Posted on April 18, 2012 by bubblebustin Posted in Issues regarding US persons abroad 9 Comments http://www.jamaicaobserver.com/business/The-high-cost-of-Fatca_11273476 Share this:TwitterFacebookEmailLike this:Like Loading...
This is an interesting point:
@eric, good point that FATCA will encourage what it seeks to eliminate. This is the related editorial. More calls to offload the compliance costs to governments.
I don´t know what Brazilian Banks will do. But I am not afraid of FATCA because I send the FBARS every year with all my bank accounts, addresses, etc. I am not sure what is going to happen to Brazilian Green Carders in the USA. The ones I talk with did not know about FBARS and after they learn about it thay are scared to send them because of the crazy “possible” punishments… Incredible.
……..”But even more crucial is the fact that the information required will place the financial institutions in breach of Jamaican law on confidentiality and data protection.”………….
If Jamaica can note this aspect of things, why are we not reading more about that angle in Canada?
Here is a video further to the Jamaica Observer link above re FATCA and Jamaica:
Can anyone lend assistance with properly linking to this video? I just wanted to provide the link so that readers can follow to view it – not play it automatically. (And if you can fix that, you could also delete this post so it doesn’t just clutter things up!). Thanks!
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Article re cost of FATCA and Jamaican institutions:
‘FATCA readiness to cost billions’
Published: Friday | June 15, 2012
A senior manager with Ernst
& Young has quoted a price tag of US$30 million per financial
institution to implement the requirements of the Foreign Account Tax Compliance Act or FATCA, a new US law meant to snag Americans in the tax net wherever they reside.”
Don’t know where to put this, but trying to broaden the IBS coverage of FATCA as it will impact different nations in the Caribbean.
This is a very interesting blog from a tax practitioner in the UK, with an interest in events in the Caribbean – including the impact of FATCA.