This thread seeks to assemble a list of our jargon words, with definitions, examples, and links where appropriate. I don’t have much time to write all of the terms and definitions, so I propose we collaborate on it.
I know I proposed this before (with Petros and others if I remember correctly) and never got around to doing the work on it, but I think we still need to define our terms of argument (as Voltaire said… something like “Before you argue with me, define your terms.”)
As we are gathered here to discuss the same subjects week after week, it is only normal that we have our jargon, as we don’t always want to spell everything out. But a glossary would really help newcomers.
Please add whatever proposed jargon words and acronyms you want, and I will moderate and coordinate it as I am doing with the Press Release Thread.
Here are some to start, please add as many as you can, I’ll entertain any proposed suggestions to improve my below definitions:
US Person Abroad(USP Abroad): US citizen or green-card holder who is a bone fide resident abroad. JDT to JDT: Modified a bit following Petros comment below, need to work on this one.
FATCA: Foreign Account Tax Compliance Act.
GATCA: A play of words on FATCA, referring to the eventual institution of a global FATCA-like bank reporting/exchange of information requirement.
DATCA: Domestic (in the USA) reporting and exchange of information about US-based bank accounts.
Minnows Abroad: Working and Middle-class people abroad who have less than 2 million in assets, and less than USD140K in potential annual tax burden . Targets of FBAR enforcement, even though they may have earned the majority of their savings abroad.
Whales: People with more than 2 million in assets and a potential annual income tax burden of more than USD140K.
Ostrich: People that are avoiding the OVDI, filing US 1040’s from abroad, and wish to ignore the issue of becoming “compliant”. (Full-Ostrich has been used as an intensifier).
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CLN: A Certificate of Loss of Nationality. This is US Department of State form 4083. It is what the State Department considers official documentation that a person is no longer a US citizen. (proposed by @JohnNB below)
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FBAR: Foreign Bank Account Report. Intrusive bank reporting form, required from “whales” and practically all “minnows”. Universally detested by all USPs overseas.
HIRE: Hiring Incentives to Restore Employment, 2010. Vehicle by which FATCA was snuck through congress unread.
HEART: Heroes Earnings Assistance and Relief Tax Act, 2008. Introduced soviet-style exit taxes for “whales”. Accomplished by hiding it inside a mom-and-apple-pie military benefits bill. Aka HEROES act.
Ex-PATRIOT: Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy Act. Proposed law taxing “whale” renunciants forever, and banning them from the country. Idiot brainchild of two senators apparently dumber than rocks.
QI: Qualified Intermediary. Turncoat non-US bank or financial institution that grasses its customers to the IRS.
FFI: Foreign (that is, non-US) Financial Institution. Also NFFI, NPFFI, and on and on and on.
GC: Green card. Toxic kryptonite (thanks, Em!). Now recommended against by many US immigration experts.
NRA: Non-resident alien. Coveted status for many dual-citizen USPs because of FATCA.
Covered expatriate: “whale” renunciant, covered by HEART. Can include GC holders, even though never citizens.
Specified expatriate: covered expatriate also hit by Ex-PATRIOT.
Recalcitrant: Anyone who objects to the IRS’s invasion into their private non-US financial affairs.
Renunciant: Lucky escapee.
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