Media and Blog Articles – Part 1 of 11 (to 26 May 2015)

3,971 thoughts on “Media and Blog Articles – Part 1 of 11 (to 26 May 2015)”

1. Russian sanctions having impacts in New York real-estate
   .
   https://ca.finance.yahoo.com/video/russian-sanctions-real-impact-u-174009510.html

   Wonder what the fATCA sanction impact headline will be when the withholding begins..?

2. I think somebody already posted this article from the Jamaica Gleaner, but if anyone hasn’t read it yet, its certainly worth the read and deserves some comments:

   FATCA overreach

   http://jamaica-gleaner.com/gleaner/20140404/business/business5.html

   I think this is the bio of the author, who is an academic from the University of West Indies. The Caribbean has many dual citizen migrants and depends heavily on them for remittances. FATCA will not only wreck destruction upon American emigrants, but immigrants as well who left money behind or continue sending money to their families where they originated from, who most likely have US indicia as well.

   http://www.cavehill.uwi.edu/fss/econ/staff/academic/mr-wilberne-persaud.aspx

3. Bahamas Targets Tuesday For Fatca Deal Completion

   http://www.tribune242.com/news/2014/apr/04/bahamas-targets-tuesday-for-fatca-deal-completion/

   They’re dropping like flies, one nation after another are becoming enablers of “America’s War Against Expats.”

4. An article on New Zealand’s acquiescence to US demands focussed on how great a deal the IGA is for the bankers. Even gives the IRS commissioner a mention. Who cares about the rights of New Zealanders?

   http://www.interest.co.nz/business/69318/intergovernmental-agreement-us-over-controversial-fatca-tax-act-secured

5. Robert Woods calling FATCA “a great success”:

   http://www.forbes.com/sites/robertwood/2014/04/07/incredibly-48-nations-embrace-fatca-to-reveal-u-s-depositors/

6. Woods mission is to make a lot of money for himself and his friends.

7. The IRS commissioner quoted in the New Zealand article mentioned above has changed his statement:

   “This law is important because it requires foreign financial institutions governments to tell us about accounts owned by US their own citizens. With this information, we can do a much better job of combating offshore tax evasion reducing our deficit. Our goal is to make it more and more difficult for anyone with an Americans connection to hide keep their money in a tax haven their own country to avoid paying taxes tribute to us,” Koskinen said.

   “The importance of FATCA is not just that we’ll be collecting more money. It is also important because the average domestic American taxpayer has to be confident that, while they are paying their taxes, the very wealthy anyone overseas who we can classify as American, with who cannot afford fancy lawyers and accountants, are no longer able to hide keep their money in foreign their own countries and avoid paying their unfair share to support the operations of the US government,” added Koskinen.

8. Robert Wood’s article about the “incredible 48 nations joining FATCA” brings back memories of the “Coalition of the Willing” joining the US in attacking Iraq, another American imperial folly.

9. Would it be worth it to write to Wood@woodLLP.com and point out the error of his ways? No disquis/open comments unfortunately on Forbes which rather makes me crazy. Has anyone here bothered posting on FB? (I can’t) I wrote to Forbes asking them to allow open comments/disqus as forum for debate regarding the Kool-aid they are trying to peddle. Ya, again, yelling into the void…sooooo frustrating. Also sent a letter to the editor with my FATCA rant and how they suck at being journalists. I would have thought writing these letters would make me feel better, rather a purge of my anger, but in the end I just get depressingly frustrated. I think Forbes is widely read, it would be a great place for some exposure.

10. Awesome parallel, X!

11. “A new world tax regime”, by Alex Newman: http://www.thenewamerican.com/world-news/item/17987-a-new-world-tax-regime

12. @whitekat
    Great article. He wrote another one same day about FATCA. Is this one on here? I am on my tablet and have no ideamhow tomcur and paste the link.

13. Here’s a fantastic article! We need to give this writer accolades!

    http://www.compasscayman.com/cfr/2014/04/07/The-destructive-effort-to-combat-money-laundering,-tax-evasion-and-terrorist-financing/

14. @WhiteKat
    Here is the twin article to the one you put up on New World Tax Regime. the writer also wrote today on FATCA
    http://www.thenewamerican.com/world-news/item/17986-the-dark-road-the-worst-tax-law-you-ve-never-heard-about

15. Here is an article I found on FB Ex-Americans in Canada.

    http://www.montrealgazette.com/business/rules+complicated+citizens+living+Canada/9711072/story.html

16. Wasn’t sure where to post this but I noticed the below comment at Victoria’s website (https://www.blogger.com/comment.g?blogID=2424131704277823220&postID=7839450268979959808) and thought it might be of relevance to some here. I hope she wouldn’t mind my cross-posting the request. The request is from CCTV America (China Central TV) to interview persons impacted by FATCA.

