Category Archives: Issues regarding US persons abroad

This article was written by Giles Gibson in Hong Kong.  The article is not bad, better than most and certainly the best I’ve seen at huffingtonpost, but he seems to think that FATCA is only a concern for wealthy American citizens abroad (a typical Huff problem).  I used to think so too, until I personally learned otherwise.   The article could use some additional commentary about the types of people FATCA is having an impact upon and the innocent being harmed by “IRS’s relentless pursuit of U.S. tax evaders abroad, whatever the cost”.  The concept of “whatever the cost” could be used to justify crimes against humanity and FATCA is certainly a case of national origin discrimination (which is a federal crime in the US).

FATCA: The U.S. Flexes Its Waning Economic Muscle Abroad
11/06/2012 11:36 am

The Foreign Account Tax Compliance Act (FATCA). Typical of the taxman’s inimitable use of the English language worldwide, the title doesn’t exactly sound particularly menacing. However, the shockwaves from this recent piece of legislation from the U.S. Internal Revenue Service (IRS) are being felt around the financial world.

FATCA is aimed at targeting tax avoidance by U.S. citizens and entities abroad. Unlike most countries, American expatriates are still expected to pay tax at home on their income earned abroad. The IRS feels that many Americans are not taking this responsibility seriously enough. Their plan is simple: bring in tough new legislation to force foreign financial institutions to give up details about their U.S. citizen clients, leaving potential tax evaders with nowhere to hide….

http://www.huffingtonpost.com/giles-gibson/fatca-foreign-accounts_b_2081118.html

I am living, for now, in exile from my land of birth.  In a new article at iexpats.com, George Prior explains my situation, “FATCA Critic Fears Arrest by US Authorities“. When George Prior contacted me, I had no idea he would write an article about me nor that he would focus on my fear of returning to the United States.   This article appears on Election Day=Revenge Day.

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http://www.georgemasonjicl.org/fall-2012-symposium/

No videos but interesting picture summary. The guests were not at each others throats at least from appearances as I might have expected. Jatras and Eggert even appeared together at the end to have picture taken with the just the two of them.

http://www.georgemasonjicl.org/fall-2012-symposium-pictures/

Also a link to the presentations:

http://www.georgemasonjicl.org/wp-content/uploads/2012/09/CLE-Materials-Final.pdf

I am considering doing my own PowerPoint presentation on this issue for anyone who has to speak at these conferences against FATCA because I think I can do one ten times as better as any of the pro-FATCA people can. I have to say just from reading the presentations of the second group of panelists who were mainly compliance “consultants” I cannot say I was overly impressed. I think in general a lot of issues I discuss frequently were never really brought up.

I also took with interest one of the presentations by the second panel that expected the final rules to be release by October 31st. Clearly this has not been the case. In fact none other than Jesse Eggert announced at least from what I understood at other conference just two days later that the final rules were not being released until the end of the year. I am curious whether there was any mention of this at the GMU conference.

Its official. Daily Kos has a thread on FATCA started by poster “War on Error.” I have always hated Daily Kos so I am quite thrilled I can now go after them on FATCA. I think “War on Error” seems pretty set in his pro-FATCA ways so my suggestion is to give “War on Error” a John Baird/Peter Van Loan tire iron sandwich. Others I suspect Just Me for example will be advocating more of a “compromise” position. In general even if “War on Error” doesn’t generate a lot of hits the more we comment the higher it will climb on the Daily Kos most commented posts section.

http://www.dailykos.com/story/2012/11/05/1156301/-FATCA-One-Big-Reason-Why-Mitt-Hopes-He-Wins

As you know, the clowns of the demorepublican dictatorship didn’t mention the estimated 6 million Americans living abroad in their political campaign not one single time.  Some even personally expressed to me that they neither had the time nor interest to campaign to those Americans living abroad that they are supposed to represent.

“Mexico, a country facing 100,000 deaths, neighbor to the United States, didn’t deserve one single mention tonight. A disgrace.”1

In the debates, the demorepublican candidates expressed, 34 times, their unconditional support for their beloved Israel with its apartheid practice in the nation of Palestine 2, but they didn’t once mention the approx. 2 million Americans living in Mexico and Canada in spite of their serious banking concerns and despite the historic violence playing out in Mexico, much of it along the 2,000-mile border that the US shares, which has already cost 60’000 lives.1

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Cross-posted from USxCanada because of embedded perspectives of interest: Canada easy U.S. not; low threshhold for estate concerns; Canadian banks preparing to capitulate.

Carolyne Regan
Cross-border issues complex: proper planning saves fortunes in estate taxes
Windsor Star (1 Nov 2012)

http://www.windsorstar.com/Cross+border+issues+complex/7480168/story.html

“A very stable tax system in Canada” is contrasted with the U.S., where “changes can be very dramatic from one year to the next.” Estate planning is seen as required for assets “anywhere near” $1 million. “Canadian banks are becoming less hesitant to share information with the IRS.” This infomercial-tinged “special to the Star” relies on input from an accountant and an attorney whose contact information is listed at the end. No mention is made of severing ties to the United States.
 

Things seem to be really heating up there. More fror Haaretz.

http://www.haaretz.com/weekend/anglo-file/israeli-banks-demanding-to-see-u-s-citizens-tax-returns.premium-1.473899

The impression I get is Israeli banks are probably at this point violating Israeli law. It is interesting the different responses from country on this issue.

In a move that some tax lawyers are calling a blatant violation of customer privacy, two Israeli banks are requiring current and prospective account holders with American citizenship to furnish portions of their U.S. tax returns, Anglo File has learned. Those who refuse to do so risk having their applications denied or existing accounts frozen.

For several months, two Israeli banks – Bank Leumi and Bank Hapoalim – have required customers to sign a waiver authorizing the banks to review a series of financial disclosure forms. One such form is the Schedule B – which shows dividend and interest income, including the names of all financial institutions paying out dividend and interest income – and a supplementary form known as a Foreign Bank and Financial Accounts form, or FBAR, for Americans with at least $10,000 in foreign bank accounts.