Posted on January 13, 2012 by Petros Posted in Issues regarding US persons abroad 1,012 Comments Ask your questions about FATCA. This discussion has been continued here: FATCA Discussion Thread (Ask your questions) Part Two Share this:TwitterFacebookEmailLike this:Like Loading...
Top ten risks..
Market Vulnerable to FATCA – Fraud and Data Base Abuse By Risk.net.
FATCA is only one of twenty ways to ‘catch’ a US person living abroad:
That is a good synopsis for the Non Believer that American Citizenship is a problem to be dealt with. Putting your head in the sand gets much more difficult when confronted with this list.
I like how it summarizes into 4 categories..
By acts that re-establish US ties
By getting married, divorcing or dying
By showing up in gov’t, tax authority exchanges
By participating in online activities
Now Thailand FFIs are asking their government to intervene so they can have an IGA too.
Fetco asks for help on US Fatca law
Pingback: The Isaac Brock Society - 20 Ways to Catch a United States Person Living Abroad
Good Chart for the technocrats who want to understand the FATCA cram down! I guess that is me… LOL
IGA Models Compared
….”In the most comprehensive and detailed take-down I’ve yet seen of the Obama administration’s destructive FATCA law, Herman Bouma offers “11 Reasons Why FATCA Must Be Repealed.”
Bouma is a Senior Tax Counsel at Buchanan Ingersoll & Rooney PC,
and an international taxation expert. Here are the 11 arguments he makes
along with my own summaries”………
‘FATCA is sheer idiocy’ is the most spot on opinion yet.
Luxembourg on the path to an IGA:
11 Reasons Why FATCA Must Be Repealed
This is the most authoritative summary I have seen. I sent the link to my MP. Maybe all the others with any influence should get a link as well. John Jatras-Does this help?
The FATCA Compliance Complex telling us yet again, that FATCA is here to stay, and throw in the GATCA message.
Hope we can prove them wrong, but it will be tough.
FATCA Requirements Are Here To Stay
So, despite all the backlash and hostility around FATCA, the requirements are here to stay. The increasing number of countries entering agreements shows other governments are open to changes in their tax information reporting and are recognizing the need to address this issue on a global level.
Opposition to FATCA is growing in Brazil. The foreign relations committee of the Brazilian senate recently rejected ratification of an agreement between the US and Brazil on tax information sharing (unrelated to FATCA), on the grounds that the US is asking for too much information that not even the Brazilian government has access to. Also, an influential Brazilian senator, Francisco Dornelles, strongly criticized FATCA in a speech at the Brazilian senate:
http://www.senado.gov.br/atividade/plenario/sessao/disc/listaDisc.asp?s=117.2.54.O (in Portuguese)
At the very least every country should demand, if considering signing an IGA with the US, that it will not do so until additional US law and regulations are adopted in the United States!
As well, Just Me, gives the 12th reason FATCA must be repealed:
I wish someone in the Canadian government would take such a stand as Mr Dornelles of the Brazilian government has. The only position I’ve heard so far was capitulation and stated to me directly by Kevin Shoom of the Finance Department: Canada hopes to enter into an IGA by years end. With so many households effected in Canada, and certainly more than Brazil has, why isn’t Canada taking such a stand? This is infuriating!
Would you consider doing a separate post for “11 Reasons Why FATCA Must Be Repealed.”?
If Badger doesn’t, I will later today. It needs more highlightening than just a comment on this thread.
@Duke of Devon Bubblebustin and Badger
Haven’t had time to post yet, but did send an email to the author of the 11 reasons. His email is.
Thanked him for his excellent article, and suggested Number 12. Security and Identity theft/fraud.
Said something along the lines of what was posted on this article.
Does FATCA pose an unacceptable security risk to Americans abroad?
Excellent suggestion to add a 12th reason. It’s good to give feed back to those who are fighting FATCA, if only to have us feel less like a voice in the wilderness.
Blanket approach to FATCA could miss unit-level intricacies.
So, here is one of the FATCA Compliance Complex members pointing out the complexities of uniform compliance across a large Wealth Management organization. Why they don’t just say NO, amazes me. I guess it creates IT jobs.
I have to give it to the FATCA Compliance Complex if they can administer this klausterfokken called FATCA. Many, if not all of these financial entities are customer oriented where the institution must instil trust in that customer that they are a safe place to keep their money. Putting a customer (US or not) through the wringer when on boarding will send many packing, especially if the customer becomes aware that the IRS is calling the shots. This just gets more insane every day.
One of the Kings of the FCC , DeLoitte is out with “Good News” for Australian financial institutions…
Positive developments for FATCA compliance
They then spend a few pages explaining to them all the wonderful advantages of the IGA.
Deloitte says FATCA draft guidance notes crystallise the breadth of impactThe UK’s HMRC has issued draft guidance notes on the UK FATCA Intergovernmental Agreement together with its response to the FATCA Consultation Document.
Here is an interesting note about that speech. Mr. Dornelles was at one time the head of the IRS in Brazil.
My tweets to Boris to speak up…
First in response to this article:
HMRC Update on UK/US FATCA
HMRC Update on UK/US FATCA http://bit.ly/Yl47aU Requesting comments on UK law change to accept FATCA CRAM DOWN! Speak up @MayorofLondon
and this in response to the one you posted.
Deloitte says UK HMRC FATCA draft guidance notes crystallise the breadth of IGA CRAM DOWN impact http://bit.ly/ZPf6d0 @MayorofLondon
@Just Me, Thanks for the info, I didn’t know that.
Russia offered a FATCA agreement on behalf of BRICS, but officials in China and Brazil (the two largest BRICS economies) are against it. Maybe they could convince Russia to form an opposition, along with India and South Africa. China and India could lead other Asian countries, Brazil could lead the rest of South America and the Caribbean countries that are already against FATCA, and South Africa could lead the rest of Africa. This would align the developing world in opposition to FATCA. I know, this is a very long stretch, but I think it would be more likely than an opposition from Europe or Canada. Consider that most developing countries aren’t aware of the problem yet.