US EMIs are dead?

[inector]

A client of mine had a US business doing marketing for 4 years.

Mercury sends a message "your account will be closed in 2 weeks", no explanation, great. Many people complain as well in the same period.

Now, alternatives I have tried:
- Relayfi (doesn't allow his passport, he is Russian)
- Brex (50 employees)
- Zenus (not yet released)

Others tried:

- Payoneer (rejected payment without even asking for invoice, monkeys, plus it's subject to CRS)
- Paysera, Worldfirst, Airwallex (Foreign EMIs, wouldn't fit in the list)

So...that leaves Relayfi only as the option? Wouldn't consider a jurisdiction that has only 1 EMI that is reasonable.

 

[marioIT]

wouldn't touch USA with a ten-foot pole for a while. Unless you really forced to be there. Yep they're tighten things a lil.
If you open Mercury with US address... they now wants real proof of US customers or pretty much that you're etbus right now.
add that to the face they made when they saw the russian passport 😱

sooner or later someone will have to ask them how their bosses or VCs can still shuffle heavy money to caymans and are avoiding taxes without issues 😉
unfair world smi(&%

 

[Cloudbanck]

marioIT said:
wouldn't touch USA with a ten-foot pole for a while. Unless you really forced to be there. Yep they're tighten things a lil.
If you open Mercury with US address... they now wants real proof of US customers or pretty much that you're etbus right now.
add that to the face they made when they saw the russian passport 😱

sooner or later someone will have to ask them how their bosses or VCs can still shuffle heavy money to caymans and are avoiding taxes without issues 😉
unfair world smi(&%
Click to expand...

Having US customers doesn't mean ETBUS though. That's mainly if you have dependent agents/employees or an office in the US, or you spend time in the US.

 

[Martin Everson]

inector said:
doesn't allow his passport, he is Russian
Click to expand...

Whats his residency?

That Russian passport may be a grave headstone without a decent residency to go with it.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[inector]

Martin Everson said:
Whats his residency?

That Russian passport may be a grave headstone without a decent residency to go with it.
Click to expand...

EU resident

 

[Sols]

If he has genuine EU residence permit, that saves him from EU sanctions. But a US bank/fintech has enough clients that they can just reject all Russian citizens (who aren't resident in the US). Much easier that way. Not worth the risk to them.

inector said:
- Payoneer (rejected payment without even asking for invoice, monkeys, plus it's subject to CRS)
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Why is CRS a problem? Is he committing tax evasion?

Gee whiz, I wonder why Mercury, Payoneer, and Relay said no.

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This is the probably the answer to your question.

 

[inector]

Sols said:
Why is CRS a problem?
Click to expand...

It's always better to have a FATCA one

On this note, are USD accounts CRS reportable in like Wise / Payoneer / Paysera?

 

[Sols]

inector said:
On this note, are USD accounts CRS reportable in like Wise / Payoneer / Paysera?
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Currency is not a factor in CRS. What determines reportability is having a relationship with a reporting institution.

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This is the probably the answer to your question.

 

[uplana]

Account holder is from Russia but he owns a US LLC and don't live in the US correct ?

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[inector]

uplana said:
Account holder is from Russia but he owns a US LLC and don't live in the US correct ?
Click to expand...

Yes

Sols said:
Currency is not a factor in CRS. What determines reportability is having a relationship with a reporting institution.
Click to expand...

Didn't know that, thanks

 

[yngmind]

inector said:
A client of mine had a US business doing marketing for 4 years.

Mercury sends a message "your account will be closed in 2 weeks", no explanation, great. Many people complain as well in the same period.

Now, alternatives I have tried:
- Relayfi (doesn't allow his passport, he is Russian)
- Brex (50 employees)
- Zenus (not yet released)

Others tried:

- Payoneer (rejected payment without even asking for invoice, monkeys, plus it's subject to CRS)
- Paysera, Worldfirst, Airwallex (Foreign EMIs, wouldn't fit in the list)

So...that leaves Relayfi only as the option? Wouldn't consider a jurisdiction that has only 1 EMI that is reasonable.
Click to expand...

relayfi is a racist emi.

They don't accept lots of people based on their nationality, and guess what, they don't accept Russians too

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I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
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