FATCA Discussion Thread (Ask your questions) Part Two
Please ask your questions here about FATCA.
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NB: This discussion is a continuation of an older discussion that became too large for our software to handle well. See FATCA Discussion Thread (Ask your questions) for earlier discussion.
Robert Stack must be popping champagne corks after landing this, the first IGA of 2014:
http://www.fsitaxposts.com/2014/01/04/mauritius-signs-tiea-iga-u-s/
@bubblebustin
Yes, a huge population of 1,300,000. I wonder how many APs live there.
northernstar,
Likely not many, even if ‘American Persons’ there in my mind would include Canadians, Mexicans and the rest of Central and South America. How did the US co-opt the “brand” American? Is it a prophecy that the rest of us in North, Central and South America will be swallowed into one big merger? I hope I never see that day.
@badger
I read somewhere at some time that PFIC’s are in a bit of a grey area already. As it hasn’t really been determined whether they are taxable or not, most accountants error on the side of caution and treat them as taxable, I believe. Does anyone else have more insight into this?
@calgary411
The merger of north, central, south American hopefully be in our lifetime.
@bubblebustin
I sure hope ky RRSPS are not considered taxable and reportable to FATCA.
@northerstar
Seeing as the US is turning NAFTA upside down for the Volker Rule, you never know if they’ll turn the treaty over for FATCA!
northernstar,
You would like to see the merger of North America, Central America and South America in your lifetime? Not me!
@calgary411
Mistake on my part in not typing no. NEVER do I want see a merger with the USA.
@BUBBLEBUSTIN
Yes the USA can not suprisingly change the rules. Don’t all bullies do that.
The hard part is not knowing.
What I cashed in all my RRSPs and paid a huge income tas to Canada? And put what remained into something FATCA can not touch. If there is such a thing.
While voting in 2008, you had figured “what damage could an amateur & staff really do?” And you learned.
So, what damage could an amateur writer and staff do?
https://bancdelasteroideb612.wordpress.com/2014/01/05/we-used-to-sell-us-citizenship-now-we-sell-non-citizenship-to-us-says-black-marketeer/
“We used to sell US citizenship, now we sell non-US-citizenship” says black marketeer
I would have asked Blackie why US citizens would prefer his CLN’s over real ones.
@bubblebustin… They are cheaper and easier to get!
@Just Me
We know that, but the reader doesn’t.
@bubblebustin
I wish he did add a comment or two, a wicked one but this blog is satire. What would have responded in satire form?
@bubblebustin
I retired from investigating Fraud issues. There is lots of Fraud documentation out there and it is easier to get with the advanced technology these days. Most institutions will not publize the amount going on. It is probably worse since I left.
I think Just Me’s answer is pretty good. Or, “it would cost me my first born child, but he’s a American too.”
@northernstar
Hasn’t advanced technologies made some documentation more fraud proof?
updated
with audience questions
@bubblebustin
It has made SOME but criminals with vast money holding can afford the best technology available.
@President l’Amateur
Nice work. I’m warming up to Blackie. Is “Blackie” a double entendre?
@Bubblebustin…
Re: “We know that!”
Hopefully the reader has his satire bullshit monitor working when he reads it. I got a good chuckle out of it, but you are right, to appreciate it, you need insider information, but in the satire there is good educational material too!
In all seriousness, a CLN would be ridiculously easy to forge, especially if a bank would accept a photocopy. Mine doesn’t even have a serial number.
(A catch-22: making them hard to forge would involve the USG acknowledging that they’re desirable documents to have,)
@A broken man on a Halifax pier
The things that are funniest are the things that are closest to the truth.
You could probably write a comedy skit around a bank person in Mauritania trying to authenticate a CLN. I’m always surprise by how slow the US is to take up new technology in their certificates, currency, etc. I bet Canada’s equivalent has a QR code already.
@President l’Amateur
You got that right. Look at Jon Stewart, Colbert, SNL but Canada has excellent satire on politics too. This hour has 22 minutes and Rick Mercer. Don’t forget The Onion and Andy Berkowitz. You look like you are joing the group.
@bubblebustin
Canada is very advance just look at our money, different colours and it has braille as well can not be counterfeited. .