Calgary,
Thanks for stepping up to the plate! I also made a Japan page. We must have been creating them at the same time. Looks like you made a post and I made a page. We could combine them into one or link them each to each other.
We’d better keep them to what you have set up for the others, Pacifica. I will delete the post I put up (as, quite frankly, I don’t know how to put up a *Page* instead. Thanks!
FATCA and Bulgaria;
Bulgaria’s FATCA agreement with the US to be NON-reciprocal. So much for the BS that FATCA is some kind of beneficial arrangement to assist other countries.
‘Finance Minister Defends in Parliament Ratification of Non-reciprocal Agreement between Bulgaria, United States under FATCA Law’
27 March 2015 / 16:35
“..Left MP Roumen Gechev said Bulgaria is the only post-socialist
country to be humiliated by signing a non-reciprocal agreement
with the United States concerning the provision of information
about the investments of natural and legal persons. Countries
such as Georgia, Armenia and a number of others have signed
reciprocal agreements, he said. The reasons for the note to be
classified are not serious and Bulgaria only wants to be treated
as an EU Member State, he declared./PK/BR.”
The purpose of this lengthy analysis of recent naturalizations for Austria, Denmark, Netherlands, Norway, Sweden and Switzerland is to determine whether naturalizations of US citizens (USCs) have been rising correlated to the introduction of FATCA. It has been posited that Americans abroad would naturalize to relinquish US citizenship or would naturalize to get into position to later renounce US citizenship.
It should be noted that four of the six countries reviewed generally do not allow the naturalizing citizen to retain existing citizenship, namely, Austria, Denmark, Netherlands and Norway. Generally, these countries have lower rates of naturalization by USCs as shown below. The other two countries, Sweden and Switzerland, allow multiple citizenship for those naturalizing and generally have higher rates of naturalization.
As a conclusion, while there has been an increase in naturalization activity by Americans in most of these countries in the past several years, this review suggests that there has not been a great rush for Americans in these six countries to naturalize, at least, to-date.
Austria:
Naturalization of USCs for Austrian citizenship:
2010: 25
2011: 29
2012: 26
2013: 30
2014: 49
At 2013 there were 7,334 USCs registered as USCs in Austria. The number of US-born persons in Austria at 2012 was 10,066.
Austria does not allow naturalizing citizens to retain their existing citizenship and generally requires a 10-year residence in Austria before applying for naturalization.
Although there was an uptick in the number of USCs naturalizing in 2014, the total number is still low, likely due to the dual citizen prohibition.
Denmark:
Naturalization of USCs for Danish citizenship:
2009: 13
2010: 12
2011: 6
2012: 10
2013: 5
At 2014 there were 7,042 foreign citizens whose place of origin was USA. It can be expected that most of these 7,042 are USCs. The number of US-born persons in Denmark at 2012 was 11,536.
The number of naturalizing USCs was very low in 2013. Denmark began allowing naturalizing citizens to retain their previous citizenship in January 2015. An increase in naturalizing USCs should be expected in 2015 and in future years due to the lifting of the dual citizen prohibition.
Netherlands:
Naturalization of USCs for Dutch citizenship:
2011: 232
2012: 315
2013: 223
At 2013 there were 15,571 USCs registered as USCs in the Netherlands. There were also 15,022 Dutch citizens who were listed as dual Dutch-US citizens at that time. The number of US-origin residents of the Netherlands, interpreted as US-born, was 21,679 at 2013.
The Netherlands does not allow naturalizing citizens to retain their existing citizenship.
The 2013 naturalization figures for the Netherlands do not indicate a “FATCA effect”.
Norway:
Naturalization of USCs for Norwegian citizenship:
2009: 36
2010: 22
2011: 39
2012: 31
2013: 54
At 2014 there were 9,334 USCs registered as USCs in Norway. The number of US-born persons in Norway at 2012 was 16,983.
Norway does not generally allow naturalizing citizens to retain their existing citizenship. (One exception is when the renunciation fee is more than 4% of “ordinary income”, which might be of interest to moderate-income USCs).
There was an uptick in the number of USCs naturalizing in Norway in 2013. Still, the total number is low, likely due to the dual citizen prohibition.
