30 thoughts on “Could China kill FATCA via @nigeljgreen”

1. I was at the Swedish tax office last week, asking hypotheticals to a clerk. Working in a low/no tax region required a discussion and approval according to her. For example, working in Dubai, required such a meeting. That would be fantastic, being able to work in Dubai and paying taxes to USA and Sweden.

2. @justme

   Here is the link to the FAZ business section: http://www.faz.net/aktuell/wirtschaft/

   I could not find it there and a search for “fatca” turns up only 2 articles from last year.

   My own translation is from P. 20 of today’s print edition. Original German headline reads:

   “Banken einverstanden mit Steuerabkommen”

3. @Todundsteuer

   Well, no luck. I did find this on the Switzerland agreement, under that search… Dated Feb 14th

   http://www.sueddeutsche.de/politik/steuerstreit-schweiz-und-usa-unterzeichnen-abkommen-1.1600251

   The translation is always amusing… I guess ‘white’ money is ok, as all the Black money is really hiding in the States! LOL

   Success in the fight against tax evaders: Switzerland signed a tax treaty with the U.S., which Americans can not hide black money in Swiss accounts. Thus the United States is more than Germany.

   The negotiations were protracted, but now have U.S. and Switzerland signed a tax treaty. Americans can not hide it from 2014 at the latest dirty money more assets in Switzerland. U.S. Ambassador Don Beyer and Finance Mr Ambühl signed in Berne a corresponding paper. The Swiss government had approved the previous day. Now requires the consent of the Parliament.

4. US Fatca project ‘beginning to unravel’ says deVere’s Nigel Green, March 5, 2013 (excerpt):

   “Nigel Green, chief executive of deVere Group, the world’s biggest independent financial advisory firm, has said that on the basis of China’s reaction and other factors the US Foreign Account Tax Compliance Act (Fatca) looks as if it is beginning to unravel.

   In an interview with InvestmentEurope, Green said that China’s positioning would be crucial, because its view would also serve to steer the views of a number of other countries, particularly in Asia.

   IE: How likely is China not to sign an IGA with the US?

   NG: It is looking increasing likely that China will not sign an intergovernmental agreement (IGA) with the US on Fatca. This will be of huge concern to the US government because Fatca’s strength is reliant upon every country in the world agreeing to abide by its rules. No other country in Asia has yet agreed to a Fatca IGA either, and countries in the region, and indeed across the world due to China’s enormous – and growing – economic and political power, are influenced heavily by Beijing on such issues. As such, I suspect that there are some frantic behind-the-scenes, arm-twisting conversations going on between the US and Chinese authorities.

   It appears that the People’s Republic of China is refusing to cave in because Fatca flies in the face of several Chinese laws, making it difficult to implement even if it wanted to. Additionally, Fatca is expensive and complex for its financial institutes to introduce and the country would – thanks to a laughable lack of reciprocity – benefit very little from it.”

   http://www.investmenteurope.net/investment-europe/feature/2252325/us-fatca-project-beginning-to-unravel-says-deveres-nigel-green

5. CF&P just posted this, referring to Nigel Greens post…

   Author: Andrew Quinlan
   March 6, 2013
   Has Greedy IRS Overreach Doomed FATCA, or Just the Economy?

   I recently noted that the Foreign Account Tax Compliance Act (FATCA) would threaten America’s global economic dominance because, among other reasons, “Investment will instead go to places like China, where the government is unlikely to sign away their fiscal sovereignty to US tax collectors.” This view was seconded in a recent interview by Nigel Green, chief executive of deVere Group, the world’s biggest independent financial advisory firm:

   Read more here