Stripe monitored by FACTA and CRS

[Percival]

Hello,
do you know if Stripe give to my country tax authorities datas about my account like balance, payments and so on..

 

[atreus]

Of course, Stripe is the type of company that would do everything to please regulators and banks they work with.

Stripe is practically registered everywhere they offer merchant services, hence report your processing history to tax agencies.

 

[Percival]

i'm doing dropshipping and i use stripe and EMIs, so using EMIs is ineffective due to stripe that report to tax authorities, do you know how to workaroun this issue?

 

[atreus]

It all depend on your country of residence and the processor you're using, I would strongly suggest you get a small processor + use a formed company with a CEO other than you.

Basically you will have a company under someone's management while you are the UBO (legal and available in lots of jurisdictions), have the card processor and EMI under the name of your company, and use small services for cc processing.

 

[Percival]

ok thanks, so you mean to use a company already exist insted of creating a new company?

 

[atreus]

Percival said:
ok thanks, so you mean to use a company already exist insted of creating a new company?
Click to expand...

You can create a new company and assign a director residing in that country, you will have to pay a small fee (wage) but it will save you lots of troubles, lookup baltic countries.

 

[Percival]

Ok i understand. Could you suggest me some services that allows me to create that company? Do you know how much will it cost every year?

 

[JohnLocke]

Stripe is well regulated and growing to one of the biggest (if not already) public payment processors in the world. It's naive to think they don't report or your data is anonymous, they will be used for anything you can imagine. DATA / Information is the new Gold so such huge corporations want to make profits.

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[Someno]

This is a very complex question to answer and one that depends on many factors including your country of residence, your citizenship/s, your taxation status, which countries you happen to actually be staying at in a given year, your business arrangements and a bunch of other things. It is not as simple as Y and thus Z. All these platforms have to abide by taxation laws, EMIs included so yes you can bet CRS/FATCA is happening. Hire a specialist and setup your structures the correct and legal way to minimise your tax liabilities legally. That way everything is legal and you have nothing to worry about.