Media and Blog Articles – Part 1 of 11 (to 26 May 2015)
You can access all years at this link:
http://isaacbrocksociety.ca/media-and-blog-articles-links-for-all-years/
EmBee suggested that it would be good if there was a thread for new articles, so that people would be aware of where to comment. So, I created this permanent page. You could mention such articles in the comment stream for this page, or if I see one on another thread, I can copy the link to here. I’ll keep adding to the list, but not deleting, so we’ll end up having sort of a “bibliography” too. [Note: Some articles are not open for comments]
For more articles on FATCA, enter FATCA into Google then click on the link “more news for fatca” just below the most recent featured article.
Note also: JC suggests to see #FATCA on Twitter for latest breaking news. JC finds that is quite a good source and there even are some international articles that one may read using Google Translate.” Others may help certain tweets and articles remain in elevated position by retweeting them.
2015.05.26
New Survey finds US expat voting could impact 2016 Presidential Election, Greenback Expat Tax Services, NASDAQ GlobeNewswire.
This congressional committee wants to hear all your FOIA gripes, Colby Itkowitz, Washington Post, US.
The black money recovery skills of IT department are nothing to write home about, Vivek Kaul, The Daily Reckoning.
2015.05.25
The Intersection of US Federal Tax Law with Collection of International Information- – Including Other Federal Agencies, Patrick W. Martin, TaxExpatriaation, US.
2015.05.23
America the not so brave: America has led the global assault on tax dodgers and their enablers. But the reality still lags behind the rhetoric, The Economist, UK.
Cash Banned from Chase Safe Deposit Boxes, Matt Chilliak, Live and Invest News.
2015.05.22
US Steuergesetz hat unerwartete globale Konsequenzen, Colleen Graffy, Geopolitical Information Service. Also at Consequences of US widening net to catch tax dodgers, Colleen Graffy, World Review.
The horse may have bolted … but, Angelo Venardos, Asia Asset Management.
Important Correction: Passports Required to Enter and Leave US — but SSNs May be Optional, Patrick W. Martin, Tax Expatriation, US.
2015.05.21
Americans working abroad face unexpected financial issues, Sarah O’Brien, NBC, US.
Senate tax reform groups get more time, Bernie Becker, The Hill, US.
2015.05.20
Malaysia will defer FATCA reporting, FSI Tax Posts.
America’s Self-Inflicted Wound, Moises Naim, The Atlantic, US.
Janice Mays: The Tax Guru Who Guides House Democrats, Alex Brown, National Journal, US.
Sen. Rand Paul Launches Filibuster in Protest of Patriot Act Renewal, C-SPAN, US.
Welsh politician Alun Pugh wants to make the British diaspora as miserable as the American diaspora
http://www.progressonline.org.uk/2014/06/04/alternative-queens-speech/
He is on Twitter as @Alun_Pugh. (I presume he is unaware of the procedures for resumption of citizenship under s. 13 of the British Nationality Act 1981. Or of the various restrictions on NHS care for Britons domiciled abroad. Or that his tax could not be collected from Britons in other EU countries, unless he plans to join forces with the UKIP and withdraw from the EU entirely.)
Found this article to be interesting…
http://www.thenewamerican.com/usnews/constitution/item/18394-nsa-matches-texted-images-with-facial-recognition-software
@Eric
Can you just imagine the loss of revenue such laws would create IN America? America is made up of immigrants. If they all ended up having to pay taxes to their original country- that would be a HUGE siphoning off of funds from America.
Going stateless is looking better every day.
@Polly/Eric, I would actually support “recipricol CBT” or “retaliatory CBT.”
To be honest, I “knew” that there had been dual tax treaties going back thirty years but I assumed even after looking at them once that they meant a resident in one country did not have to pay or file tax in the other country!
The tax base in the UK is being eroded because the US is taxing UK residents, so the UK really has no choice but to tax US residents. Same with Canada but its going to get much worse.
The US would be pretty ticked because they would lose much more than they are gaining so they would have to rethink their CBT.
But going back to my long standing thought of the dual tax treaties, the US could keep CBT for those countries that they do not have a dual tax treaty with.
Again to anyone, take a look at a dual tax treaty and how does Joe Average not go away thinking you pay tax/file based on where you live, unless maybe you are a temporary worker.
It really means the end of dual citizenship and puts a huge burden on international migration.
Dumm move, when they can just say they would only enforce FATCA on the basis of residency.
They don’t understand that they’ll loose a lot. People who have migrated abroad and made the second country their home will dump their British citizenship. The idea that they can just come home to get medical services if you’re married and living in a different country does not really hold.