Sweden
Naturalization of USCs to Swedish citizenship:
2009: 311
2010: 423
2011: 330
2012: 371
2013: 419
2014: 460
At 2014 there were 9,815 USCs registered as USCs in Sweden and 19,569 US-born persons in Sweden.
Sweden allows naturalizing citizens to retain their existing citizenship. There were upticks in USCs acquiring Swedish citizenship in 2013 and 2014.
Switzerland
Naturalization of USCs to Swiss citizenship:
2009: 286
2010: 322
2011: 294
2012: 339
2013: 363
2014: 364
At 2013 there were 17,954 USCs registered as USCs in Switzerland and 35,925 US-born persons in Switzerland.
Although Switzerland allows naturalizing citizens to retain their existing citizenship, residency and other requirements make acquisition of Swiss citizenship difficult. In spite of this, there was an uptick in USCs acquiring Swiss citizenship for 2013 and 2014 from prior levels. As discussed elsewhere, these difficulties may have resulted in USCs in Switzerland acquiring other non-US citizenship, e.g., through heritage.
Source: Data is primarily from the statistics office websites of the six countries, excepting the number of US-born persons for 2012 for Austria, Denmark and Norway, which came from Eurostat.
@ Innocente
Thank you for putting all of this together. Perhaps the naturalization rush will come when more FATCA awareness arrives.
“………….The Barbados Revenue Authority (BRA) will host a public consultation entitled Implementing the Foreign Account Tax Compliance Act: Where Are We Now? this Thursday, July 30, at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael, beginning at 8 a.m.
Minister of Finance, Christopher Sinckler, will deliver the feature address, while the Revenue Commissioner, Margaret Sivers, will give remarks.
Those persons interested in attending the event are required to register by 4:30 p.m. today Tuesday, July 28. They should email the Authority at aeoi@bra.gov.bb, or call 430-3239. For additional information, persons may visit the website http://www.barbados.gov.bb/bra. “
@IBS admin,
Could we have a place to put EU wide info re FATCA?
Thanks, Badger. Good idea. The new page is up now.
Thanks @pacifica, hopefully this kind of info will reach more people in the EU – if not only limited to country specific.
Egyptian bank outs all those deemed ‘UStaxablepersons’ re FATCA; http://www.dailynewsegypt.com/2015/09/12/banque-misr-completes-requirement-steps-of-fatca/
“..Banque Misr succeeded in meeting all requirements of the USA Foreign Account Tax Compliance Act (FATCA), before the date announced by the USA Internal Revenue Service (IRS), according to a statement by the bank.
The bank explained that the files of FATCA were sent through the electronic data interchange system, including the number of individual American customers with total balances of over $50,000, or their equivalent in any currency. The files included also the total balances and the number of customers who refused to cooperate with the individuals or the financial organisations which do not have Global Intermediary Identification Number (GIIN).
The bank added that its branches in both the UAE and France also sent the files to the central banks in these countries on time….”
Good to know that now all those USpersons in Egypt, their assets, and their personal information are now compiled in a handy data package for hackers and terrorists to try and access…..
Does Egypt strike you as a safe place to be outed as a US person/citizen?
See what even the US State Dept says re Safety and Security issues for US citizens in Egypt: http://travel.state.gov/content/passports/english/country/egypt.html
“..In November 2014, Egyptian terrorist organization Ansar Beyt Al-Maqdis pledged allegiance to the Islamic State in Iraq and the Levant and renamed itself Islamic State – Sinai Province. The group’s association with ISIL increases the risk that terrorist attacks could target U.S. or other western interests, including civilians, and the country’s tourist industry. The group has taken credit for the August 2014 murder of a U.S. citizen in a car-jacking incident in the western desert region. In addition to Islamic State – Sinai Province, there are a number of other terrorist groups operating in Egypt and terrorist attacks can occur anywhere in the country. On June 10, 2015, terrorists attempted to attack the Karnak temple in Luxor, but were successfully engaged by the police before entering the temple complex. On June 29, 2015, Egypt’s Prosecutor General was killed in Cairo when a bomb placed by the side of a road exploded as his motorcade was passing. On July 11, 2015, a car bomb severely damaged the Italian consulate in Cairo.
