FATCA and Brazil

3 thoughts on “FATCA and Brazil”

1. http://blogs.cfr.org/oneil/2016/10/21/corruption-fatca-and-the-tightening-dragnet-around-brazilian-offshore-accounts/
   Corruption, FATCA, and the Tightening Dragnet Around Brazilian Offshore Accounts

   by Matthew Taylor
   October 21, 2016

   “..Another recent report detailed the SRF’s analysis http://veja.abril.com.br/economia/fisco-lista-sonegadores-com-contas-nos-estados-unidos/ of nearly 1,000 high net-worth Brazilians with bank accounts in the United States, and authorities’ suspicions that nearly two-thirds of these were evading Brazilian taxes….”

   I don’t have time to read the reports to see how the US as tax haven is discussed. No mention of Brazil taxing based on residency, vs. the US taxing real residents PLUS those residing outside the US based solely on citizenship/quasi-citizenship status.

   This article mentions the claims of the IRS about recovering money associated with offshore accounts (but of course, as usual, no distinction between the local legal accounts held by US citizens/persons banking and living outside the US and already paying a full set of taxes to the country where they live. Also in the amounts cited by the IRS and quoted in the article, of course makes no distinction between minnows and whales, and taxes vs. draconian FBAR and other reporting penalties, penalties paid as part of US OVD programs, phantom gains due to fluctuating currency, etc. etc.).

   Anyone interested in the details can also read this to see if the US is mentioned as a significant destination of the outflows from Brazil and how the report reached its conclusions;
   http://www.gfintegrity.org/report/country-case-study-brazil/

2. http://www.mondaq.com/brazil/x/629034/tax+authorities/FATCA+CRS+And+Brazil+Where+Are+We+And+Where+Are+We+Going

3. for those in Brazil:
   https://m.facebook.com/groups/334650186701060?view=permalink&id=986241464875259&refid=18&_ft_=qid.6555092633500717440%3Amf_story_key.986241464875259%3Atop_level_post_id.986241464875259%3Atl_objid.986241464875259%3Asrc.22&__tn__=%2As-R

   “Juan Alvarez > ‎American Expatriates”

   “They say imitation is the most sincere form of flattery, so I’m going to borrow some words from Greg Swanson for my own announcement for a Brazil group. (Greg, I’m not tagging you as I understand this may result in unwanted attention on your own page)

   I’m interested in taking a run at forming a Brazil group and there are some people that have expressed an interest and we have at least one person willing to lead it. Depending on the interest, we can focus the group somewhat on actions and model it similar to Fabien Lehagre’s group for Americans in France. Or we can focus more on providing information and getting people involved. What is important is we help Americans in Brazil with these issues and help find people willing to contribute to the cause. This will involve people’s time. We are also looking for a “PR person” to advise the group’s messaging and (attempts for) press communication. Anyone with legal background (Brazil and/or US) to be an adviser. Other talents and connections (marketing, tax, academic, local politicians) are also welcome and needed. We will plan a meeting somewhere in the coming weeks. We already have a few people that have shown an interest. Most of the people interested have very limited time to participate so we will probably start off at a slow pace. If the interest is low, maybe we’ll drop it or I’ll sink to bribing people to participate with free booze and grilled meat. Please let me know if you are interested. Thanks.”