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Post by xyon100 on Oct 18, 2015 9:10:41 GMT
Wondering why several UK sites do this?
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registerme
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Post by registerme on Oct 18, 2015 10:00:33 GMT
Probably easier AML and no cross-border nonsense / currency exchange hassles to worry about.
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bigfoot12
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Post by bigfoot12 on Oct 18, 2015 10:09:31 GMT
And it makes sure that you don't fall foul of regulations of the location of the lender. I wouldn't want to take money from a US citizen resident in the USA if I ran a platform without careful consideration of the regulations, and by extension I might decide not to accept any country which I hadn't investigated carefully.
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ben
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Post by ben on Oct 18, 2015 10:13:39 GMT
many sites not just financial sites have only available for residents of certain countries so as not to fall fowl of any laws in that country
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Post by ablrateandy on Oct 18, 2015 10:34:21 GMT
As Bigfoot said, anyone not expressly forbidding US residents is treading a very dangerous path....
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Post by oldnick on Oct 18, 2015 11:10:22 GMT
many sites not just financial sites have only available for residents of certain countries so as not to fall fowl of any laws in that country That's just being a chicken ☺
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Post by xyon100 on Oct 18, 2015 11:10:23 GMT
As Bigfoot said, anyone not expressly forbidding US residents is treading a very dangerous path.... I think you'll find that is Americans, regardless of where they live. Poor blighters that no longer live there are being absolutely screwed over by their own country and treated as criminals. Land of the free my ass. I'm already surprised that the sites I have signed up to have not asked me if I fit any of the "US person" indicia.
But anyway, currency. This should not be any hassle if you clearly lay out your terms. Yes, I have seen the silly moo on the locked SS thread.
Breaking local laws for lenders does not seem to have raised any problems for UK P2P sites that I am aware of. I'm just wondering if there is a concrete reason other than a list of unknowns. Always a favourite for eBay sellers that one.
I can't send to Belgium because this might happen, that might happen............and of course, none of these terrible things could happen if they sent the item to Birmingham....
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Post by wiseclerk on Oct 18, 2015 11:41:05 GMT
Wondering why several UK sites do this? Mainly AML and KYC (anti money laundering and know your customer rules). Of course there are solutions for this, especially if we talk about investors in the European Union. In some cases the thought of foreign clients may just not have popped up in the planning stages of the market place.
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Post by xyon100 on Oct 18, 2015 12:03:37 GMT
The sites I have joined have just used the same KYC and AML procedures on me (I'm in Belgium, on paper at least) as they have for anyone else. I think I'll send some emails. One site I particularly fancy is playing the UK ONLY game, so I'll mail them. :-)
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mikeb
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Post by mikeb on Oct 18, 2015 19:46:54 GMT
Always a favourite for eBay sellers that one.
I can't send to Belgium because this might happen, that might happen............and of course, none of these terrible things could happen if they sent the item to Birmingham....
Harsh  I have a lot of sympathy for eBay sellers that have a "No Italians" rule, having been on the receiving end of what happens when you send a parcel to Italy, and their customs sit on it for 2 weeks over the estimated delivery time: 3-4 days. Irate buyer: "Where my goods! You lie!" unable to comprehend that I posted on the agreed date, and there's nothing I can do to fix your customs department, which apparently is a "known issue" to the Post Office here So Italy is a "no" from me!
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Post by batchoy on Oct 18, 2015 20:01:43 GMT
As Bigfoot said, anyone not expressly forbidding US residents is treading a very dangerous path.... Not just US residents but US Citizens as well. I have a number of friends who I always considered to staunchly American having served in the US armed forces and despite their being resident in the UK, but the long arm of the the US Federal government has made it ever more expensive to produce US tax returns and ever more difficult to get financial services in the UK because of the additional work organisations have to do to comply with US regulations for services provided to US citizens (even thought hey are non-resident in the US), and as a result they have relinquished their US citizenship and become UK Citizens.
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shimself
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Post by shimself on Oct 18, 2015 20:09:48 GMT
The sites I have joined have just used the same KYC and AML procedures on me (I'm in Belgium, on paper at least) as they have for anyone else. I think I'll send some emails. One site I particularly fancy is playing the UK ONLY game, so I'll mail them. :-) I'm outside UK in EU; I know several sites have insisted on my having a UK bank account (which I do). I think from next year, courtesy of the EU that all EU banks will have to offer basic accounts to all EU citizens irrespective of domicile. At which point I should be able to access german p2p. Hurray for the EU I say.
