Getting paid to Wise USA is it safe?

[stivemoose]

I have a normal LLC in DE and often I get paid in Wise from clients in the EU.

Do I risk something in terms of privacy and being anonymous or it's safe like get paid in Stripe?

 

[Sols]

Whether they do already or will start soon, assume that Wise complies with CRS and FATCA. So there is automatic reporting if you are tax resident in the US or a CRS signatory jurisdiction.

 

[stivemoose]

Hi @Sols I'm in the EU and have already collected some payments with Wise (Under 100k). Should I get worried now? Or can you advice someting.

Is it advisable to delete the account Wise and use only the Mercury+Stripe only Still I believe Mercury do not comply with CRS FACTA as long as you are company shouldn't report anything to your based country?

 

[Sols]

You only have something to worry about if you haven't been filing reports and paying taxes/VAT. If you haven't, your only hope is that there is some lapse in procedures at Wise and they haven't or won't report your account. Amount does not matter.

If your goal is to run a successful business, the only advice I can give is to stop wasting your time with tax evasion. It's 2022 and even if there are weaknesses in FATCA now, they won't last. I've seen examples of EU citizens and residents having their US based accounts reported under FATCA. Just run a clean business. They are much easier to scale as you grow. Secrecy structures or non-compliant structures have a much, much harder to truly succeed. What's x% tax if you can grow your business 2x, 3x, 4x without having to worry when/if your structure is going blow up?

If you have EU citizenship and don't like your current tax situation, you can very easily start over in for example Cyprus, Malta, or Ireland.

 

[Ciropollo]

You only have something to worry about if you haven't been filing reports and paying taxes/VAT. If you haven't, your only hope is that there is some lapse in procedures at Wise and they haven't or won't report your account. Amount does not matter.

If your goal is to run a successful business, the only advice I can give is to stop wasting your time with tax evasion. It's 2022 and even if there are weaknesses in FATCA now, they won't last. I've seen examples of EU citizens and residents having their US based accounts reported under FATCA. Just run a clean business. They are much easier to scale as you grow. Secrecy structures or non-compliant structures have a much, much harder to truly succeed. What's x% tax if you can grow your business 2x, 3x, 4x without having to worry when/if your structure is going blow up?

If you have EU citizenship and don't like your current tax situation, you can very easily start over in for example Cyprus, Malta, or Ireland.

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