Here are two of the stranger and more delusional articles to come down the FATCA rail line so far, courtesy of the Bahamas Tribune:
Bahamas Takes ‘Regional Lead’ Over Fatca
http://www.tribune242.com/news/2013/mar/28/bahamas-takes-regional-lead-over-fatca/
June 1 Deadline For Decision On Fatca
http://www.tribune242.com/news/2013/apr/03/june-1-deadline-decision-fatca/
Inexplicably, the Bahamas seems to be trying desperately to convince itself not only that FATCA might actually be a positive thing for their banking sector, but that they will also somehow convince the US government to help pay for its implementation. Does the Bahamian government, or its media, have ANY idea of what an unmitigated disaster FATCA will be for their island paradise, and for the rest of the world? Astonishing.
I hate to say it but it is not at all impossible that the US would cover all or some of the implementation costs of smaller less developed nations to make Fatca a reality. I was wondering when that shoe would drop.
@Steve Klaus
Do you think that’s a precedent the US would want to set with any country? I don’t think so. Besides, where would the money come from? FATCA revenues were invented to pay for HIRE goodies, not to defray FFI’s implementation costs.
Yes, but if they think they’re going to rake in more unpaid tax by paying for the FATCA implementation then they may well do. I mean the whole thing is supposed to be about how much money they’re going to get and no one gives a monkey that’s it going to cost the IRS as much or even more to actually process and deal with all this.
Ans let’s face it, if they can find $100 mil to study how the brain works, what’s another $100 mil to pay for FACTA implementation for the Bahamas. Peanuts.
Amusingly, the Bahamian Minister of Financial Services who’s pushing all this garbage is ex-U.S. Person Ryan Pinder, who renounced in 2010. His attitude appears to be, “I got my CLN, screw the rest of you chumps!”