I don’t even have a medical card from the country I am from. To get one, I would have to come home and get a job there. The last time I went and needed a doctor’s visit, I paid the full price and it wasn’t reimbursed by the state. Bullshit.
Bloomberg, 5 June 2014:
“VTB Group, Russia’s second-biggest lender, will wind down banking services to U.S. taxpayers in the former Soviet republic because of a requirement to report details of these accounts to the American authorities.
The state-controlled banking group, which has about 2,000 clients paying U.S. taxes, including businesses and individuals, will not renew contracts in order to minimize the risk of penalties, though it will continue servicing existing accounts, a VTB spokesman said by phone, asking not to be identified because of bank policy.”
Robert Stack, 20 Sept 2013:
“Myth No. 2: Some claim that U.S. citizens living overseas will become outcasts in the international financial world.”
http://www.bloomberg.com/news/2014-06-05/russia-s-vtb-will-stop-services-for-u-s-taxpayers-to-curb-risks.html
@Innocente
According to Myther Stack, any FFI that gives Americans the boot just don’t have their facts straight, as ridding themselves of their US customers won’t exempt them from FATCA reporting – but it sure as heck reduces the number of people they have to report on, therefore reduces their reporting costs!
@bubblebustin
unless they don’t intend to do business with USA?
Another article, that neglects to mention that ‘US citizens’ can also be Canadian citizens living in Canada, with no economic connection to the USA at all:
http://www.princegeorgecitizen.com/opinion/columnists/what-you-need-to-know-about-fatca-1.1116257
FFIs will first wind down their US customers, then they will wind down their US investments.
Carl Levin: Good job creating FATCA.
Barack Obama: Good job signing it into law.
US Congress: Especially good job voting “yes” for whatever bullshit that gets put in front of you
Breaking News: US Expats in Mexico Left Stranded In Latest FATCA Escalation
http://dollarvigilante.com/blog/2014/6/4/breaking-news-us-expats-in-mexico-left-stranded-in-latest-fa.html#6387
The “War on Expats” is heating up South of the border. Myth-busters should do a segment on Robert Stack with a special guest appearance from Jack Townsend.
Old word: Ethnic Cleansing
New word: Expat Cleansing
What happens when we’re told “Yankee go home”, and we are?
@WhiteKat
Good comment in the PG Citizen. I sent my old letter I sent to the editor of the Squamish Chief to the PG Citizen’s editor, with a few changes, namely suggesting people lend their support to ADCS.
Perhaps IBS and/or MS should reach out to some of our tainted brethren in Mexico. Maybe a legal challenge can be launched there as well.
http://www.expatforum.com/expats/mexico-expat-forum-expats-living-mexico/445426-alert-banamex-usa-closing-expat-accounts.html
http://www.gringos.com/forum/f99/banamex-usa-account-alert-19329/
http://www.insidelakeside.com/t11769-banamex-usa-outrageous
They haven’t even announced what the program will consist of and this compliance condor is telling everyone to act quickly!
http://taxconnections.com/taxblog/irs-to-unveil-compliance-program-for-u-s-expats-not-willfully-evading-taxes/#.U5Dkiie9KSM
I do not wish to provide a direct link as I think thats a bad thing to do.
More “expat cleansing”…..in the UK;
“We cannot open an ISA for you , or a Junior ISA for a child , if you , or the child , are, and
we will close your account if you become, a US citizen or a US resident for tax purposes.
You must inform us immediately if you become a US citizen or a US resident for tax purposes”
New terms and conditions in 2014, that did not apply a few years ago……..
Thank you Carl Levin!!!!
Good grief!! WHEN will America realise what they are doing to their own people???? This is INSANE.
Sorry if this has been posted by someone somewhere already (too tired to search) …
http://dollarvigilante.com/blog/2014/6/5/us-foreign-wealth-confiscation-begins-under-the-code-names-f.html#
Yep, Jeff Berwick certainly has that right — foreign wealth confiscation. Their main meal is wealth confiscation but they are also gorging on a sizable side dish of pure control, over all financial institutions and US individuals, whether living inside or outside the borders of Mordor. They’ll be working hard to expand that control to all individuals, everywhere — that would be GATCA and beyond GATCA (shudder to think about that).
Uncle Sam defends secrecy for itself. But for citizens, it demands transparency.
The transparent citizen — easy to control.
War is Peace
Freedom is Slavery
Ignorance is Strength
2 + 2 = 5
Big Brother is watching you — especially your retirement savings.
