Mercury (U.S.A.)

[Xerkki]

Hello.

Any experience from Mercury?

I see they open corporate accounts only for U.S. companies.

Do they keep the account owners anonym because U.S. is not part of CRS etc.?

 

[troubled soul]

Mercury Bank is not a member of the Common Reporting Standard (CRS), which is an international agreement that requires financial institutions to share information about account holders with tax authorities. As a result, Mercury Bank is not required to share information about its account holders with foreign tax authorities.

 

[Alexmorgan]

Mercury is a great Bank and they deserve to be named as bank

They have professional people working in it

Besides as they work in only Business sector they dont have a load and dont have a lot people do games


Regarding Reporting they dont do reporting

 

[Sols]

CRS does not apply to US banks. Instead, there is FATCA, which is supposed to be very similar to CRS but has historically mostly (but not exclusively) been a one-way information flow where US gets information but rarely reciprocates.

Mercury itself might not be in scope for FATCA, but the underlying partner bank is.

 

[Jbb1]

Mercury itself might not be in scope for FATCA, but the underlying partner bank is.

I thought corporate accounts weren't reported through FATCA, only personal.

 

[Sols]

I thought corporate accounts weren't reported through FATCA, only personal.

FATCA covers corporate accounts. If you set up a company outside of the US and any of the UBOs are US persons, the bank will probably consider that account reportable under FATCA in relation to each US person.

However, US' willingness and effectiveness in reciprocating has been extremely lacklustre and is not well defined in the IGAs. Having a US company with an account with a US bank is not going to be very high up on US' list of priorities when it comes to its bare minimum approach to reciprocity. But there's a difference between low risk and zero risk.

 

[ivan1911]

Mercury is only available for business account not personal. I don't think you need to yo worry about crs but more about the two forms that are due by end of April each year to IRS. One of them states how much money you paid yourself over the year. And that form can be shared with your tax agency.. is it shared , is it automatic etc is another question.. which I don't have the answer to..

 

[JohnLocke]

One of them states how much money you paid yourself over the year. And that form can be shared with your tax agency

Thanks for the information, I was wondering how it would work with a US LLC and the CRS with Mercury bank.

 

[Radko]

But under FATCA if a foreign person has an account in the US, and that account generates more than $10 in interest, that account will be reported automatically to the account holder's country of residency.

Anyone knows any other circumstances in which the IRS will report to foreign countries about foreigners that have accounts in the US, do they report if you earn dividends or capital gains, I don't think so but maybe someone could clarify.

 

[Marzio]

Anyone knows any other circumstances in which the IRS will report to foreign countries about foreigners that have accounts in the US

Beside when a foreign country explicitly asks about a foreign person, nobody knows if IRS will share data.

 

[Alexmorgan]

But under FATCA if a foreign person has an account in the US, and that account generates more than $10 in interest, that account will be reported automatically to the account holder's country of residency.

Anyone knows any other circumstances in which the IRS will report to foreign countries about foreigners that have accounts in the US, do they report if you earn dividends or capital gains, I don't think so but maybe someone could clarify.

I dont know if Mercury reports to IRS

But anyway if your earn from non US entities there is nothing to report in the forms that you submit it to IRS if its LLC

So nothing IRS will report to the country of residency

 

[Radko]

Beside when a foreign country explicitly asks about a foreign person, nobody knows if IRS will share data.

Do we know of anyone in this forum that has ever been reported by the IRS to their country of residency for receiving interest in their US account?

I know under FATCA if a foreign person with a US account earns interest it will be reported to the tax authorities back home, supposedly... but do they actually do it?

 

[padres123]

Mercury is a great Bank and they deserve to be named as bank

They have professional people working in it

Besides as they work in only Business sector they dont have a load and dont have a lot people do games


Regarding Reporting they dont do reporting

Was it difficult to open an account with Mercury Bank? I mean, was there an interview/conversation or everything normal online?

 

[Alexmorgan]

Was it difficult to open an account with Mercury Bank? I mean, was there an interview/conversation or everything normal online?

For me it was easy no interviews but some requirements like company formation documents and EIN and thats it

But lately i saw a lot of people complaining that they got rejected from Mercury with no reason

 

[padres123]

For me it was easy no interviews but some requirements like company formation documents and EIN and thats it

But lately i saw a lot of people complaining that they got rejected from Mercury with no reason

thank you