U.S. citizens should be especially vigilant in tourist areas, practice good personal security measures, and be alert to their surroundings. Travelers should avoid resorts and hotels that lack significant physical setback from roads and adequate security procedures. The Egyptian government maintains a heavy security presence at major tourist sites, especially the resort town of Sharm El-Sheikh and the many temples and archaeological sites located in and around Cairo, Luxor, Aswan and Abu Simbal. U.S. citizens are encouraged to visit the U.S. Embassy Cairo website for the most up-to-date security information…..”……….
………”Restricted Areas: The U.S. Embassy restricts its employees and their family members from traveling outside of Cairo without prior approval and advises all U.S. citizens to carefully consider the security implications of travel outside of the greater Cairo metropolitan area………””
Belgium hasn’t yet passed domestic laws to implement a FATCA IGA; https://home.kpmg.com/xx/en/home/insights/2015/09/tnf-belgium-update-fatca-reporting-2014.html
“..Belgium and the United States signed an intergovermental agreement (IGA) under FATCA in April 2014. While the Belgian tax authorities have released a draft version of the Belgian FATCA guidance notes, the Belgian government has yet to approve a law enacting FATCA into Belgian domestic law. Without such Belgian law and absent clear reporting instructions from the Belgian tax authorities, Belgian financial institutions have not reported the 2014 FATCA information (which originally was due by 30 June 2015, per the draft version of Belgian FATCA guidance notes).
Last week the office of the Belgian Ministry of Finance orally confirmed that the IRS agreed to delay the FATCA reporting deadline. Belgian financial institutions now will have until the 10th day following the publication of the Belgian FATCA law into the Belgian official gazette to report their 2014 FATCA information to the Belgian tax authorities. The Belgian FATCA law is expected to be voted on before 2015 year-end….”
So, little Belgium could afford to take its time, and not to pass the domestic implementing legislation for FATCA right away, but the Canadian Cons and Harper rushed to bow and scrape and kiss the USEmperor’s …. uh,… ring asap – implementing the IGA on CANADA DAY July 1, 2014.
FATCA implementation delayed in the Phillipines;
“…..Just recently, the BIR issued an advisory postponing the first reporting period by Philippine FIs to the second quarter of 2016, months after the initial target date of Sept. 30, 2015. The BIR also mentioned that the first batch of reports to be submitted will include information relating to 2014 and 2015 US reportable accounts.
The main agreement also makes it clear that although the IGA has been signed, it is a part of a longer negotiation process. The IGA shall enter into force on the date of the Philippines’ written notification to the US that the country has completed its necessary internal procedures for implementation. This includes being satisfied that the US has established safeguards and infrastructure on information that will be exchanged. The agreement can also be amended any time before Dec. 31, 2016…”…….
Again, smaller countries appear to be giving the FATCA IGAs more time and scrutiny than the Harper Cons in Canada did.
‘Portugal: FATCA reporting deadline extended to 30 June 2016’
1 April 2016
“……..The extension to 30 June 2016 is the fourth time that the FATCA reporting deadline has been extended (the deadline was last extended to 31 March 2016). The FATCA reporting deadline extension applies even though Portugal and the United States already signed an intergovernmental agreement (IGA). That IGA has not yet been approved and ratified in order to enable its entry into force. Also, Portugal has not enacted relevant legislation to enable the FATCA reporting by financial institutions.”
Portugal has an IGA, but still hasn’t ratified it. It is April 2016, and despite not having ratified their FATCA IGA with the US, the US hasn’t sanctioned them with the 30% withholding sanction.
Just interested in how many cases has the IGA been signed – but not treated as ‘in effect’ (re witholding, registration of FIs, etc.)? And why not deemed in effect in this instance?
The new President of Peru, Pedro Pablo Kuczynski, is a US citizen according to this article from 2011:
“From a content-perspective there was little new, although from the interjections only the already known bodies in the cellar were processed – … Pedro Pablo Kuczynski’s US citizenship … ”
“Inhaltlich gab es wenig neues, durch die Einwürfe wurden lediglich die bereits bekannten Leichen im Keller der Kandidaten abgearbeitet – Fujimoris politische Herkunft, Toldedos erste Präsidentschaft, Pedro Pablo Kuczynskis US-Staatsbürgerschaft, Luis Castañedas Erbe in der Hauptstadt Lima und Humalas angebliche Nähe zu Hugo Chávez, sowie seine nie endgültig erwiesene Beteiligung am Fall “Madre Mía”. ”
The President of Peru “must have only one nationality”, said Pedro Pablo Kuczynski (PPK), reports El Comercio.
