I am not sure why everyone got excited about the money laundering regulations in 2015.
But they did, and it may have rained on your parade just as it did on mine for the last few months.
The Internet lifestyle of international travel and working sounds and looks great however there is one thing you need to consider if this is your desired path.
In 2014, I moved from the UK to the land of sand to work on aircraft as an employee. I will not refer to my actual location by name as they don’t accept criticism gracefully. Rather the standard response is a 12 month custodial sentence which I am keen to avoid!
But, if you have read my other posts then you’ll know where I am.
As I am no longer a contractor, I had no need for my UK contracting company however it was retained so I could use the office address as my UK forwarding address.
Living here in company provided accommodation means on the plus side, I have no utility bills, the downside of this will become very clear as you read further.
Regus my office provider, having lost my records, asked me to re-verify my address.
With no bills I could not achieve this and so my office was closed. No office meant no UK address which meant no UK company.
This also meant no UK Paypal accounts.
PayPal are as it transpires not an international company but a collection of national ones operating in preference for US citizens. You must have a residential address and a bank in the country of the Paypal organization, unless you are American in which case a US bank account is fine.
With that in mind, it also meant I could not use the local Paypal account as they only accepted US bank accounts or a Visa card, neither of which I now had. I had previously ordered a new Visa card but with my office closed it had been returned to the bank and thus all my cards were canceled.
Thankfully my UK bank accepted my local bank account profile as proof of address and so I could get new bank cards delivered but not to here!
It was at this point that I suspended my online adventure as there was little point attempting to make money online when there was no foreseeable way to collect any money I did manage to generate.
The last remaining option of moving money from the local PayPal to my sons UK PayPal then onto his bank account and then finally onto my bank account, I am sure would fall right within the money laundering regulation radar!
So the upshot of all of this?
The Internet lifestyle of international travel and working is of course possible you just need to retain a permanent base somewhere in the world. Otherwise you will fall into the trap I now find myself in.
Next week, I will discuss how I intend to get back into the game now I have no access to Paypal or any other popular payment processor.