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james
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Post by james on Oct 18, 2015 20:31:18 GMT
As Bigfoot said, anyone not expressly forbidding US residents is treading a very dangerous path.... Given the likely profiles of P2P lenders of non-trivial size it seems inevitable that platforms are going to have to deal with UK residents moving to the US for work or whatever at some point. Not sure what can be done then that's in keeping with TCF principles unless the loans are of short enough term to just end in a convenient timespan.
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Post by ablrateandy on Oct 18, 2015 20:35:22 GMT
We came across this very recently and the poor chap had to jump a lot of hurdles to make me happy (and that was just because he gave me a US contact number cos he was travelling on business ). |
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Post by xyon100 on Oct 19, 2015 6:34:45 GMT
As Bigfoot said, anyone not expressly forbidding US residents is treading a very dangerous path.... Not just US residents but US Citizens as well. I have a number of friends who I always considered to staunchly American having served in the US armed forces and despite their being resident in the UK, but the long arm of the the US Federal government has made it ever more expensive to produce US tax returns and ever more difficult to get financial services in the UK because of the additional work organisations have to do to comply with US regulations for services provided to US citizens (even thought hey are non-resident in the US), and as a result they have relinquished their US citizenship and become UK Citizens. I have been aware of this situation and FATCA for some time now, a lot of Americans in Brussels. Saying this without a hint or sarcasm and not trying to be funny in any way, I believe what the US government has done with FATCA is one of the greatest abuses of power the world has ever seen. Ever. That act touches all our lives and is costing us all money. The sheer scope and depth of FATCA is breath taking. They have literally put a financial gun to the worlds head and bullied the entire world, at great expense to the rest of the world (not them!) in to reporting the whereabouts, income and assets of about 8 million people who don't live there so they can tax them.
An American in the USA makes a mistake with a tax return, slap on the wrist. An American in Europe makes a mistake on his (vast and complex) tax returns or foreign bank account reporting to the USA, they ruin him even though no taxes were due. The fines and penalties are more than that, they are effectively confiscatory and ruinous. Basically, any American abroad with a bank account is being treated as a resident tax evader with overseas accounts. Giving up citizenship? Yup, there has been an enormous increase in people doing that, but it's not always easy. You have to prove five years worth of tax compliance which can be difficult and expensive, and in response to the now huge demand from folk wanting to hand back that blue passport, they increased the consular fee from $350 to $2450.
In 2011 the USA stood shoulder to shoulder with the UN and roundly condemned Eritrea for demanding a 2 percent tax from it expats living and working in other countries to fund it's wars. The Canadian government expelled the Eritrean ambassador over the issue. Not five years later Canada accepts FATCA imposed upon them to tax Canadian residents and Canadian citizens that also happen to have "US indicia", some having never lived there. The Canadian government also signed an agreement with the USA that absolutely violates Canadian citizens rights to privacy and protection from discrimination under their citizens charter. Same has happened here, it's just not getting the press because we don't have so many Americans.
Get this for a laugh.....In Canada they have a thing called and Registered Disability Savings Plan, an RDSP. This is specially to help in later years. The parent of a disabled child puts in a Dollar, the Canadian tax payer put in two or three, can't remember which. Now, though both parents are Canadian and have been for many years, the mother has never renounced her US citizenship that she gained simply by being born there. This means that as far as the USA is concerned, this child is American too even though they have never been there and both parents are Canadian.
Now, this is where it gets fun. Although the USA does give it's slaves citizens some tax exemption on overseas earned income, things are not so simple elsewhere. Despite both parents being Canadian and a child who has never been to the USA, the US government is taxing this disabled kids savings plan that consists mostly of Canadian tax payers money! It gets better. The parents went to see about giving up the passport he has never had and were told it was not possible because the child was not of sound mind and so could not relinquish! The USA is stealing Canadian tax payers money intended for disabled children?
Hell fire, the USA even sent Boris Johnson a tax bill on the sale of his London home as he was born in the USA to diplomat parents. USA sending tax bills to the mayor of London?! The consequences just go on and on. Life is becoming impossible for Americans overseas as they are shut out of basic financial services. Jobs too. Nobody wants an American with any signatory authority over the company because the company then has to report to the USA! FATCA is a monster, a huge abuse of power forced on the entire world and used to torment those the USA simply claim as taxpayers.
Rant over. Right, Breakfast. :-)
The USA stood shoulder to shoulder with the UN in 2011 and roundly berated the one other c
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I have a lot of sympathy for eBay sellers that have a "No Italians" rule, having been on the receiving end of what happens when you send a parcel to Italy, and their customs sit on it for 2 weeks over the estimated delivery time: 3-4 days.
