Liberty and justice for all United States persons abroad

The Isaac Brock Society

1,012 thoughts on “FATCA Discussion Thread (Ask your questions) Part One”

  1. Tim alerted me to this…

    An article on FATCA on the Daily Kos, which is about as liberal as you get in the blogisphere.

    There are only 3 comments, and I will probably enter one in the morning, but too tired tonight to bother.

    To note, they have a survey to see who many were aware of FATCA, and of the 33 votes, 67% were unaware, which is less than I thought it would be.  

    One person said their CPA had told them about it. 

    Have a read, and make a comment if you wish. I will try to do one tomorrow, like I said.

    http://www.dailykos.com/story/2012/11/05/1156301/-FATCA-One-Big-Reason-Why-Mitt-Hopes-He-Wins

  4. Note this Press Release out from Treasury today…  More spin about the IGAs…

     U.S. Engaging with More than 50 Jurisdictions to Curtail Offshore Tax Evasion

    “Global cooperation is critical to implementing FATCA in a way that is targeted and efficient,” said Treasury Assistant Secretary for Tax Policy Mark Mazur. “By working cooperatively with foreign governments and financial institutions, we are intensifying our ability to combat tax evasion while minimizing burdens on financial institutions.” 

    So, if they want a targeted and efficient operation, then just focus on US homeland Evasion, and not every friggin’ US person living around the world.   

  9. An excellent interview with ACA’s very articulate Jackie Bugnion featured on Dukascopy TV, talking about the pitfalls and problems of FATCA for overseas filers.


  11. Here is another one from the marketing arm of the IRS, or a FATCA co-enabler.

    For those closely following the Foreign Account Tax Compliance Act (FATCA), it has been a long journey full of anticipation as the IRS slowly pieces together this multifaceted regulation. But with the release of the proposed Model II Intergovernmental Agreement today, we are finally provided some much-awaited guidance.

    They are just breathless waiting to figure out how to be good little compilers and tell the world what to do

    Read more: http://www.convey.com/2012/11/irs-releases-second-model-intergovernmental-agreement/#ixzz2COrM1J34 
    Follow us: @Convey1099 on Twitter

  14. I just sent this information to all my submission addressees:

    I am adding this further opinion to the submission I previously sent:

    http://www.nigel-green.com/2012/11/16/us-treasury-should-be-called-to-account-on-economy-damaging-fatca/
    US Treasury should be called to account on ‘economy-damaging’ FATCA
    16 Nov
    November 16, 2012
    The U.S government owes it to Americans to explain why it remains committed to implementing the highly controversial and potentially damaging Foreign Account Tax Compliance Act (FATCA) .

    Designed primarily, according to the US Treasury department, to catch tax evaders, FATCA will require all foreign financial institutions (FFIs) to report the activities of their American clients to the US Internal Revenue Service (IRS). The penalty of not complying with FATCA’s costly and complex procedure will be 30 per cent withholding’s of US source income.

    However, many critics argue that it has “unintended consequences” for the American economy and it will not help substantially in the fight against tax evasion.

    I agree and think the US Treasury Department must be called to account. It needs to justify to the American people why it is determined to proceed with FATCA when it threatens to financially negatively impact the US economy.

    FATCA was slipped into the 2010 HIRE Act and wasn’t reviewed properly by Congress – indeed most in Congress are unaware of the legislation, let alone its unintended consequences.

    FATCA will dramatically reduce foreign investment in the US– at a time when the economy is teetering on a knife edge – due to the threat of the IRS withholding 30 per cent of their funds. Investors will simply take their money overseas. Indeed, David Schwartz, the executive director of the International Bankers’ Association of Florida recently observed that “several hundred million dollars have left Florida for foreign jurisdictions” between April 19th, when FATCA regulations were passed, and the end of July.

    The potential revenues that FATCA could generate will be outweighed by huge foreign investment losses.

    In addition, FATCA will adversely affect US businesses operating in global markets because they have to have foreign bank accounts to facilitate payments from foreign clients and to pay local charges. However, many foreign financial institutions are rejecting American firms as clients – even if they have worked with them for years – because becoming ‘FATCA compliant’ is too burdensome and far too expensive.

    FATCA does very little to actively target tax evaders and it has a potentially devastating effect on the American economy. The U.S government owes it to Americans to give public, in-depth justifications on why it remains committed to this highly controversial piece of legislation.

    Nigel Green deVere Group

    Blog written November 16th

    About Nigel Green
    Nigel Green is the Chief Executive Officer of the deVere Group – the World’s Largest Independent Financial Consultancy.

    The deVere Group assists expats and international investors from around the world by providing expert and impartial financial advice about international savings, bonds, life insurance, pensions, and structured products.

