A question about payoneer

[John81]

Hey, I”˜m using a payoneer account only reciving USD funds on the us account. The US is still not a CRS country, right? How is it with payoneer. Is payoneer hold on to transfer information if requested? Thanks for your help in advance!

 

[Clip]

They don't report automatically, but they will send information if specifically asked

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[John81]

GiGoGo said:
They don't report automatically, but they will send information if specifically asked
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Thank you very mich for your reply. Payoneer is working with the century bank in us. Will they report when ask for information or will payoneer report. So if I don”˜t want that a bank reports the information when asked, I need an bank account in belize, georgia, .....? Thanks

 

[Clip]

You need and advanced structure (expensive) or move to a tax heaven to stay totally safe

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[John81]

But to stay under cover as best as possible (with risik), which bank do you think is the best? ( only selling digital products)

 

[Clip]

EMI under Wyoming LLC. Just keep the profits there, don't transfer the money to your own personal account without an invoice

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[John81]

Thank you for your answer. Can you tell me the meaning of EMI please. I red it a lot but I don”˜t know the meaning.

 

[Clip]

John81 said:
Thank you for your answer. Can you tell me the meaning of EMI please. I red it a lot but I don”˜t know the meaning.
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Electronic money institution - Wikipedia

They still don't report under CRS (yet)

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[John81]

Ah right, but Payoneer is an EMI, or? Do you think that an HK company with EMI is a good idea?

 

[Clip]

John81 said:
Ah right, but Payoneer is an EMI, or?
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Correct

John81 said:
Do you think that an HK company with EMI is a good idea?
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HK is good if
- You are tax resident here (but not necessarily live here)
- Do business with China
- You need to deal with crypto (but not let the bank know)
- You need a setup where the directors can almost claim everything as for tax reduction

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[John81]

Thanks a lot. I don”˜t produce invoices and I get funds only via freelancer services. Only digital work. I”˜m tax residence in germany but I think to live in us in the next years maybe. So wyoming is not a good idea, or? I get funds also from Google and Amazon.

 

[Clip]

John81 said:
I think to live in us in the next years maybe.
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Then Wyoming would be even worse. I suggest you contact a tax advisor for personalised advice. Remember that US have global tax, once you get the greencard they will tax you even if you are not resident

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[John81]

Yes, thanks a lot for your time to answer my question. 🙂

 

[AMD]

John81 said:
I”˜m tax residence in germany but I think to live in us in the next years maybe
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Why not consider Panama, I heard a famous German Guys with backround in 2nd world war already made a huge business in Panama helping banks, lawyers and others worldiwde to evade tax. At least until 2016 😀

Sorry, but no s**t, I would consider Panama or Switzerland depending on your live style over the USA.

 

[John81]

😀 I know what you mean. Thanks for your hint. I will check panama and HK. Thats really not that easy....