Any thoughts?
MasterCard and Visa block Russian bank customers
http://www.bbc.com/news/business-26678145
http://in.reuters.com/article/2014/03/21/idINL6N0MI43420140321
Category Archives: Issues regarding US persons abroad
A “Thank You” to all “Brockers & Sand Boxers”
Along with the many donations we received for the Canadian Charter Challenge Fund, people sent comments, notes and letters. The sender of the letter in this post specifically requested that it be posted on Brock. Since most of us consider Maple Sandbox our sister site, I will also post it there to make sure no one is missed as I am certain this is in keeping with the intention of the sender.
Continue reading
James Jatras latest at “RepealFATCA” — the Approaching FATCA “Train Wreck”
RepealFATCA.com Roundup: News and Commentary on the Approaching FATCA ‘Train Wreck’
March 20th, 2014:
This RepealFATCA.com bulletin rounds up some important news and commentary from around the world on the looming July 1, 2014, “train wreck” of the “Foreign Account Tax Compliance Act” (FATCA). The headlines:
1. Even Tax Compliance Experts Decry Looming “Train Wreck,” Impossibility of Meeting IRS’s Requirements.2. Treasury (Inadvertently) Admits FATCA is a “Fishing Expedition.”3. Lack of “Reciprocity” Fatally Undermines Both FATCA and OECD “Information Exchange.”4. Rob Portman (Ohio): Big Pickup in Senate for Repealing FATCA.5. Canadians Fight Back.
Alberta: CALGARY Information Session on ‘Solving the Problem of US Citizenship’ – CONFIRMED
Presenter for this session: John Richardson, Citizenshipsolutions.ca
($20 to offset costs – payable at the door)
CALGARY, AB – Saturday, APRIL 19, 2014, 2:30 – 5:30 p.m.
http://www.kensingtonlegion.ca/ (free parking /Legion restaurant will be open)
Map: North Calgary Kensington Royal Canadian Legion No. 264, 1910 Kensington Road NW, Calgary, AB
This session comes with the “No one But Someone Who Is Going Through This Can Really Understand” element. John Richardson, like us who need information and SUPPORT, is a US Person in Canada.
A lot of grass-roots volunteerism by generous persons committed to this goes into these sessions. We don’t offer polish; we do offer information and support to help you come to the right decision for you and your family.
(John will be leaving for the airport right after the session as he will present at the Edmonton Information Session, Sunday, April 20, 2014, details to be announced.)
I hope to meet MANY Calgary and area persons on April 19th — this is your Alberta opportunity to attend ours in the series of Canadian and European information sessions.
Elizabeth May: What’s up with FATCA? An issue that should concern more than those CANADIANS with ties to the US
Thank you, Elizabeth May, for referring to us as what we are: Canadians! We appreciate that very much.
… and her email to me today:
Dear Ms. Tapanila,
Thank you for your message regarding the US Foreign Account Tax Compliancy Act (FATCA) and what it means for Canadians. I share your concerns on this urgent matter, and I will continue to work to ensure that Canadians do not suffer financial penalties as a result of this legislation.
As you are likely aware, on February 5 Finance Minister Jim Flaherty announced that an inter-governmental agreement with US officials to implement FATCA had been reached. Although Minister Flaherty claimed to have negotiated hard-won concessions from the US, the reality is that this agreement remains largely unchanged from when it was first announced.
Under FATCA, Canadian banks will soon be required to search their account records for the personal information of US citizens, their children, and all those who through some accident of family or work history acquired some characteristic of interest to the IRS, and report the findings to the Canada Revenue Agency, who will then provide the information to US officials.
This legislation is slated to come into effect globally on July 1, 2014, and thus it is imperative that Canadians with US citizenship or legal status take steps to educate themselves about what these changes mean for them.
Most Canadian Credit Unions a Safe Place?
I just read a report from the Credit Union Central of Canada, which seems to indicate that most Canadian credit unions will be at least partially exempt from FATCA.
Even credit unions over the 175 million asset limit (which are MOST credit unions) appear to be partially exempt. IF less than 2% of their customers are non-resident ‘US persons’ they only have to report those non-residents of Canada under the FATCA IGA presuming I am interpreting this report correctly.
Am I dreaming? I sure hope not, and if not, we should have a HUGE BANK PROTEST DAY by moving all our funds out of the big banks and into a credit union!
Select the article titled: “FATCA IGA & Guidance provide much needed details, Mar 11, 2014” from:
http://www.cucentral.ca/SitePages/Publications/Connections.aspx
Relinquishment of US Citizenship by Persons-Born-Dual or who Naturalised in a Foreign Country as a Minor
I was very happy to report on a born-dual friend’s successful consulate meeting this week, in which he applied for a CLN based on his relinquishment at the time of taking government employment.
However, Brockers have reported some consulate personnel erroneously telling them that a person born dual or who acquired their non-US citizenship as a minor is unable to expatriate except by renouncing. In fact, there is no automatic disqualification of such persons from having the capacity to perform certain other relinquishing acts.
Such consulate personnel are probably conflating s. 349(a)(1) of the Immigration and Nationality Act with all other non-renunciation methods of relinquishing one’s citizenship. Section 349(a) (1) is naturalising in a foreign country after Continue reading
New Info Session – Burlington ON
Thursday, 27 March 2014 from 6:00 PM to 9:00 PM
Burlington Public Library – Holland Room
2331 New St
Burlington, ON L7R 1J4
On February 5, Canada signed an Intergovernmental Agreement with the United States concerning the Foreign Account Tax Compliance Act. This will enable the US to receive enhanced financial information Continue reading
Garth Turner says goodbye to ‘F’.
I have been trying for months to educate people about FATCA at Garth Turner’s blog which focuses on the Canadian housing market, as well as investing. It has been a frustrating exercise. I am either ignored, or told to go find a FATCA blog somewhere to complain. After staying away for awhile, I could not resist today, when Garth wrote a post called ‘F’, especially since there were a couple anti-FATCA comments already there, which surprised me since I have never seen anyone dis FATCA there before (one was from BCDoc who referenced isaacbrock, YAY BCDoc).
Unfortunately, after I posted my comment, I got the usual negative feedback. Keep in mind this is a Canadian blog, frequented by Canadians, and yet rarely have I ever received a supportive reply. This makes me very sad.
Here is the link to Garth’s post about ‘F’: http://www.greaterfool.ca/2014/03/18/
Final in the FATCA series by Alex Newman – Bypassing Congress with IGAs
Obama Bypasses Congress to Foist “Imperialist” Tax Plot on World
As part of a fiendish effort known as FATCA supposedly aimed at extracting an extra billion or so dollars from U.S. taxpayers each year, the Obama administration is bypassing Congress to impose a far-reaching new tax regime on the world, and domestically on the United States. Experts and analysts say the scheme could destabilize the U.S. financial system and potentially even spark another economic crisis due partly to executive-branch mandates on American banks; yet the IRS and the U.S. Treasury are moving full-speed ahead in spite of major concerns raised by lawmakers and others over their authority to do so. Critics are referring to the whole plot as “fiscal imperialism.”