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Old 01-09-2018, 03:56 AM  
PornDiscounts-V
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Originally Posted by Petra View Post
It sucks, trust me it does since I pay remote employees in the US with paxum. HOWEVER, this isn't new. It's just new that paxum has been pulled into the web of USA red tape (paypal already has to comply, but I think they're big enough they can navigate the legal crap easier).

What this comes down to is an Obama era law called FACTA. This was a HUGE clusterfuck for any US citizen that had a foreign bank account or foreign pension. Basically it means that the financial institution has to report about US citizens accounts to the USA.

When FACTA rolled out there were a lot of banks around the world that basically said "fuck the USA" and just shut down the bank accounts of US citizens. What made this pretty horrible is for overseas citizens, those bank accounts aren't "foreign" accounts. They're our local, everyday living bank accounts.

However, because the US wanted to go after the less than 1% that's hiding assets offshore, it basically made it harder to a) do business with americans b) be an overseas citizen. What really pisses me off about this is it costs more to go after that 1% because it's caught all of us living overseas but don't have to pay taxes in the web. Someone at the IRS and the Financial Crimes Enforcement Network (they deal with FACTA and FBAR) still have to be paid to go over our taxes and forms but most of us don't actually have to pay taxes. Talk about government waste.

So while I agree that the short notice sucks, if you don't like this Americans need to write your representatives about this bullshit.
Thinking you meant to reference FATCA. As FACTA is all about identity theft and the former is about foreign accounts held by US citizens.
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