One of the messages flashed in that video is a 30% withholding on all funds wired outside the U.S. beginning after December 2013. Is that true? Would that apply to individual expats?
Protesters could easily mount 19 inch flatscreen tvs to their stomachs and backs and play such videos while protesting. Most tvs run on 12v dc Power today, which could be delivered by a motorcycle battery or lithium equivalent.
Now the U.S. Treasury announces FATCA – The OVDP program for countries!
What Treasury calls a FATCA IGA is really an OVDP program for countries!
FATCA is a tool to enforce citizenship-based taxation. By allowing U.S. citizens (Trojan Horse soldiers) to reside in a country, that country is agreeing to allow the United States to claim a share of that country’s GNP.
Example: Sell your house in Canada and send a share of the proceeds to the U.S.
To put it simply:
Citizenship-based taxation is a way for the U.S. to plunder the economies of other countries.
Let’s consider how the IGA works. Under a FATCA IGA a foreign (Offshore) country agrees to (Voluntarily) locate U.S. citizens in that country and inform the IRS (Disclosure) under a specific set of rules (Program). In other words:
A FATCA IGA is really an:
Offshore Voluntary Disclosure Program for countries.
Under an IGA, it is NOT the individual who makes the Offshore Voluntary Disclosure.
Under an IGA, it is NOT the banks who make the Offshore Voluntary Disclosure.
Under an IGA, it IS the country that makes the Offshore Voluntary Disclosure.
Countries “in effect” calculate their own penalty by allowing the U.S. to impose citizenship-based taxation in their countries.
Like the Offshore Voluntary Disclosures by the banks and the individuals, the Offshore Voluntary Disclosure by the country is at the expense of the country. By disclosing the accounts of the individual the country is in effect “calculating its own penalty”.
Does the rest of the world really believe that it should voluntarily, at its own expense, allow the wealth of the nation to be confiscated by the IRS?
This is a good question to ask Mr. Flaherty and Mr. Harper while they are considering whether to enter into a voluntary disclosure agreement – FATCA IGA – with the U.S. government.
FATCA is an extreme form of aggression against other sovereign nations.
There is a reason why few countries have joined the U.S. to become part of the “coalition of the willing”. In 2003 Canada refused to join the “coalition of the willing” in attacking Iraq. In so doing, Canada demonstrated its leadership to the world.
In 2013 Canada must take a principled stand and say:
We will NOT and no country should “pay tribute” to the United States!
@MarkTwain,
Great idea! Do you know some place where we can get a dozen flat screens cheap, preferably bullet proof ones?
@tornup – that video has been up there since Jan 2012, it just hasn’t been updated. The IRS keeps moving the goal posts, FATCA I believe goes into effect on 1 July 2014 along with the withholding tax.
The IRS is starting to sound like a salesman going through his prospects with only 5 sales this year (5 IGAs – Germany, UK, Ireland, France, and I can’t remember the other one maybe Holland), and promising to close this long list of prospects soon with China still balking.
Prediction – the IRS will implement FATCA without some IGAs leaving itself with pulling the withholding tax trigger to enforce FATCA. What will the reaction from the financial markets be when they suddenly realise they need to price in an additional 30% risk because of FATCA. Will the markets to up or down? Well stock analysts use Value to Risk analysis, it’s essentially the odds of getting your money back and if they having put FATCA in those calculations, I can see the market having a bad reaction.
FATCA raises so many questions? Will I get the withholding tax back? If so when? What if I don’t get the withholding tax back? Will the IRS decide to only refund part of it? What if I get tax on something that I hadn’t planned on because the IRS has put my fund under the spotlight?
Well perhaps I should pull my investments out of the US (and get out of FATCA) and put them elsewhere like Tokyo or Frankfurt that doesn’t impose FATCA and accept a lower return but no FATCA hassle in future.
@USCitizenAbroad
It seems that the US has made a winning formula for success, VD for the world!
One of the messages flashed in that video is a 30% withholding on all funds wired outside the U.S. beginning after December 2013. Is that true? Would that apply to individual expats?
Protesters could easily mount 19 inch flatscreen tvs to their stomachs and backs and play such videos while protesting. Most tvs run on 12v dc Power today, which could be delivered by a motorcycle battery or lithium equivalent.
@ tomup
You might find your answer here …
http://www.mondaq.com/unitedstates/x/252062/Financial+Services/FATCA+Deadlines+Extended
http://www.lexology.com/library/detail.aspx?g=1196cea4-6add-45e5-89e9-fe560f65c757
FATCA is an OVDP program for countries
OVDP as an instrument of confiscation
One of the most effective instruments of the confiscation of assets has been the OVDP program for individuals.