@Bubblebustin, re: ” I sent my old letter I sent to the editor of the Squamish Chief to the PG Citizen’s editor, with a few changes, namely suggesting people lend their support to ADCS.”, thanks for the inspiration for a new post!
@FromTheWilderness
It’s astonishing how uninformed those people are. They’re just speculating about why their accounts are being closed and have obviously never heard of FATCA. Amazing.
@Innocente
Regarding VTB group: As you may be aware, they have subsidiaries outside of Russia, which will most likely not allow USPs to open accounts as well. For instance in Germany (www.vtb-direktbank.de), they ask, among other things. the following questions on the account opening form:
– Place of birth
– Country of birth
– Nationality
– Second nationality (!!!)
@bubblebustin:
The Russian newspaper Izvestia has a lengthy article on VTB’s decision to cancel the bank accounts of the around 2,000 US Persons it is currently servicing. VTB’s dilemma is that if it reports bank account information to the IRS that is will be breaking a Russian law and that if it does not it will be subject to the 30% sanction. Article is translated below:
“June 5, 2014, 00:01
Anastasia Alekseevskih
VTB Americans refuse to maintain
Thus, the bank intends to minimize the risks that arise in the Russian players because of the need to comply with FATCA law.
The second largest bank in the country – VTB, its subsidiary VTB 24 and other group banks refuse to service American taxpayers – both citizens and companies. Thus, the bank intends to minimize the risks that arise in the Russian players because of the need to observe the law FATCA, which requires foreign banks to report information on U.S. clients in the U.S. tax authorities. This condition, in turn, threatens the Russian players claims from domestic regulator and law enforcement. In such a legal conflict bank took the right decision, experts say.
– VTB registered with the U.S. Internal Revenue Service (IRS) in order to comply with U.S. law FATCA ready to work independently and in accordance with it. At the same time to minimize the risk management VTB gave disposal group units gradually abandon customer service – American taxpayers. This includes both the physical and legal entities – the VTB press service confirmed to Izvestia.
The bank assured that the refusal of U.S. customers will not affect the business and performance of the credit institution.
– All banks group accounts for just over two thousand of these customers, and this is both physical entities – reported in VTB.
We can assume that the bank is not going to break the agreement with the U.S. customers who have already served in the bank, but to roll them it probably will not. New customers with a U.S. passport or registration (if it is a company) Group banks will refuse service.
Mode tax information collection FATCA (Foreign Account Tax Compliance Act, An Act respecting income tax assets in foreign accounts) suggests that foreign financial institutions must enter into an agreement with the U.S. federal tax agency to identify the accounts of American taxpayers and inform about them. The law takes effect on July 1, and the registration of foreign banks in the U.S. tax authorities lasted until May 5.
It requires non-US banks send in the tax administration data on the accounts of U.S. residents – individuals and entities. If banks do not sign the corresponding agreement with the United States, then they begin to act against the sanctions. All payments in their favor, conducted using correspondent accounts in U.S. banks, will be charged a 30 percent tax: first with only passive income earned in the United States (eg, interest), and since 2017 – with the proceeds from the sale of securities and transit fees. Incorrect presentation of information would entail a fine of $ 10 thousand to $ 50 thousand
Negotiations on Russia’s accession to the FATCA were frozen in March because of the Ukrainian crisis. To insure against the still 30-percent penalties, lending institutions have already started to register the IRS. Among these banks – Binbank “Home Credit”, Raiffeisen Bank, Unicredit Bank, SDM-Bank. When this bill that would allow banks to disclose banking secrets clients through international cooperation, also in mid-May was frozen.
As a result, banks have been in a situation where the Russian players who have decided to fulfill the requirements of the U.S. FATCA, threatened liability under current Russian law. At the same time, until recently, the banks could not unilaterally refuse service to customers, including U.S. citizens and companies. It is for this reason that the deputies adopted amendments allowing banks to refuse service of foreigners.”
Which of course brings us to Robert Stack’s Myths vs. FATCA, Myth No. 4:
“Myth No. 4: Some claim that countries are opposed to FATCA, in part because the legislation could force foreign banks to violate laws in their own countries.”
Note to Robert Stack: Given a choice, companies in foreign countries would rather violate a US law than a local law. It has something to do with the local jail being closer than the US one.
A now this …
http://www.swissinfo.ch/eng/business/Foreign_banks_fall_out_of_love_with_US.html?cid=38714508
@notamused
I think you’re right, expats from South of the US border are only just now starting to have their OMG moments.
Imagine what the waiting times for embassy appointments and CLNs will be by the end of this year.