    Establishing the firm in 2002, Nigel Green is the founder and the driver of deVere. Mr. Green’s insightful perception of the contemporary world was the key element that led him to create a niche for people who lived an international lifestyle, by creating a firm with a world-wide approach to conducting business.

    With over 60 offices around the world, including Abu Dhabi, New York and Hong Kong, the deVere Group has a substantial global presence to be accessible to its international clientele. Despite the grandeur of the firm, the deVere operates on one cohesive note, as Nigel Green is very much active in every aspect of the business, instilling his vision onto employees.

    Mr. Green followed in his father’s footsteps, when he entered the financial services industry as a young adult. After 15 years working in London, cultivating his understanding of the financial sector, Nigel Green took the first step by establishing a Luxembourg-registered company deVere & Partners and started searching for expatriates to offer financial services to, no matter where they resided in the world.

    After operating in the offshore financial industry for a number of years, Nigel Green launched deVere in 2002 and established an office in Hong Kong, the first of almost 70 today, specialising in expatriates living abroad.

    Mr. Green’s keen sense of adventure, and his willingness to consider any market, has endowed the deVere Group with a singular global position as the company that expatriates can turn to, no matter where they choose to live.

    With more than 60,000 active clients being guided by 450 consultants in 60 different offices, the deVere Group is a dynamic firm and its CEO is continually inventive, aiming to have an office ‘in every major financial hub in the States’ within the next five to ten years, as well as a goal of 200 offices by 2016. Mr. Green intends to continually push for growth, to sustain the strong global presence of the deVere Group, and be within easy reach for each of its clients.

    Nigel Green is aware that deVere is often the target of scrutiny by its competitors. He insists that the ‘deVere Group is licensed correctly in all the jurisdictions that it works in. It is not in the company’s interests to be anything other than properly licensed in each territory’. Furthermore, the 60,000 active clients of the deVere Group is a testament of the professionalism, dedication and trustworthiness of the company.

    Working with Nigel Green

    The impressive track record of the deVere Group is a manifestation of innovation and perseverance.

    Mr. Green has the ability to foresee client needs and thus he created a global independent financial consultancy firm that nevertheless feels local and easily accessible to all of its clients.

    Nigel Green is known to be approachable among his employees, instilling positivity to everyone that works with him. Mr. Green is a low-key person; moving from one office to another, active in the myriad of occurrences that happen on a daily basis as he strives to maintain the deVere Group on one stable, cohesive note.

    Green’s insightful direction of how the deVere Group operates, has undoubtedly helped the Group enjoy the success that the Group is building upon today. Mr. Green inspires and motivates his employees to integrate themselves into the company and work in an active manner, so that they too feel they are driving the deVere Group into success.

  18. Thanks, Just Me. I am going to get those lessons one day soon — and will appreciate your tutoring. I’m out of here again for awhile.

  19. @Calagary411.  I gave Blaze a 2 hour phone lesson, and she is busily tweeting away!  It really only took 20 minutes, but I chat on as much as I write on!  I would be happy to orientate you anytime you are ready! 🙂

  20. Everyone should have a good read of Just Me’s comments here. http://www.investmenteurope.net/investment-europe/news/2225412/us-treasury-releases-second-model-fatca-iga. A MUST READ in my opinion and one to pass on to others to hopefully carefully read and digest such an excellent analysis of what is happening! Thank you, Just Me.

    How lucky we are to have such as Just Me and the many others who are so literate in telling this story and being advocates for all US Persons Abroad.

  21. @calgary411

    Thanks for that.  I never know whether anyone reads these monologues or not!  LOL  So appreciate the comment.

    I have been meaning to make a post of it, on IBS, but just haven’t had the time.  I did something on a similar theme in response to Robert Woods piece on IGAs  I just need to take some time to edit and consolidate and spin this FATCA-DATCA-GATCA narrative again as a separate Post for linking, as it is lost in all the previous threads here at IBS.  A lot of regulars here, know it, but new readers do not, so would be convenient to have it. 

    After I get done with the family duties down under, I will see what I can do. 

    BTW, this comment came from an invitation via Twitter.  So, when you are ready for a lesson, I am ready to help! 🙂

    https://twitter.com/InvEurope/status/269435937187037185

  22. @Calgary & Just Me,

    Yes, we are indeed lucky to have him!

    I do read them so they are NOT monologues!

     

     

  24. @Just Me and bubblebustin,

    Most here savour the comments, wherever we find them, that Just Me shares. He has educated many here and in so many other places we see the hand of Just Me, as well as Roger, recalcitrantexpat and many others. Their generosity and educating so many in this fight is invaluable.

  25. I just try to keep up with Roger and Recalcitrantexpat, or Julian Hudson who are much better than I at the education effort.  🙂  Why do we do it, is reasonable question to ask? LOL

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