Monthly Archives: January 2013

I just came across this article on CNN about the Depardieu saga.  Whatever you think about Depardieu’s manner of reaction to the 75% tax (since blocked by the Constitutional Council of France), I thought that the comments to the article that mention US extraterritorial tax Policy, the FFIE, FTC, etc would be interesting, and I would encourage Brockers quickly to respond the the comments to the CNN article (as I have done, but awaiting moderation), in order to take the oppourtunity to speak to more Homelanders and others about the détails of the issues we face.

http://edition.cnn.com/2013/01/04/opinion/france-depardieu-poirier/index.html?hpt=hp_c4

Just a brief note asking if any of IBS participants have seen this site: http://www.fatcareport.com/ I had posted a link on my own blog a few months ago, and “Boston Tea Party” suggested that I share it with the rest of you. I had forgotten about it. Thanks Boston.

A new article by Christopher Sambrano of Nation News in Barbados entitled Barbados ready to ensure FATCA compliance appears at first glance to be just one more depressingly familiar report about yet another country preparing to roll-over for the IRS, but this one adds an intriguing twist at the end:

“Barbados has a strong history of compliance, and with the heavy presence and influence of the Canadian banks and strong trade ties and treaties with Canada, our banking system should be compliant.

These international institutions will certainly ensure their banking network becomes compliant as most of these banks likely already have robust programs in place to ensure FATCA compliance and ultimately the continued stability and security of this vital sector.”

Remarkable conjecture about the FATCA-readiness of Canadian banks aside, let’s consider for a moment the possible reaction in Barbados if Canada were to reject FATCA.  As James Jatras has already argued in his recent FATCA Forum presentation, “If Canada were to say no, a lot of other countries would look at it and say, ‘Well, if the Yanks can’t even get them on board, that means this is not going to fly.’  So, that’s why it is so crucial what happens up here.”

Canada has a longstanding and close relationship with Barbados, especially in the banking sector where Canadian banks comprise 78% of the island’s 50 registered international banks. Our response to FATCA will thus most certainly be very closely watched in Bridgetown. This is a perfect example of how Canadians could make a real difference in the global fight against FATCA tyranny.

Interesting article in the Globe and Mail and Canada, Russia, Adoption, and someone called Sergei Magnititsky.

http://www.theglobeandmail.com/news/politics/canada-urged-to-take-a-stand-in-us-russia-spat-over-corruption-adoptions/article6825685/

A couple of interesting sections:

However, the swiftness of the Russian retaliation to the U.S. legislation has sparked concerns over the application of similar measures against adoptions by Canadians. Jennifer Damiano has already met the 19-month-old child that she and her husband, Bert Lee, are hoping to adopt from Russia. She is worried by the possibility that Canada will follow the U.S. lead and use existing legislation against Russian officials.

“I hope and pray they do not use existing laws to pass something that would negatively affect all prospective parents in the process of adopting from Russia,” she said.

Ms. Damiano said her husband holds U.S. citizenship, which could complicate the planned adoption. Ms. Damiano said she hopes that Mr. Lee’s pending Canadian citizenship will be expedited to allow the couple to adopt as Canadians.

So we actually have some have someone who is a US Citizen in Canada who would appear to be in the process probably with legal assistance of getting expedited approval for Canadian citizenship.