A question about payoneer

[John81]

Hey, I‘m using a payoneer account only reciving USD funds on the us account. The US is still not a CRS country, right? How is it with payoneer. Is payoneer hold on to transfer information if requested? Thanks for your help in advance!

 

[GiGoGo]

They don't report automatically, but they will send information if specifically asked

 

[John81]

They don't report automatically, but they will send information if specifically asked

Thank you very mich for your reply. Payoneer is working with the century bank in us. Will they report when ask for information or will payoneer report. So if I don‘t want that a bank reports the information when asked, I need an bank account in belize, georgia, .....? Thanks

 

[GiGoGo]

You need and advanced structure (expensive) or move to a tax heaven to stay totally safe

 

[John81]

But to stay under cover as best as possible (with risik), which bank do you think is the best? ( only selling digital products)

 

[GiGoGo]

EMI under Wyoming LLC. Just keep the profits there, don't transfer the money to your own personal account without an invoice

 

[John81]

Thank you for your answer. Can you tell me the meaning of EMI please. I red it a lot but I don‘t know the meaning.

 

[GiGoGo]

Thank you for your answer. Can you tell me the meaning of EMI please. I red it a lot but I don‘t know the meaning.

Electronic money institution - Wikipedia

They still don't report under CRS (yet)

 

[John81]

Ah right, but Payoneer is an EMI, or? Do you think that an HK company with EMI is a good idea?

 

[GiGoGo]

Ah right, but Payoneer is an EMI, or?

Correct

Do you think that an HK company with EMI is a good idea?

HK is good if
- You are tax resident here (but not necessarily live here)
- Do business with China
- You need to deal with crypto (but not let the bank know)
- You need a setup where the directors can almost claim everything as for tax reduction

 

[John81]

Thanks a lot. I don‘t produce invoices and I get funds only via freelancer services. Only digital work. I‘m tax residence in germany but I think to live in us in the next years maybe. So wyoming is not a good idea, or? I get funds also from Google and Amazon.

 

[GiGoGo]

I think to live in us in the next years maybe.

Then Wyoming would be even worse. I suggest you contact a tax advisor for personalised advice. Remember that US have global tax, once you get the greencard they will tax you even if you are not resident

 

[John81]

Yes, thanks a lot for your time to answer my question.

 

[AMD]

I‘m tax residence in germany but I think to live in us in the next years maybe

Why not consider Panama, I heard a famous German Guys with backround in 2nd world war already made a huge business in Panama helping banks, lawyers and others worldiwde to evade tax. At least until 2016

Sorry, but no s**t, I would consider Panama or Switzerland depending on your live style over the USA.

 

[John81]

I know what you mean. Thanks for your hint. I will check panama and HK. Thats really not that easy....