.

Read these two treaties. Your country’s tax authority might knock on your door in 2017 or 2018 at latest, depending on the commitment of your country of residence.

Link to comment
Share on other sites


This topic is now archived and is closed to further replies.

  • Create New...