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Will Payoneer / Firstpaychoice be automatically reported to other countries?

Discussion in 'Business & Tax Advice' started by bloupdot, Mar 10, 2017.

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  1. bloupdot

    bloupdot Newbie

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    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.
     
  2. blogzandstuff

    blogzandstuff Elite Member

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    So what you worrying about? Pay your taxes like the rest of us
     
  3. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    If they are a bank, rest assured they will report your information!
     
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  4. bloupdot

    bloupdot Newbie

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    blogzandstuff
    right away you think about tax evasion. In fact, it is not my case. I live in France now but i plan to move out from France. i am planning the situation where my payoneer account would be reported to France after i moved out of France. From what i have read, Belize gov. will collect information on the 31st of december 2017 and then will exchange information on september 2018.