E-wallets and CRS (page 3)

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Looter
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Looter

Re: E-wallets and CRS
« Reply #30 on: January 05, 2017, 01:12:22 PM »

My comments after almost a year after doing further research :

1. I have no trust to Skrill/Neteller to keep my funds there no matter what they say. I have evidence that they break their own terms and conditions and they do not respect the privacy of their clients. Personally I have stopped any activity with them since I feel that I risk my capital.

2. US will not share info. If you can have multi currency accounts there or if you can open an account in a US company in order to buy shares , bonds , commodities , etc you are also safe.

3. If you are able to change your tax residency in a country where you wont have issues even if you bank account info are reported, this is the right time to do it.

4. Singapore will not share anything before 2018 so there is still a year to be safe while searching for best suitable solution.
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Skaggerak
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Re: E-wallets and CRS
« Reply #31 on: January 05, 2017, 04:32:01 PM »

My comments after almost a year after doing further research :

1. I have no trust to Skrill/Neteller to keep my funds there no matter what they say. I have evidence that they break their own terms and conditions and they do not respect the privacy of their clients. Personally I have stopped any activity with them since I feel that I risk my capital.

2. US will not share info. If you can have multi currency accounts there or if you can open an account in a US company in order to buy shares , bonds , commodities , etc you are also safe.

3. If you are able to change your tax residency in a country where you wont have issues even if you bank account info are reported, this is the right time to do it.

4. Singapore will not share anything before 2018 so there is still a year to be safe while searching for best suitable solution.

1.How you're managing to do this is beyond me. Your methods of funding accounts are more secure now, but I would presume, much more troublesome and far less discrete.

2.Good info, something worth thinking about but would require a lot of effort and doesn't really hold much weight when it comes to funding European sportsbooks.

3/4.Be grateful if this is a dilemma you have ;D
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Pete1928
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Re: E-wallets and CRS
« Reply #32 on: January 05, 2017, 04:35:21 PM »

This is the response I got today from Skrill, so I believe there is even legal basis to take them for their word on this one, at least for 2016.

Of course they will sooner or later be treated as a reporting FI, however it seems that for 2016 this is not the case, or if someone has any other ideas of how interpret the e-mail below, replied by Skrill today.




Dear XXXXX,
Thank you for your recent enquiry into the OECD /Standard for automatic exchange of financial account for tax matters.

Paysafe is compliant with all reporting obligations related to financial accounts. Currently, the OECD’s Standard for Automatic Exchange of Financial Account Information (or Common Reporting Standards) do not apply to e-money issuers. Paysafe continues to follow this legislation as it develops.
 
Kind regards,

Skrill Help Team
 
Copyright © Paysafe Group plc. All rights reserved. Skrill Limited (FRN: 900001) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Skrill is a registered trademark of Skrill Limited
« Last Edit: January 05, 2017, 05:04:21 PM by Pete1928 » Logged
Thordin
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Thordin

Re: E-wallets and CRS
« Reply #33 on: January 08, 2017, 10:34:59 AM »


or just the balances like some German banks will, not the entirety of the annual transactions and its details.


Can you confirm that about German banks? Where can you find this information?
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SticyBandit
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SticyBandit

Re: E-wallets and CRS
« Reply #34 on: January 12, 2017, 05:52:20 PM »

What data will banks in EU exchange with other countries. All transactions for some bank account in a year, AVERAGE amount on account in a year, amount on account at the end of the year? Will all countries have the same rules or this is in their own jurisdiction. I have read somewhere that some will send only account balance at the end of the year. Are those things specified anywhere?

From THE CRS IMPLEMENTATION HANDBOOK

Unless otherwise provided,
information with respect to a Reportable Account must be reported annually in
the  calendar  year  following  the  year  to  whic
h  the  information  relates.  For
account balances the relevant balance or value must be determined as of 31
December of the calendar year, or, if an alternative reporting period is used
then the relevant balance or value must be determined as of the last day
of the
reporting period, within that calendar year.


but also it says this:

Where  jurisdictions  already  require  financial
institutions  to
report the average balance or value of the account they are
free  to  maintain  reporting  of  that  information  instead  of
requiring  reporting  of  the  balance  or  value  of  the  account.


also:


The Standard allows for reporting of the
(highest and/or monthly) average balance  or value of Reportable Accounts, instead
of the balance or value at the end of the calendar year, in case a jurisdiction has
such a reporting mechanism in place.


