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Payoneer - this is it, secrecy is over

LisaSimpson

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Dec 11, 2016
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I just received an email from Payoneer asking me to file a tax form. I think it is the first time they ask me to do so. It is a W8-ben. I am not a resident in the USA.
What does it mean?

The IRS has an automated tax information exchange agreement with several countries: Here is the link: Country-by-Country Reporting Jurisdiction Status Table | Internal Revenue Service

In those agreement there is the same clause:
Pursuant to the provisions of Article 25 of the Convention, each Competent Authority intends to exchange with the other Competent Authority annually on an automatic basis the CbC Report received from each Reporting Entity that is resident for tax purposes in its jurisdiction, provided that, on the basis of the information provided in the CbC Report, one or more Constituent Entities of the MNE Group of the Reporting Entity are resident for tax purposes in the jurisdiction of the other Competent Authority, or are subject to tax with respect to the business carried out through a permanent establishment situated in the jurisdiction of the other Competent Authority.

There are some countries with no agreement for now on: Argentina, Bulgaria, Curacao, Cyprus, France, Germany, Israel, Monaco, Singapore.

So let me explain, if I lived in Belgium, I would fill up the W8-ben now for my payoneer account, later on, the IRS would send my payoneer information to the belgian tax authority. I would receive a letter from the belgian authority to pay taxes.

If you have a lot of money on your payoneer account, transfer it to a paxum or epayservices or epayment account asap.

However, there is one thing that needs to be known: If people have no USD balance, are there Euro or GBP balanced reported too? it is a good question!
 
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I just received an email from Payoneer asking me to file a tax form. I think it is the first time they ask me to do so. It is a W8-ben. I am not a resident in the USA.
What does it mean?

They explain clearly why below. I have never heard of W-8BEN being automatically given to IRS. It is something companies, banks etc keep on record until IRS request it typically. It is just used as evidence of compliance.

W-Series Forms FAQ

However, there is one thing that needs to be known: If people have no USD balance, are there Euro or GBP balanced reported too? it is a good question!

See my response below on subject on another thread. Currency does not make any difference under FATCA btw.

 
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I just received an email from Payoneer asking me to file a tax form. I think it is the first time they ask me to do so. It is a W8-ben. I am not a resident in the USA.
What does it mean?
It means they want you to declare that you are not a resident in the USA.

This form predates, by a lot, the current witch-hunt ... fill it in or you risk US Gubmint taking 30% of your holdings (if memory serves right from once I forgot about that damn thing)

Beyond this it means nothing in as far as I can see.
 

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