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FATCA Discussion Thread (Ask your questions) Part Two

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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.

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3,498 thoughts on “FATCA Discussion Thread (Ask your questions) Part Two”

  2. @bubblebustin, I like the other slogan too. Maybe combined:
    “Feed America, tax Canadian Asse(t)s; Keep calm carrion.”

  3. Data protection deemed too expensive:

    ‘Davos executives see data theft as too costly, too hard to beat’
    By Lisa Jucca and Alexander Smith

    DAVOS, Switzerland Fri Jan 24, 2014
    “Fighting online data fraudsters is almost impossible as their ability to hack into new technology often outpaces companies efforts to protect it, senior businessmen and bankers gathering for the World Economic Forum (WEF) said.

    The mammoth data breach at U.S. No. 3 retailer Target (TGT.N) has made executives even more aware of the need to improve safety standards, but the cost is often prohibitive.

    “It’s next to impossible to stop data leakage. It’s a constant battle. You can’t beat it completely,” IT company Wipro (WIPR.NS) Chief Executive TK Kurien told Reuters, calling the hunt for increasingly valuable information “modern piracy”.”…….. http://www.reuters.com/article/2014/01/24/us-davos-banks-security-idUSBREA0N12C20140124

    And for our Canadian personal and banking data ala FATCA?

  7. @MedeaFleecestealer

    Expat’s name only on accounts is an option, but in a small town where it seems everyone knows everyone else’s business, bank employees may be suspicious if after 35 years the one spouse is removed. Yes, paranoia is rampant in my life now. Re: the cheaper divorce option: to remove my spouse from house title will cost over $5K with transfer taxes. However, taxes are waived if we should divorce. And yes, @notamused ‘There are many legitimate and important reasons for having joint accounts…’ death taxes should one spouse die are due if home is not ‘joint tenants’. however, at present, opening a new account in my name only. Not a fool-proof option, as accounts are frozen immediately by banks in Canada if client dies, but a start.

    A thank you to all the participants on this board- an incredible collective of extremely intelligent, thoughtful, helpful comments. No substitute for research, research, research! Everyone’s situation is unique, so unfortunately, one plan of action to fight FATCA does not fit all.

  8. @always somethng says, only too true. That’s why you have to assess any advice and see what will work best for your particular situation. Research as you say and don’t rush into anything.

  10. When are people going to start suing? Why isn’t this happening in the countries that discriminate like that??
    The US is the bully on FATCA, but the attitude of these countries which now openly discriminate against THEIR citizens is purely disgusting. They’re just as bad, and maybe worse as the threats of extortion.
    Shame on them.

  11. Notice that the guy discriminated against is a French citizen born in the US. We’re not even talking about an American who doesn’t have French Nationality. How can this be legal?

  12. If China doesn’t sign on to FATCA, what will that do to the rest of the world’s financial systems?:

    “China has continued to delay negotiations with the U.S. Treasury over whether or not to allow Chinese financial institutions to report U.S. taxpayer or U.S. firm information to the United States Government”………

    ……China has repeatedly refused to discuss the FATCA directly, and will likely continue to do so for the time being. Reports last September that Beijing and Washington had agreed to reach an intergovernmental agreement (IGA) on the FATCA before January have proven unfounded, with no such negotiations or agreement in sight despite the U.S. Treasury announcing a six-month extension on FATCA implementation last July in anticipation of an IGA with China……….”

    from; ‘China’s Relationship with the Contentious U.S. FATCA’
    Posted on February 5, 2014 by China Briefing
    http://www.china-briefing.com/news/2014/02/05/china-and-the-u-s-foreign-account-tax-compliance-act.html#sthash.J5k9oRyD.dpuf

  14. Desjardins, Canada’s largest credit union, now has an FAQ on FATCA for its members:

    https://www.desjardins.com/ca/FAQ/index.jsp?sectionId=2&sousCategorieId=129&categorieId=8

    Some important points:
    1. No regrets, no Sorry we have to do this
    2. No mention of account balance thresholds
    3. They threaten to close accounts of those who refuse to furnish info

    I just used their onlineinfo request form to find out whether they intend to ask for US person info on all preexisting accounts. or whether they will be using the 50000 threshold.

  15. Asking every man, woman and child in Canada to prove place of birth will be a logistical nightmare to say the least, banks will probably simply start asking going forward. For existing accounts, it will be easier to identify people based on a secondary U.S. residence, phone number or U.S. financial transactions than using a place of birth; many retired “Canadian only” snowbirds may have this in their bank files if they live several months in the U.S., while dual citizens born in the U.S. but who only live in Canada are less likely to have birthplace in their files.

    The point is that this is going to affect a lot more people than it seems (and people’s parents and grandparents, etc), and most of the potentially affected are still blissfully unaware. I work in a large work environment of well-read, informed people and not one has heard of FATCA (despite an occasional media report, people aren’t paying attention). I still wonder how this will play out politically once it actually hits the radar of the Canadian public.

  21. Just me . Thanks I can’t figure out why I couldn’t get it to embed.
    Anyway, John Cleese has excellent advice for many of us.

  22. Nick says
    February 7, 2014 at 1:20 pm

    Leaving the job to banks will prove disappointing as people fail to comply, delay, fudge the truth, switch over to other banks, etc — and, God forbid, organise and protest. The list they’ll end up will be compliant though unimportant Canadians. The target group: Americans (dual or otherwise) under the radar, non compliant by July/13 may, by 2015, be as low 200,000. How to find them if the banks cannot? The Americans dont know who they are. Only the Cdn govt data bases know for sure. Will the US govt pressure the Cdn govt next?

  24. The Chile troupe of Stepford wives is on a FATCAnatic roll

    DemocratsAbroadChile ‏@DAChile · 5h
    It’s clear a global model for catching big time tax cheats is coming; #FATCA is part of that. https://www.democratsabroad.org/group/da-international/fbarfatca-task-force-page-updated …

    DemocratsAbroadChile ‏@DAChile · 7h
    In the last months a repeal effort has been launched that, if successful, will destroy #FATCA entirely. https://www.democratsabroad.org/group/da-international/fbarfatca-task-force-page-updated …

    DemocratsAbroadChile ‏@DAChile · 9h
    Fortunately for overseas Americans, we can address the unintended adverse consequences of #FATCA through reforms. https://www.democratsabroad.org/group/da-international/fbarfatca-task-force-page-updated …

  25. Thanks Mark Twain…
    Those poor misguided souls. That deserved a few tweets in reply… Thanks for alerting us.

    @Bubblebustin, I meant I am NOW putting new links up on the media thread…

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