bloupdot
Registered Member
- Jun 9, 2016
- 57
- 25
You may know that many countries have signed a multilateral agreement to share data from owners from financial accounts living in different countries. It is called Automatic Exchange of Information (AEOI) and common reporting standard.
For instance, a British national who owns a bank account in Belize will be reported in 2018 because UK and Belize have signed the agreement.
Normally in the agreement "qualified credit card issuer" are not part of the information sharing. I have checked several times the AEOI agreement.
BUT, Choice bank ltd, the Belizean company that operates payoneer and firstpaychoice isn't a credit card issuer only, it is also a regular bank. Consequently, they will have to report personal bank accounts in 2018 because belize committed to share financial starting in 2018 with the world.
Firstpaychoice and Payoneer are operated by first choice bank ltd, and i wonder if they will ALSO report all the user accounts to the countries where the account holders live. I have asked this question to the payoneer support team but i had no reponse.
For you information, if payoneer, firstpaychoice has to report the accounts, we will receive an email about it because that's how it worked with the banks that are already reporting their users. For instance, i received an email from abn amro (dutch bank) to confirm my tax residency.
For instance, a British national who owns a bank account in Belize will be reported in 2018 because UK and Belize have signed the agreement.
Normally in the agreement "qualified credit card issuer" are not part of the information sharing. I have checked several times the AEOI agreement.
BUT, Choice bank ltd, the Belizean company that operates payoneer and firstpaychoice isn't a credit card issuer only, it is also a regular bank. Consequently, they will have to report personal bank accounts in 2018 because belize committed to share financial starting in 2018 with the world.
Firstpaychoice and Payoneer are operated by first choice bank ltd, and i wonder if they will ALSO report all the user accounts to the countries where the account holders live. I have asked this question to the payoneer support team but i had no reponse.
For you information, if payoneer, firstpaychoice has to report the accounts, we will receive an email about it because that's how it worked with the banks that are already reporting their users. For instance, i received an email from abn amro (dutch bank) to confirm my tax residency.
