Fatca

[jezza]

I just made a UK business account and I got an email saying I had to provide FATCA information within 90 days

I click on the link they provide and there is nothing(usual Paypal stupidity)

Anyone know what information they want?

"Dear XXXXXXX,

You need to add more information about your business for compliance and regulatory reasons.

Please add this information before 19 April 2018. This will only take a few minutes to add.

How do I add the information?

Please click the button below to add your information. Once you click, you’ll be taken to the PayPal website. Log in to your account, and then follow the instructions.

Why do I need to add this information?

The Foreign Account Tax Compliance Act (FATCA), a U.S. tax law, requires financial institutions like PayPal to collect additional information from customers when a new Business account is opened. You need to add this information even if your business or your customers are not United States taxpayers or located in the United States. We collect this information for regulatory and compliance purposes. If you’d like to learn more about the FATCA regulation, click here

[jezza]

Paypal Business Stealth - RIP

[oompaloompa]

what? This is a UK paypal? I do not see how fatca applies to you unless you put a non-UK address...
This is nonsense, fatca have no business with a UK registered account.......

[nickopedia]

You need to add this information even if your business or your customers are not United States taxpayers or located in the United States.

Why would a UK registered business or person be subject to FATCA rules?
Something smells bad here...

[oompaloompa]

I have heard of banks in the UK asking for fatca, on people who have never even been to USA and are personal accounts and are baffled, and they just refused to reply and nothing happened, so it can happen but rare, not heard of it on paypal, not sure if a glitch or to do with the info you inputted ....

If you do not want to contact them about it, you could just leave it and see what happens, given the link is blank......

[jezza]

I made two Paypal biz stealths and got the email immediately upon signup. As they are an American company looks like they are extending to other countries.

I'm not going to use the Paypal account as it could be shut down in three months with no recourse

[jezza]

I got it on another country Paypal too, Latvia!

This time the link is working, I got this screen and it asked me where company is formed, I entered Latvia, and that was it - done

[jezza]

I just tried the UK account too

The link works now and exactly the same as the Latvia account, it asks where the company is incorporated and that's it.

You can be sure that they will be requiring more information soon

Start stockpiling Paypal business accounts I say, the end of PP Stealth Biz is nigh...

[oompaloompa]

must be new.

Some might say filling the info is harmless (I do not agree ) but it is not correctly being applied.

We will have to wait for more reports from forum to figure it out...