    “Bonjour Victoria!

    I am a CCTV News Correspondent, based in Washington, DC. I am interested in talking with Americans living abroad who have been negatively impacted by the FATCA legislation. Have you been impacted by losing access to financial services or banking services? Are you willing/interested in telling your story? I have colleagues based around the world….feel free to email me at Jessica.stone@cctv-america.com with your response. The interview would air on our program, BIZ ASIA AMERICA next month. Best, Jessica
    You can watch us here:
    http://www.cctv-america.com/livenews/“

17. I found something which might be a useful tool for helping to get our message out to local newspapers. I would suggest as many people as possible post a letter to the editor here:
    https://openmedia.org/privacy/letter

18. http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/why-the-joint-bank-account-is-a-must-for-married-couples/article17858685/

    Given the FATCA IGA in process, this article in the Globe is Not FATCA focussed, but SHOULD be. Needs warning to the unwary.
    Another example of common Canadian financial wisdom that will NOT work for those the US deems ‘US taxable persons’, nor for their Canadian-citizen-only spouses or family members. Now more than ever, taking the advice to hold joint accounts as a default arrangement is toxic for those with the FBAR / (now form 114) and FATCA burdens. How many will be trapped if they blindly take this article’s advice? For those starting out in life, they might be under the reporting thresholds IF they keep separate accounts where possible, until making a decision about renouncing or, in full awareness of the traps, decide to maintain compliance at all costs.

19. @badger, Thanks for that link. I just left a comment that should scare the crap out of anyone with joint accounts whose spouse has a US birthplace.

20. Our friend Tom has shown up at the Forbes article:

    http://www.forbes.com/sites/robertwood/2014/04/07/incredibly-48-nations-embrace-fatca-to-reveal-u-s-depositors/?utm_source=alertsnewcomment&utm_medium=email&utm_campaign=20140410#comments

21. @WhiteKat
    Damn, I didn’t see your comment at G&M, I should have posted a reply rather than comment. ( at least waited a bit so we aren’t all bunched up) Gotta get me skills sharpened here.

22. @WhiteKat

    Just was over there… good job… but I think u are making the field too narrow… if u keep saying… US born canadians… most of them will skim right over… nothing to do with me.. maybe… use the Canadian person with any US connections such as birth… visa… snowbirds.. green card… over stay your visit… pop words… your comments are way better then what I would put up… but my cousin forward the link to me & said… it has nothing to do with me… I am not a US citizen… even though I explained it to him… he holds a gc… he is not the sharpest pencil in the box… sigh.. This is just imho… but then I can be wrong… seems I have been more wrong then right… when making money decisions..

23. @US_Foreign_Person,
    I know what you mean, and sometimes when I write comments I struggle with whether or not to actually define ‘US person’ to include all the US connections that possibly make one a US taxpayer. Sometimes I do this, but other times when I want to REALLY point out the ridiculousness (kind of like Angus did in his speech) I just reference the mere birth in USA as equating to taxpayer status. When people realize that this is not about Americans who came to Canada as adults a few years ago, and thus these are really and truly JUST CANADIANS that are among those getting shafted, I think it makes Canadians blood boil a bit more. Canadians for the most part do not care if Americans living in Canada are getting a bum deal. They do care if their neighbour whose parents and grandparents were Canadian born, and who lived in Canada since a young child is getting burnt at the stake for having the misfortune of being born in the ‘greatest country on earth’. You are right about the green card holders though (they are definitely NOT Americans) and I will try to include them in with my comments in future.

24. @Us_foreign_person,

    Another thing to remember is that for the most part, green card holders can fly under the radar unless for some reason their bank already has US indicia on them. Ditto for those Canadian born children whose parents were born in the USA. The ones who are directly being attacked by FATCA in Canada who have the most visibility in that they cannot hide their birthplace as easily as one can hide an old green card or the birthplace of one’s parents are those Canadians with a US birthplace. They are the ones who will make up the bulk of the information exchange starting after July 1st.

25. From: http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/ndvdls-eng.html

    I hold a U.S. green card. How does this affect my tax residency?
    
    If you are a green card holder (that is, a lawful permanent resident of the U.S.), the U.S. considers you to be a U.S. resident.

    However, if you are a resident of Canada for tax purposes and do not hold U.S. citizenship, you should not identify yourself as a U.S. person to your Canadian financial institution.

Comments are closed.