Warning for Paxum, Payoneer users, AEOI (automatic exchange information) is coming, beginning 2018

[CrazyMartin]

https://www.oecd.org/tax/transparenc...ommitments.pdf


and Automatic Exchange - Organisation for Economic Co-operation and Development

first AUTOMATIC exchanges from BELIZE banks starts in 2018 !!!

last chance to close accounts and open new fully legal, associated with your own legal company
of course if you don't pay taxes

[Bladewire]

#ThanksTrump

[shiraz9944]

you guys carry enough balance on paxum for that to make a difference? Wow that is risky, even programs I know won't keep a ton on there, just wire as fast as possible then make their payouts.

[Brian mike]

Bumpy

[tammix]

epassporte too?

[Lykos]

Trump is the man...

[Markul]

No freedom left it seems

[CPA-Rush]

i need more info about this .

[brassmonkey]

i did an automatic exchange this morning! scared me at first. then 5 mins later my paypal was there and the exchange site refreshed and said paypal sent! the fee was cheap and right on! no bs a real company!

[j3rkules]

Originally Posted by Markul

No freedom left it seems

[TheDynasty]

Thanks #Trumpcare

[CaptainHowdy]

Originally Posted by Markul

No freedom left it seems

Freedom it's just an illusion.

[CrazyMartin]

https://www.youtube.com/watch?v=2r0igKB6KkE
this is the same for belize banks (just read first two links i provided, and you will find list of countries participate with this)

belize just started collecting data, and first exchanges begins in 2018...

they send all information to tax authorites of account owner

so... prepare for big troubles

ofcourse owners of paxum and payoner will not tell you about this...
close these acounts asap if you dont pay taxes

i'm talking especially to European users, your tax authorities will know everything


paypal do similar things
https://www.paypal.com/fi/webapps/mpp/ua/facta-full

[bgmen]

Bullshit. This is only valid for bank accounts. Virtual wallets are not subject to this exchange.

[brassmonkey]

Originally Posted by CrazyMartin

https://www.youtube.com/watch?v=2r0igKB6KkE
this is the same for belize banks (just read first two links i provided, and you will find list of countries participate with this)

belize just started collecting data, and first exchanges begins in 2018...

they send all information to tax authorites of account owner

so... prepare for big troubles

ofcourse owners of paxum and payoner will not tell you about this...
close these acounts asap if you dont pay taxes

i'm talking especially to European users, your tax authorities will know everything


paypal do similar things
https://www.paypal.com/fi/webapps/mpp/ua/facta-full

jeez i didn't eat breakfast sorry for the babble. payoneer is toast! the adult side anyway. paxum don't use them too much

[CrazyMartin]

Originally Posted by bgmen

Bullshit. This is only valid for bank accounts. Virtual wallets are not subject to this exchange.

first of all

even if
for example Paypal is 100% virtual wallet and reports assets, account name, acc number
this is done even if you don't have credit card issued for your name by paypal
they will report to your tax authorities what you have there (read provided link from paypal! this is not bullshit!)


Paxum Payoner are even worse, because they issues paycards with my name
and every paycard have real account number and beneficiary owner.

when you move it to paycard you move it to you bank account created for you
remember, every paycard is connected to the real bank account
and you are beneficiary
thats why they must report you to your tax authority


tax residency is confirmed for example by utility bill, or ID card
which was required by paxum, or payoneer to verify these accounts

so... First choice bank where accounts for paxum are located is obliged by OECD and signed agreements to report data of account's foreigner beneficiary owner to his tax authority

they started collecting data in this year for acconts created in this year. first data exchange will be in 2018
old accounts will be reported later

[beerptrol]

Just put your money off shore in tax havens like the rich do

[CrazyMartin]

belize is offshore

probably the last way to hide your ass is offshore company with nominee director who open bank account for you


more info about automatic reporting: https://en.wikipedia.org/wiki/Common_Reporting_Standard

[hausarzt]

Originally Posted by CrazyMartin

belize is offshore

probably the last way to hide your ass is offshore company with nominee director who open bank account for you


more info about automatic reporting: https://en.wikipedia.org/wiki/Common_Reporting_Standard

From the wiki page:
Information to be exchanged:
...
4. the account balance or value as of the end of the relevant calendar or, if the account was closed during such year or period, the closure of the account


Wut? If my balance at the end of the year is down to zero = no taxes?
I don't read anything about the overall-year-money-flow.

[Trade_Monkey]

You guys are just stupid.

Paxum cards or "DEBIT CARDS" issued by choice bank in Belize ... and they are no "bank accounts".
In other words their is "no" bankaccount attached to the paxum mastercards.

The wallet itself is 100% property of paxum. AND PAXUM IS NO BANK.

You guys have no clue what you're talking about.

