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.
@Nick,
Just wanted to make sure you saw this new thread:
http://isaacbrocksociety.ca/2014/01/21/possible-relinquishment-route-for-cln-for-some-duals-at-birth-in-canada/
http://maplesandbox.ca/2014/possible-relinquishment-route-for-cln-for-some-duals-at-birth-in-canada/
There’s a NEW FATCA video. This one not so much to our liking. Apparently taxing Americans living abroad will go a long way to fixing the US’s deficit problems, and Germany can get on board to help!
It looks like expats are going to be FACKED!
http://www.bna.com/fatca-intergovernmental-agreement-n17179881467/
Bloomberg: FATCA Intergovernmental Agreement between Netherlands and US
http://www.lexology.com/library/detail.aspx?g=9e52fc7b-7f04-42e8-a699-e09add8154b0
Lexology: US, Italy sign agreement to share information under FATCA
@WhatAmI Thanks! This is exactly my situation.
The status of FATCA in APAC
Japan, Singapore, Australia, New Zealand, China, Hong Kong, India and South Korea:
http://www.bna.com/applying-fatca-apac-n17179881470/
FATCA arrives in Yemen.
http://www.sabanews.net/en/news338911.htm/
Looks like there’s going to be additional security concerns for Americans living there.
Better hope for them that info does not fall in the wrong hands…
Various co-op banks in Germany (Volksbanken) are providing information about how they are handling FATCA on their websites, e.g. https://www.evb-meppen.de/firmenkunden/beratung-service/informationen/fatca.html
wow well if i were living in germany and had just watched that video i would feel so much better about giving up my citzenship information to help save the bank 30%.
i find it glaring that with all these other countries signing on that there are only crickets comming from ottowa on our situation.
like i posted on another thread here rick mercer had a skit on his show last nite about fatca. not sure what it means aside from more people now know the letters fatca if nothing else
Jack Townsend posted aTax Notes Article on IRS 2013 Victories in Offshore Evasion.
http://federaltaxcrimes.blogspot.com/2014/01/tax-notes-article-on-irs-2013-victories.html
Has anyone notices how he seemed to be a lot less compassionate towards those caught in this?
Look at the tone of his post on the tax payer’s advocate report:
http://federaltaxcrimes.blogspot.com/2014/01/taxpayer-advocate-report-on-ovdips.html
Relatively (his emphasis) benign, and his comments on it.
Almost looks like he got a circular 230 reminder….
@Jackie
Indeed it’s a mystery to me why turning an ever increasing number of US expats serving as “embassadors of good will” into US renunciants serving as “embassadors of bad will” should be in the interests of the USA. That is, however, precisely what the USG is achieving – and is fully aware of. Sickening.
@Jackie, I too wondered about his recent altered tone.
For example;
“… I too would have designed the program differently. But what I have difficulty saying is that the program as designed by the IRS is fundamentally flawed or fundamentally unfair. The opt out, as clumsy as it is, is the fail safe for the benign actor….”
What? That is pretty much at odds with other comments he has made in the past.
So the benign minnow with no or minimal US tax assessed should pay thousands (or more likely, tens of thousands) to go through the OVD program, spend perhaps years in limbo, opt out, and end up with a result that the IRS could have arrived at from the start? Specially in light of the repeated recommendations of the IRS Taxpayer Advocate that the OVD programs were not appropriately designed for minnows, and did not distinguish between them and whales?
Is he saying that he would be more stringent than the actual IRS TAS?
What is this thing China has implemented that looks like a homegrown version of the US FBAR?
http://www.international-adviser.com/news/asia/china-fbar-obliges-mainland-residents
…”…The Foreign Asset Reporting Requirements came into effect on 1 January, and are thought to have been intended to prevent or discourage the offshoring of assets.
The State Administration for Foreign Exchange (SAFE) announced the revised measures for reporting statistics on international receipts and payments, which were first published in 1995.
According to Vistra, the three key amendments announced by SAFE are: a wider definition of what must be reported; a wider definition of who is liable to report; and new confidentiality and data protocols.
“Until now, Chinese residents have only been required to report international economic transactions with non-residents,” Thun Lee said.
“[But] from 1 January, residents [are] required to report their foreign financial assets and liabilities, and all cross-border transactions.”
…”…
Article also refers to this:
http://www.international-adviser.com/news/asia/china-leading-source-of-new-offshore-clients
See also:
http://www.theguardian.com/world/ng-interactive/2014/jan/21/china-british-virgin-islands-wealth-offshore-havens
@Just Me, or anyone – any insight into the significance of this? Is the new China FARR related to some FATCA-esque spinoff?
Perhaps Eric would also comment?
FOR IMMEDIATE RELEASE
January 22, 2013
CANADIANS DESERVE ANSWERS ON FATCA
OTTAWA – Conservative Finance Minister Jim Flaherty must address growing public anxiety about the U.S. Foreign Account Tax Compliance Act (FATCA), and secret negotiations over an Intergovernmental Agreement (IGA) for the implementation of FATCA in Canada.
