according to several users on this forum and some OECD reports published in the threads it seems they are forced to do so!!
There are two kind of accounts that are tremendously different from each other individual and company. If you open a company account (which requires a bank transfer), your local tax authorities will have difficulties asking you for money. For instance, if the company is from Belize or BVI, and if you have a credit card for it, you can say that it is the credit card of the company.
I have investigated further and found that in Europe, local tax authorities can't do much if they can prove that some money has been transfered to a European country.
Then, if you live in a high tax country in West Europe or North America, the local tax authority may ask you to justify your lifestyle. If you buy expensive items like a big car or a big house.
To think that tax office's people are monkeys is the worst strategy for planing your tax optimization.
In case if you transfer more than 10k from an offshore to an European country, the bank will report it, then the tax office will come and most probably a bunch of not funny guys who will start to tell you things like: "money laundering".
They just have to argue that the central management lives in the country, therefore your profits have to be taxed in the country. End of the story. Pay the tax, pay the fine and depending of your country an the amount, you'll have to do some time in a nice facility.
Seriously? Please, could you take a look on what is "a company's expense" ? and what are eligible company's expenses?
To summarize that concept: It's the money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.
A 2 weeks holidays in Brazil paid with your company's credit card is not a company's expense, and should be taxed.
A 4 days business trip in Brazil to visit your employees paid with your company's credit card is a company's expense.
I agree, the local tax office of an offshore company doesn't care, but in case of a tax investigation in your home country, you can't tell them "guys, I bought 20 tom ford tailored suits, it's a company expense's.", it's not, they will just reintegrate it in the profit before taxes.
And that's why guys, if you have an offshore, you really should have an accounting system and pair all the operations with your company's bank account... In case of a tax investigation of your own country, it could reduce the size of the freaking amount of the tax/fine to pay.
To conclude: all what you said will surely lead to a tax investigation, or worse. You should pay a visit to a tax lawyer, just to speak with him about what you're planning to do, nothing personal against you, but it could really help you.
Anyway, I'm far from an expert.
I know firstchoicepay is new and payoneer transfered a lot of accounts to firstchoicepay. But are they still the same?
When I check the FAQ, I read: Firstchoice Pay is administered by Choice Bank. It looks like Choice Bank Ltd is the owner. Maybe they don't handle the Common reporting standard the same way.