Peruvian Presidential candidate PPK for the political party, Peruanos Por el Kambio, renounced his United States citizenship.
He made the announcement last night during a television interview and emphasized that no more formalities need be done surrounding the issue.
“I have renounced the passport. I have made the oath of renunciation and here i have Peruvian passports of the last five years […] I do not think it’s something so immense,” PPK told “Cuarto Poder” according to El Comercio.
Hear hear.
@iota
Thanks for double-checking Pedro Pablo Kuczynski’s (PPK) US citizenship status.
Calgary,
Thanks for stepping up to the plate! I also made a Japan page. We must have been creating them at the same time. Looks like you made a post and I made a page. We could combine them into one or link them each to each other.
We’d better keep them to what you have set up for the others, Pacifica. I will delete the post I put up (as, quite frankly, I don’t know how to put up a *Page* instead. Thanks!
FATCA and Bulgaria;
Bulgaria’s FATCA agreement with the US to be NON-reciprocal. So much for the BS that FATCA is some kind of beneficial arrangement to assist other countries.
‘Finance Minister Defends in Parliament Ratification of Non-reciprocal Agreement between Bulgaria, United States under FATCA Law’
27 March 2015 / 16:35
“..Left MP Roumen Gechev said Bulgaria is the only post-socialist
country to be humiliated by signing a non-reciprocal agreement
with the United States concerning the provision of information
about the investments of natural and legal persons. Countries
such as Georgia, Armenia and a number of others have signed
reciprocal agreements, he said. The reasons for the note to be
classified are not serious and Bulgaria only wants to be treated
as an EU Member State, he declared./PK/BR.”
http://www.bta.bg/en/c/DF/id/1046092
The purpose of this lengthy analysis of recent naturalizations for Austria, Denmark, Netherlands, Norway, Sweden and Switzerland is to determine whether naturalizations of US citizens (USCs) have been rising correlated to the introduction of FATCA. It has been posited that Americans abroad would naturalize to relinquish US citizenship or would naturalize to get into position to later renounce US citizenship.
It should be noted that four of the six countries reviewed generally do not allow the naturalizing citizen to retain existing citizenship, namely, Austria, Denmark, Netherlands and Norway. Generally, these countries have lower rates of naturalization by USCs as shown below. The other two countries, Sweden and Switzerland, allow multiple citizenship for those naturalizing and generally have higher rates of naturalization.
As a conclusion, while there has been an increase in naturalization activity by Americans in most of these countries in the past several years, this review suggests that there has not been a great rush for Americans in these six countries to naturalize, at least, to-date.
Austria:
Naturalization of USCs for Austrian citizenship:
2010: 25
2011: 29
2012: 26
2013: 30
2014: 49
At 2013 there were 7,334 USCs registered as USCs in Austria. The number of US-born persons in Austria at 2012 was 10,066.
Austria does not allow naturalizing citizens to retain their existing citizenship and generally requires a 10-year residence in Austria before applying for naturalization.
Although there was an uptick in the number of USCs naturalizing in 2014, the total number is still low, likely due to the dual citizen prohibition.
Denmark:
Naturalization of USCs for Danish citizenship:
2009: 13
2010: 12
2011: 6
2012: 10
2013: 5
At 2014 there were 7,042 foreign citizens whose place of origin was USA. It can be expected that most of these 7,042 are USCs. The number of US-born persons in Denmark at 2012 was 11,536.
The number of naturalizing USCs was very low in 2013. Denmark began allowing naturalizing citizens to retain their previous citizenship in January 2015. An increase in naturalizing USCs should be expected in 2015 and in future years due to the lifting of the dual citizen prohibition.
Netherlands:
Naturalization of USCs for Dutch citizenship:
2011: 232
2012: 315
2013: 223
At 2013 there were 15,571 USCs registered as USCs in the Netherlands. There were also 15,022 Dutch citizens who were listed as dual Dutch-US citizens at that time. The number of US-origin residents of the Netherlands, interpreted as US-born, was 21,679 at 2013.
The Netherlands does not allow naturalizing citizens to retain their existing citizenship.
The 2013 naturalization figures for the Netherlands do not indicate a “FATCA effect”.
