"Money transmitters" reporting under AEOI / CRS

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tstone

New member
Hi, I am so happy to have found this community. Took me a while searching for the right information about financial freedom and independence from the draconian regulations where I live.

I am a freelancer living in EU and started a second job online through the "Toptal" freelancers community. I am being paid through their service company (Toptal Payment) which is registered as a money transmitter in Canada and US. They can send me the funds by wire transfer to any account on my name. They also offer a prepaid card (through Metabank).

Now, I do not need the money and would like to hoard it somewhere safe. Maybe at Euro Pacific Bank. Transfer the funds from Toptal to the bank. Invest in cryptos through Kraken or buying metal at Perth mint. No trading, to fly under the CRS radar.

I am almost sure that if I get the Prepaid Visa, I will get reported under CRS by Metabank, right?

What I am not sure about is, whether the money transmitters (the Toptal Payments itself) is also required to report anything under AEOI / CRS. Does somebody know?

In theory, I could incorporate offshore with a Nominee Director/Shareholder and change my legal status at Toptal from Individual to a Company. But it's a lot of work I would rather avoid if there are no CRS requirements for money transmitters. Moreover, I am not sure that if I file W8-BEN-E as an offshore company from tax heaven, that the US will not withhold the federal tax because of the tax heaven status.

Can someone point me in the right direction to proceed?
 

GiGoGo

I make things happen
Entrepreneur
MT don't report automatically, but if the tax office contact them they may report you. So try to stay under the radar
 

James Spader

Forum Moderator
Staff member
In theory, I could incorporate offshore with a Nominee Director/Shareholder and change my legal status at Toptal from Individual to a Company.
The time is over where nominee are useful for the purpose of privacy in regards to the tax authorities. You will need something that is going under the radar which now a days is difficult to obtain.

Alternative you want to look into tax reduction which will include a consultancy hour with your local tax advisor to find possible solutions.
 

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