So Report will depend of the country, maybe we could exchange some data related to this.
Btw, European countries like Serbia and Montenegro haven't signed that deal and if they do, they will not implement it before 2019. or 2020.
Are those countries new tax heavens?
« Last Edit: January 12, 2017, 09:33:44 PM by SticyBandit » Logged
Skaggerak
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Skaggerak

Re: E-wallets and CRS
« Reply #35 on: January 18, 2017, 10:35:04 PM »

https://arbusers.com/index.php/topic,4580.msg54479.html#msg54479

Just redirecting to another thread that I feel has relevance in this matter. If you think Neteller is a discrete place to keep your money it might be time to reconsider.
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870642
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870642

Re: E-wallets and CRS
« Reply #36 on: January 24, 2017, 10:59:14 AM »

If Nettler asks for proof of residency , they are for sure going to follow CRS and report to your resident country at the end of year and as arbuers having high volume on your accounts usually it will probalby lead you in big trouble in some countrys especially if there is any kind of betting restriction
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Arbusers
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Arbusers

Re: E-wallets and CRS
« Reply #37 on: January 24, 2017, 12:32:49 PM »

The issue here is tax residency and not simple residency. Don't mix things.
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870642
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870642

Re: E-wallets and CRS
« Reply #38 on: January 24, 2017, 04:11:34 PM »

Well , if you would read about CRS ,you would know that fhey have to report your  average balance and balance to country of your residence - so its not country where you should pax not to country which you have citizenship .. so it make sense that nettler is asking for such documents as proof of residency. Othervise why would they ask, if they simply do not need this documents?

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870642
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870642

Re: E-wallets and CRS
« Reply #39 on: January 24, 2017, 08:28:42 PM »

No Emoney = no betting .. so I am wondering what all of you are going to do ? _D
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SticyBandit
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SticyBandit

Re: E-wallets and CRS
« Reply #40 on: January 25, 2017, 06:42:42 PM »

Are Skrill and Neteller registered in UK? If they are then they will send reports in a way as it is usual for financial institutions in UK, at least CRS says this. I don't know is this once a year, once a month, highest monthly amount etc. Maybe some from UK will now this.
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Bubbles
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Bubbles

Re: E-wallets and CRS
« Reply #41 on: January 25, 2017, 07:08:52 PM »

Are Skrill and Neteller registered in UK?
Off the top of my head, Neteller and PG - Isle of Man, Skrill - UK
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SticyBandit
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SticyBandit

Re: E-wallets and CRS
« Reply #42 on: January 27, 2017, 10:41:42 AM »

First thing what financial institution must do (institution that must follow CRS rules) is to identify tax residence of a customer. For example, UK fin. institution will not send data to Italy for some Italian who has valid address in UK. If he leaves UK and returns back to Italy he must notify financial institution and from that date his account becomes reportable account. If that occurred 23.4.2017. his account will become reportable for the whole 2017. and first report will be sent in 2018.
As far as I know Skrill and Neteller haven't requested utility bill (ID is not an address verification document) when they would,  this will be the first step to identify their customers (tax related) and only after that they could start identifying reportable accounts and only after that making reports. So first reports could only be for 2017 if they start to do this this year.
And all off that off course if they are required to follow CRS rules. But I don't see the reason why they would be excluded when all types of financial institutions are included.
« Last Edit: January 27, 2017, 11:11:39 AM by SticyBandit » Logged
jarora
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jarora

Re: E-wallets and CRS
« Reply #43 on: January 27, 2017, 01:48:22 PM »

This is the response I got today from Skrill, so I believe there is even legal basis to take them for their word on this one, at least for 2016.

Of course they will sooner or later be treated as a reporting FI, however it seems that for 2016 this is not the case, or if someone has any other ideas of how interpret the e-mail below, replied by Skrill today.

Dear XXXXX,
Thank you for your recent enquiry into the OECD /Standard for automatic exchange of financial account for tax matters.

Paysafe is compliant with all reporting obligations related to financial accounts. Currently, the OECD’s Standard for Automatic Exchange of Financial Account Information (or Common Reporting Standards) do not apply to e-money issuers. Paysafe continues to follow this legislation as it develops.
 
Kind regards,

Skrill Help Team
 
Copyright © Paysafe Group plc. All rights reserved. Skrill Limited (FRN: 900001) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Skrill is a registered trademark of Skrill Limited

This is good news Pete. I asked the company Payoneer (USA), EntroPay (UK), ePayments (UK), CSC24Seven (Cyprus) and all wrote that will not send any of your account information to your country. Year 2016 is fine. In year 2017 I will ask again in december.
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Bubbles
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Bubbles

Re: E-wallets and CRS
« Reply #44 on: January 27, 2017, 02:59:23 PM »

As far as I know Skrill and Neteller haven't requested utility bill (ID is not an address verification document)
Like hell they didn't
https://arbusers.com/index.php/topic,4580.15.html
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