Norway:
Naturalization of USCs for Norwegian citizenship:
2009: 36
2010: 22
2011: 39
2012: 31
2013: 54
At 2014 there were 9,334 USCs registered as USCs in Norway. The number of US-born persons in Norway at 2012 was 16,983.
Norway does not generally allow naturalizing citizens to retain their existing citizenship. (One exception is when the renunciation fee is more than 4% of “ordinary income”, which might be of interest to moderate-income USCs).
There was an uptick in the number of USCs naturalizing in Norway in 2013. Still, the total number is low, likely due to the dual citizen prohibition.
Sweden
Naturalization of USCs to Swedish citizenship:
2009: 311
2010: 423
2011: 330
2012: 371
2013: 419
2014: 460
At 2014 there were 9,815 USCs registered as USCs in Sweden and 19,569 US-born persons in Sweden.
Sweden allows naturalizing citizens to retain their existing citizenship. There were upticks in USCs acquiring Swedish citizenship in 2013 and 2014.
Switzerland
Naturalization of USCs to Swiss citizenship:
2009: 286
2010: 322
2011: 294
2012: 339
2013: 363
2014: 364
At 2013 there were 17,954 USCs registered as USCs in Switzerland and 35,925 US-born persons in Switzerland.
Although Switzerland allows naturalizing citizens to retain their existing citizenship, residency and other requirements make acquisition of Swiss citizenship difficult. In spite of this, there was an uptick in USCs acquiring Swiss citizenship for 2013 and 2014 from prior levels. As discussed elsewhere, these difficulties may have resulted in USCs in Switzerland acquiring other non-US citizenship, e.g., through heritage.
Source: Data is primarily from the statistics office websites of the six countries, excepting the number of US-born persons for 2012 for Austria, Denmark and Norway, which came from Eurostat.
@ Innocente
Thank you for putting all of this together. Perhaps the naturalization rush will come when more FATCA awareness arrives.
Barbados doesn’t have a dedicated page so I am placing this link here:
http://www.nationnews.com/nationnews/news/70417/public-consultation-fatca-thursday
‘Public consultation on FATCA Thursday’
BRA/BGIS,
Added 28 July 2015
“………….The Barbados Revenue Authority (BRA) will host a public consultation entitled Implementing the Foreign Account Tax Compliance Act: Where Are We Now? this Thursday, July 30, at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael, beginning at 8 a.m.
Minister of Finance, Christopher Sinckler, will deliver the feature address, while the Revenue Commissioner, Margaret Sivers, will give remarks.
Those persons interested in attending the event are required to register by 4:30 p.m. today Tuesday, July 28. They should email the Authority at aeoi@bra.gov.bb, or call 430-3239. For additional information, persons may visit the website http://www.barbados.gov.bb/bra. “
@IBS admin,
Could we have a place to put EU wide info re FATCA?
I think Sophie in’t Veld’s work http://sophieintveld.eu/commission-discloses-documents-on-us-tax-agreements-with-eu-member-states/ would get wider readership there, and perhaps assist anyone in the EU who chooses to bring a parallel suit against the EU re FATCA (if that is possible rather than going it country by country?) .
Thanks, Badger. Good idea. The new page is up now.
Thanks @pacifica, hopefully this kind of info will reach more people in the EU – if not only limited to country specific.
Egyptian bank outs all those deemed ‘UStaxablepersons’ re FATCA;
http://www.dailynewsegypt.com/2015/09/12/banque-misr-completes-requirement-steps-of-fatca/
“..Banque Misr succeeded in meeting all requirements of the USA Foreign Account Tax Compliance Act (FATCA), before the date announced by the USA Internal Revenue Service (IRS), according to a statement by the bank.
The bank explained that the files of FATCA were sent through the electronic data interchange system, including the number of individual American customers with total balances of over $50,000, or their equivalent in any currency. The files included also the total balances and the number of customers who refused to cooperate with the individuals or the financial organisations which do not have Global Intermediary Identification Number (GIIN).
The bank added that its branches in both the UAE and France also sent the files to the central banks in these countries on time….”
Good to know that now all those USpersons in Egypt, their assets, and their personal information are now compiled in a handy data package for hackers and terrorists to try and access…..
Does Egypt strike you as a safe place to be outed as a US person/citizen?
