Euro Pacific Bank EPB vs uphold.com

[Internationaloff]

Source of information?

So in plain English, Euro Pacfic Bank EPB is for sale?

There is not only EPB in Puerto Rico, as well as Hermes in St. Lucia.

 

[Martin Everson]

It is not and nowhere you cant find information where is stated that works otherwise and according to wiki: The U.S. has yet to comply with FATCA itself, because as of 2017, it has not yet provided the promised reciprocity to its partner countries and it has failed to sign up to the Common Reporting Standard (CRS)

FATCA is 100% bilateral.

See article 2 of the UK/US FATCA Agreement. it is the same for all other FATCA agreements.

https://www.treasury.gov/resource-c...es/Documents/FATCA-Agreement-UK-9-12-2012.pdf

 

[Martin Everson]

if FATCA was working both ways than EU countries wouldn't have to bother getting US to sign up CRS

The US does not need to join CRS as they have FATCA which is very similiar. You do not need to enact two laws to do the same thing. US had created FATCA and implemented it before CRS. It should in fact be OECD and CRS implementing FATCA properly for its citizens instead of re-inventing the wheel.

Article 2

https://www.treasury.gov/resource-c...es/Documents/FATCA-Agreement-UK-9-12-2012.pdf

1. Subject to the provisions of Article 3, each Party shall obtain the information specified in paragraph 2 of this Article with respect to all Reportable Accounts and shall annually exchange this information with the other Party on an automatic basis pursuant to the provisions of Article 27 of the Convention.

 

[Ghkxec]

The US does not need to join CRS as they have FATCA which is very similiar. You do not need to enact two laws to do the same thing. US had created FATCA and implemented it before CRS. It should in fact be OECD and CRS implementing FATCA properly for its citizens instead of re-inventing the wheel.

Article 2

https://www.treasury.gov/resource-c...es/Documents/FATCA-Agreement-UK-9-12-2012.pdf

1. Subject to the provisions of Article 3, each Party shall obtain the information specified in paragraph 2 of this Article with respect to all Reportable Accounts and shall annually exchange this information with the other Party on an automatic basis pursuant to the provisions of Article 27 of the Convention.

Yes but this goes only for UK and Ireland did they sign this exact same agreement with all other countries in the EU?

 

[Internationaloff]

Yes but this goes only for UK and Ireland did they sign this exact same agreement with all other countries in the EU?

If there was a TIEA or DTC signed with the USA before FATCA, the intergovernmental agreement (IGA) will be "Reciprocal".

 

[Martin Everson]

Yes but this goes only for UK and Ireland did they sign this exact same agreement with all other countries in the EU?

It the same for EVERY fatca agreement. Read them and not some wiki page written by an 8 year old.

 

[Internationaloff]

Foreign Account Tax Compliance Act (FATCA)

 

[Martin Everson]

Foreign Account Tax Compliance Act (FATCA)

Thanks. It is clear FATCA is bilateral if people simply read article 2 of any of the agreements.

 

[Tresellea]

But what if my country isn't even on the list?

 

[Internationaloff]

But what if my country isn't even on the list?

There is not yet an intergovernmental agreement (IGA) signed between USA and your jurisdiction.

 

[Ghkxec]

But what if my country isn't even on the list?

Which country is that if you dont mind me asking?

 

[Tresellea]

@Ghkxec Nigeria

 

[Martin Everson]

I think you will find that Nigerian banks have already implemented FATCA years ago. FATCA does not require an IGA with a government to exist. Any financial institution outside the US can register directly with the IRS and start reporting US persons.

You can check below if your financial institution is registered with FATCA. 64 Nigeria financial institutions already have.

https://apps.irs.gov/app/fatcaFfiList/flu.jsf

 

[miner]

One pro for EPB. EPB has a bank card. uphold does not have that, they have only virtual cards but I would hope they add physical cards in future as well.

 

[Ghkxec]

One pro for EPB. EPB has a bank card. uphold does not have that, they have only virtual cards but I would hope they add physical cards in future as well.

In which countries you can use EPB bank card. What type of card it is?

 

[Martin Everson]

EPB cards are Mastercards provided by the below company. You can use in most countries.

Payment Solutions | Prepaid Financial Services | PFS

Unless you want a card to withdraw cash from cash from an ATM or use in a store then I don't really see the point of a physical card. Most people use the cards for online services.

 

[Educate]

I believe that FATCA works both ways, all countries report to US about US citizens foreign account, and US report to all countries about non-US citizens accounts in US. I not sure about it, but it make sense this way.

I don't think that is true. US reports when requested, but not on their own. Can you link to law which says it is bilateral automatic exchange of information?

1. Subject to the provisions of Article 3, each Party shall obtain the information specified in paragraph 2 of this Article with respect to all Reportable Accounts and shall annually exchange this information with the other Party on an automatic basis pursuant to the provisions of Article 27 of the Convention.

Ok, where is it is said WHAT kind of information is automatically provided? Names, account balances at end of year? What info is it?

 

[Grigorijs]

From EPB

Common Reporting Standard (CRS)
The Common Reporting Standard (CRS), calls on countries to obtain information from their financial institutions and exchange that information with other countries automatically on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

Euro Pacific Bank and its subsidiaries have the obligation to comply with the Organization for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS).

To whom is the information reported:

For accounts held by Euro Pacific Securities, Inc. (Global Trading), the required information will be reported to Financial Services Commission (FSC) of the British Virgin Islands.
For accounts held by Euro Pacific Intl. Bank Inc., there is no reporting since the United States and Puerto Rico are non-participating jurisdictions.

When will reporting take place and for what timeframe:

For accounts held by Euro Pacific Securities, Inc. (Global Trading), the information will be reported for the first time in May 2017 for new accounts opened in the period of November 20th to December 30th 2017

For further information on the Common Reporting Standard you may access the OECD informative website at http://www.oecd.org/tax/automatic-exchange/common-reporting-standard

 

[Martin Everson]

I don't think that is true. US reports when requested, but not on their own. Can you link to law which says it is bilateral automatic exchange of information?



Ok, where is it is said WHAT kind of information is automatically provided? Names, account balances at end of year? What info is it?

Lets keep discussion in one thread. Discussion is in below thread. I believe you have now read the article by your response in the thread below and have your answer.

Do I understand that US financial institutions DO NOT report non-us person deposits in them?

 

[uplana]

I don't think that is true. US reports when requested, but not on their own. Can you link to law which says it is bilateral automatic exchange of information?



Ok, where is it is said WHAT kind of information is automatically provided? Names, account balances at end of year? What info is it?

You think they don't report you? I wouldn't trust that statement at all!