“A complete lack of transparency, communication and consultation on the part of the Conservatives has exacerbated fears among those who have serious concerns about FATCA,” said NDP pensions critic Murray Rankin (Victoria). “Negotiations are being held behind closed doors while Canadians remain in the dark as to the integrity of their personal banking information.”
Reports suggest that if implemented, an IGA may require Canadian banks, investment funds and other financial institutions to disclose annually to the U.S. Internal Revenue Service (IRS) information on accounts held by American citizens, including dual citizens in Canada. Concerns have been raised that such a system could potentially violate existing Canadian privacy laws.
“Canada cannot accept an agreement that violates Canadians’ rights,” said Rankin. “I am asking that the government acknowledge the very legitimate public concerns about the FATCA, bring transparency to this process and inform Parliamentarians on the state of negotiations as soon as possible.”
Rankin sent a letter to Flaherty outlining several concerns about FATCA and demanding urgent action.
For more information, please contact:
Kiavash Najafi, Press Secretary, 613-852-6186 or kiavash.najafi@parl.gc.ca
@ I sent thank you to my MP , Mulcair and Rankin.
@Badger…
A gentle reminder, something as important as that from Rankin deserves its own post. I know you can do it! I have faith in you… 🙂
Anybody want to post this on Brock/sandbox and try to get a high quantity of tweet questions to Ed Snowden?
http://www.freesnowden.is/
News
Live Q&A with Edward Snowden: Thursday 23rd January, 8pm GMT, 3pm EST
Questions can be submitted on twitter on the day of the event using the #AskSnowden hashtag.
#AskSnowden r u aware of #FATCA chasing all US persons via every bank in the Milky Way? http://bit.ly/1eyrgNH http://1.usa.gov/JfiFnO
such as this tweet
@Just Me, I’ll guess I’ll just have to learn how to do it. It isn’t my forte and brings other complications. I just operate on the (perhaps ill founded) assumption that everyone reads these threads as regularly as I do. : )
Just me has often discussed such a thing as this on the FATCA Linked in pages with the Compliance jocks
@badger
Good find on the Chinese FBAR/FATCA reporting…
The Chinese are learning helpful communist tips from America it would appear. They haven’t caught up yet, as it doesn’t apply to Chinese living outside the country for more than a year, and there is only ONE report, not two! USFIs haven’t been forced (under 30% withholding of Walmart goods) to Round up the Chinese in America and report on them, yet! But, give them time.
As expected
http://www.taxjustice.net/2014/01/24/u-s-republicans-adopt-pro-tax-evasion-platform/
http://www.gfintegrity.org/content/view/675/70/
January 23, 2014
Clark Gascoigne, +1 202 293 0740 x222
WASHINGTON, DC – Global Financial Integrity (GFI) urged the Republican National Committee (RNC) to reject a proposed resolution calling for the repeal of the Foreign Account Tax Compliance Act (FATCA)—the cornerstone of the U.S. effort to fight offshore tax evasion. The law, which was passed in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, requires foreign banks to report deposit information on their U.S. accountholders for U.S. tax compliance, as is required of domestic U.S. banks.
GFI, a non-partisan research and advocacy organization dedicated to curtailing illicit financial flows, noted that repealing FATCA would deepen the U.S. budget deficit by billions of dollars.According to the Internal Revenue Service, the ongoing crackdown on offshore tax evasion—of which FATCA is an essential part—has yielded over $5 billion in new tax revenue, with at least another $5 billion expected to come.
“It is mind-boggling that a major political party would even consider endorsing a resolution to facilitate tax evasion,” said Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity. “Tax haven secrecy is estimated to cost U.S. taxpayers $150 billion per year. Naturally, we urge all members of the Republican National Committee to reject this resolution. Tax evasion and illegality do not belong in the official platform of any political party.”
bla bla bla bla bla
Cynthia Dillon @DillonCynthia 30m
Resolution to repeal FATCA (out of 11other R’s), passed by RNC at General Session #FATCA
Cythia Dillon is Republicans Abroad Radio host
@Mark Twain
the breaking news interrupting an interview with a congressman for JUSTIN BIEBER…!! hilarious…this does show where the MSM is taking its viewers.
http://bancdelasteroideb612.wordpress.com/2014/01/25/checklist-for-your-fatca-iga-on-your-asteroid-or-in-your-country/
Here is the Checklist that we have used for the implementation of a FATCA IGA, here at l’asteroide B612
Due to the groundswell of international interest in FATCA, I thought that our asteroid would share our decision process with your leaders of your asteroid. I know that Obama’s Treasury goons are threatening your banks with 30% withholding confiscations if you do not comply, and various other sticks and marginal carrots behind the closed doors on your asteroid, so it is important that you weigh all of the factors prior to your capitulation and delivery of your bank data, corporation data, and citizen data to the Internal Revenue Service of Planet the Galaxy (IRSoG), formerly known as the IRS of USA.
http://www.youtube.com/watch?v=QV_LGrcuJvU
Bleeding Progressive pumping up the world.
Rich people with big bank accounts. David Pakman show.