See what even the US State Dept says re Safety and Security issues for US citizens in Egypt:
http://travel.state.gov/content/passports/english/country/egypt.html
“..In November 2014, Egyptian terrorist organization Ansar Beyt Al-Maqdis pledged allegiance to the Islamic State in Iraq and the Levant and renamed itself Islamic State – Sinai Province. The group’s association with ISIL increases the risk that terrorist attacks could target U.S. or other western interests, including civilians, and the country’s tourist industry. The group has taken credit for the August 2014 murder of a U.S. citizen in a car-jacking incident in the western desert region. In addition to Islamic State – Sinai Province, there are a number of other terrorist groups operating in Egypt and terrorist attacks can occur anywhere in the country. On June 10, 2015, terrorists attempted to attack the Karnak temple in Luxor, but were successfully engaged by the police before entering the temple complex. On June 29, 2015, Egypt’s Prosecutor General was killed in Cairo when a bomb placed by the side of a road exploded as his motorcade was passing. On July 11, 2015, a car bomb severely damaged the Italian consulate in Cairo.
U.S. citizens should be especially vigilant in tourist areas, practice good personal security measures, and be alert to their surroundings. Travelers should avoid resorts and hotels that lack significant physical setback from roads and adequate security procedures. The Egyptian government maintains a heavy security presence at major tourist sites, especially the resort town of Sharm El-Sheikh and the many temples and archaeological sites located in and around Cairo, Luxor, Aswan and Abu Simbal. U.S. citizens are encouraged to visit the U.S. Embassy Cairo website for the most up-to-date security information…..”……….
………”Restricted Areas: The U.S. Embassy restricts its employees and their family members from traveling outside of Cairo without prior approval and advises all U.S. citizens to carefully consider the security implications of travel outside of the greater Cairo metropolitan area………””
Then there are these latest developments;
Ex.
http://www.thedailybeast.com/articles/2015/09/10/u-s-rushes-reinforcements-to-egypt-after-isis-attack.html
Certainly Egypt wasn’t a safe place for Canadian journalist Mohamed Fahmy;
http://www.cbc.ca/news/world/mohamed-fahmy-egyptian-court-1.3218807
Belgium hasn’t yet passed domestic laws to implement a FATCA IGA;
https://home.kpmg.com/xx/en/home/insights/2015/09/tnf-belgium-update-fatca-reporting-2014.html
“..Belgium and the United States signed an intergovermental agreement (IGA) under FATCA in April 2014. While the Belgian tax authorities have released a draft version of the Belgian FATCA guidance notes, the Belgian government has yet to approve a law enacting FATCA into Belgian domestic law. Without such Belgian law and absent clear reporting instructions from the Belgian tax authorities, Belgian financial institutions have not reported the 2014 FATCA information (which originally was due by 30 June 2015, per the draft version of Belgian FATCA guidance notes).
Last week the office of the Belgian Ministry of Finance orally confirmed that the IRS agreed to delay the FATCA reporting deadline. Belgian financial institutions now will have until the 10th day following the publication of the Belgian FATCA law into the Belgian official gazette to report their 2014 FATCA information to the Belgian tax authorities. The Belgian FATCA law is expected to be voted on before 2015 year-end….”
So, little Belgium could afford to take its time, and not to pass the domestic implementing legislation for FATCA right away, but the Canadian Cons and Harper rushed to bow and scrape and kiss the USEmperor’s …. uh,… ring asap – implementing the IGA on CANADA DAY July 1, 2014.
FATCA implementation delayed in the Phillipines;
“…..Just recently, the BIR issued an advisory postponing the first reporting period by Philippine FIs to the second quarter of 2016, months after the initial target date of Sept. 30, 2015. The BIR also mentioned that the first batch of reports to be submitted will include information relating to 2014 and 2015 US reportable accounts.
The main agreement also makes it clear that although the IGA has been signed, it is a part of a longer negotiation process. The IGA shall enter into force on the date of the Philippines’ written notification to the US that the country has completed its necessary internal procedures for implementation. This includes being satisfied that the US has established safeguards and infrastructure on information that will be exchanged. The agreement can also be amended any time before Dec. 31, 2016…”…….
Again, smaller countries appear to be giving the FATCA IGAs more time and scrutiny than the Harper Cons in Canada did.
And guess what? The sky hasn’t fallen……..