[CrazyMartin]

i dont think so

when you move money to mastercard, money are not controlled only by paxum
its controlled by firstchoice

verification docs, i mean scan of passports, utility bills, are collected by firstchoicebank too


even when paxum goes to bankruptcy you will get your paycard money locate on firstchoice account back! because mastercard / firstchoicebank is controlling it.

do you remember epassporte? everyone with money on firstchocie paycard get money back after bankruptcy because this was not controlled by epassporte after you move it to bank account connected with paycard


if paypal is obliged to automate data exchange with owner's tax authority
firstchoce bank will do the same, because they sign oecd agreement

[CPA-Rush]

Originally Posted by CrazyMartin

i dont think so

when you move money to mastercard, money are not controlled only by paxum
its controlled by firstchoice

verification docs, i mean scan of passports, utility bills, are collected by firstchoicebank too


even when paxum goes to bankruptcy you will get your paycard money locate on firstchoice account back! because mastercard / firstchoicebank is controlling it.

do you remember epassporte? everyone with money on firstchocie paycard get money back after bankruptcy because this was not controlled by epassporte after you move it to bank account connected with paycard


if paypal is obliged to automate data exchange with owner's tax authority
firstchoce bank will do the same, because they sign oecd agreement

you are confusing me now . you mean choice bank limited crap not "firstchoice"

firstchoice made for payoneer it's not paxum business

if i have firstchoice account they will report funding sources to tax authorities ?

[jezz87]

It could be interesting to have info from a lawyer office.

The virtual wallet vs bank account point is valid

Paxum or payoneer users NEVER OPENED A BANK ACCOUNT in Belize.
They signed up to an online payment service based in Canada (Paxum) and USA (Payoneer)... Then Payoneer changed to First Choice.

So i'm not sure how the "YOU OPENED AN OFFSHORE BANK ACCOUNT IN BELIZE" point could even be valid.... I'm guessing these new regulations were done for those who have opened bank account in offshore jurisdictions.

But again, the opinion of a lawyer specialised in that field would be interesting.

[Trade_Monkey]

@CrazyMartin ... please stop.

Once again ... Just banks.

Paxum for example does not have a bank license, and so under current regulations and guidelines, e-wallets (without bank license) like paxum or any others are not required to file any reports unless suspicious activity is detected on an account.

THIS IS THE LAST TIME I SAY IT ... << debit cards and wallets are not effected by this AEOI >>

And "YES" Paypal has a Luxembourg banking license.

[Trade_Monkey]

O and one more thing about the PAXUM debit card ...

The cardholder is not an account holder at choice bank but a sub account holder of the card issuer (In this case the card issuer is Paxum Inc. in Canada).

So the only account holder at choice bank (Belize) in this matter is Paxum Inc itself.

Hope this helps ...

[Barry-xlovecam]

You guys are a riot ...

Under US law income is taxable when repatriated.
You must report to the IRS assets held outside the country over the current threshold amount.

Consult your accountant or CPA for specifics

[dillfly2000]

I forgot to pay my taxes last year.
The lady at H&R Block wasn't impressed.

[shiraz9944]

Originally Posted by Barry-xlovecam

You guys are a riot ...

Under US law income is taxable when repatriated.
You must report to the IRS assets held outside the country over the current threshold amount.

Consult your accountant or CPA for specifics

You are so right Barry, people think they can just get away with using a risky virtual wallet to avoid taxes. The IRS is more invasive than the FBI, they will find all your money, in the caymans, or Belize or wherever and seize it. Pay your taxes if you actually make enough. A good accountant can minimize your tax exposure greatly and still be within the law, much cheaper in the long run. Most corporations pay less than 10%, get a good CPA form a company and save your money.

[Trade_Monkey]

@Barry-xlovecam

Just so you know. I explained the current situations and regulations. Thats all.

@shiraz9944

Exactly, ... best to have paperwork in order and pay (as minimal as possible) taxes. so there is nothing to be afraid of. Any good accountant can help with that.

[Markul]

Lots of speculation, very little fact.

[avx]

If you have some spare time for a little reading OECD.ORG's website has a lot of docs at everyones disposal.

According to what I've been reading so far : every company authorised by a Financial Conduct Authority to handle money service activities are concerned - Banks of course but not only.

[faxxaff]

Originally Posted by CrazyMartin

tax residency is confirmed for example by utility bill, or ID card
which was required by paxum, or payoneer to verify these accounts

No way a utility bill or ID card alone confirm tax residency. It just confirms a mailing address. Other conditions apply and due diligence needs to be conducted. Financial institutions are required to obtain a lot more information from their clients to know where to report accounts to. For small providers like .... etc. this will be so much effort that they will probably be forced to close doors.

[CrazyMartin]

paxum or payoner silence is eloquent

but you have right, i think that account owner / customer must be contacted to confirm residency before bank send any report