Recognizing the success of the OVDP programs for INDIVIDUALS, the United States created an OVDP program for Swiss banks.
http://renounceuscitizenship.wordpress.com/2013/08/30/its-official-new-ovdp-program-designed-for-swiss-banks/
Now the U.S. Treasury announces FATCA – The OVDP program for countries!
What Treasury calls a FATCA IGA is really an OVDP program for countries!
FATCA is a tool to enforce citizenship-based taxation. By allowing U.S. citizens (Trojan Horse soldiers) to reside in a country, that country is agreeing to allow the United States to claim a share of that country’s GNP.
Example: Sell your house in Canada and send a share of the proceeds to the U.S.
To put it simply:
Citizenship-based taxation is a way for the U.S. to plunder the economies of other countries.
Let’s consider how the IGA works. Under a FATCA IGA a foreign (Offshore) country agrees to (Voluntarily) locate U.S. citizens in that country and inform the IRS (Disclosure) under a specific set of rules (Program). In other words:
A FATCA IGA is really an:
Offshore Voluntary Disclosure Program for countries.
Under an IGA, it is NOT the individual who makes the Offshore Voluntary Disclosure.
Under an IGA, it is NOT the banks who make the Offshore Voluntary Disclosure.
Under an IGA, it IS the country that makes the Offshore Voluntary Disclosure.
Countries “in effect” calculate their own penalty by allowing the U.S. to impose citizenship-based taxation in their countries.
Like the Offshore Voluntary Disclosures by the banks and the individuals, the Offshore Voluntary Disclosure by the country is at the expense of the country. By disclosing the accounts of the individual the country is in effect “calculating its own penalty”.
Does the rest of the world really believe that it should voluntarily, at its own expense, allow the wealth of the nation to be confiscated by the IRS?
This is a good question to ask Mr. Flaherty and Mr. Harper while they are considering whether to enter into a voluntary disclosure agreement – FATCA IGA – with the U.S. government.
FATCA is an extreme form of aggression against other sovereign nations.
There is a reason why few countries have joined the U.S. to become part of the “coalition of the willing”. In 2003 Canada refused to join the “coalition of the willing” in attacking Iraq. In so doing, Canada demonstrated its leadership to the world.
In 2013 Canada must take a principled stand and say:
We will NOT and no country should “pay tribute” to the United States!
@MarkTwain,
Great idea! Do you know some place where we can get a dozen flat screens cheap, preferably bullet proof ones?
@tornup – that video has been up there since Jan 2012, it just hasn’t been updated. The IRS keeps moving the goal posts, FATCA I believe goes into effect on 1 July 2014 along with the withholding tax.
The IRS is starting to sound like a salesman going through his prospects with only 5 sales this year (5 IGAs – Germany, UK, Ireland, France, and I can’t remember the other one maybe Holland), and promising to close this long list of prospects soon with China still balking.
Prediction – the IRS will implement FATCA without some IGAs leaving itself with pulling the withholding tax trigger to enforce FATCA. What will the reaction from the financial markets be when they suddenly realise they need to price in an additional 30% risk because of FATCA. Will the markets to up or down? Well stock analysts use Value to Risk analysis, it’s essentially the odds of getting your money back and if they having put FATCA in those calculations, I can see the market having a bad reaction.
FATCA raises so many questions? Will I get the withholding tax back? If so when? What if I don’t get the withholding tax back? Will the IRS decide to only refund part of it? What if I get tax on something that I hadn’t planned on because the IRS has put my fund under the spotlight?
Well perhaps I should pull my investments out of the US (and get out of FATCA) and put them elsewhere like Tokyo or Frankfurt that doesn’t impose FATCA and accept a lower return but no FATCA hassle in future.
@USCitizenAbroad
It seems that the US has made a winning formula for success, VD for the world!
Pingback: The #FATCA IGA aka #OVDP for countries | U.S. Persons Abroad - Members of a Unique Tax, Form and Penalty Club
@USCitizenAbroad, I like that; ..”Now the U.S. Treasury announces FATCA – The OVDP program for countries!
What Treasury calls a FATCA IGA is really an OVDP program for countries!..”
Yes, the entire globe was non-compliant with the IRS and US Treasury. Time to make them pay their ‘fair share’ of the US domestic debt.