Link here;
http://www.bworldonline.com/content.php?section=Economy&title=fatca-where-are-we-now&id=115621
IBS admins, can we add a Mexico specific thread to this country specific one?
Thanks.
I would add this link;
http://www.theyucatantimes.com/2015/09/u-s-irs-and-mexican-sat-begin-sharing-info-on-bank-accounts/
@ Badger,
Good idea. I just made a Mexico page at your suggestion. Would you like to post that link there too. Thanks.
How is FATCA and US extraterritorial CBT having an impact on the Phillippines?
High profile politician and her spouse and renunciations, children are also US citizens;
http://www.gmanetwork.com/news/story/543280/news/nation/poe-s-husband-now-processing-renunciation-of-us-citizenship
FATCA letters from banks in Nigeria
http://newtelegraphonline.com/obama-hunts-american-tax-dodgers-nigeria/
2014 Testimonial from minnow subject of FATCA/CBT/FBAR in Italy;
https://fbariswrong.wordpress.com/2014/10/12/fatca-and-the-patriot-act-identify-innocent-us-citizen/
Don’t know if this will help expats living in Norway seeking to renounce US citizenship or not.
http://www.thelocal.no/20160304/norway-moves-closer-to-dual-citizenship .
Denmark just recently moved to allow dual status
http://www.thelocal.dk/20150831/denmark-officially-ushers-in-dual-citizenship
‘Portugal: FATCA reporting deadline extended to 30 June 2016’
1 April 2016
“……..The extension to 30 June 2016 is the fourth time that the FATCA reporting deadline has been extended (the deadline was last extended to 31 March 2016). The FATCA reporting deadline extension applies even though Portugal and the United States already signed an intergovernmental agreement (IGA). That IGA has not yet been approved and ratified in order to enable its entry into force. Also, Portugal has not enacted relevant legislation to enable the FATCA reporting by financial institutions.”
https://home.kpmg.com/xx/en/home/insights/2016/04/tnf-portugal-fatca-reporting-deadline-extension-30-june.html
Portugal has an IGA, but still hasn’t ratified it. It is April 2016, and despite not having ratified their FATCA IGA with the US, the US hasn’t sanctioned them with the 30% withholding sanction.
What was Canada’s hurry?
Interestingly, an IGA was just signed by Vietnam, but the US has stated that it is NOT deemed to be ‘in effect’;
http://mnetax.com/us-vietnam-sign-model-1-fatca-iga-agreement-not-treated-effect-14677
Just interested in how many cases has the IGA been signed – but not treated as ‘in effect’ (re witholding, registration of FIs, etc.)? And why not deemed in effect in this instance?
The new President of Peru, Pedro Pablo Kuczynski, is a US citizen according to this article from 2011:
“From a content-perspective there was little new, although from the interjections only the already known bodies in the cellar were processed – … Pedro Pablo Kuczynski’s US citizenship … ”
“Inhaltlich gab es wenig neues, durch die Einwürfe wurden lediglich die bereits bekannten Leichen im Keller der Kandidaten abgearbeitet – Fujimoris politische Herkunft, Toldedos erste Präsidentschaft, Pedro Pablo Kuczynskis US-Staatsbürgerschaft, Luis Castañedas Erbe in der Hauptstadt Lima und Humalas angebliche Nähe zu Hugo Chávez, sowie seine nie endgültig erwiesene Beteiligung am Fall “Madre Mía”. ”
http://www.infoamazonas.de/2011/04/04/fernsehduell-der-prasidentschaftskandidaten-monologe-statt-debatte.html
Renounced, says CNN.
http://edition.cnn.com/2016/06/09/americas/peru-president-pedro-pablo-kuczynski/
From http://www.peruthisweek.com/news-pedro-pablo-kuczynski-renounced-us-citizenship-108127
Hear hear.
@iota
Thanks for double-checking Pedro Pablo Kuczynski’s (PPK) US citizenship status.
A Spanish speaker has been following his renunciation claim in this thread and hasn’t seen his name in the Federal Register as of several weeks ago:
http://en.wikipedia.org.metacomment.io/wiki/Quarterly_Publication_of_Individuals_Who_Have_Chosen_to_Expatriate
Some possible conclusions:
1) PPK renounced but it hasn’t been published (yet).
2) PPK hasn’t renounced, contrary to assertions in the media.