Peter W. Dunn has never filed an FBAR form. The recent refusal by guardians of the temples in India to expose their gold holdings to their government provides an analogy for why he refuses: no government requires an inventory of a person’s assets unless it is preparing eventual seizure. But by common law, a man’s home is his castle.
In Africa, #FATCA is mainly unheard of
In Africa, the greedy US compliance industry is seeking to suck up big money from the impoverished continent.
According to Salau, financial institutions around the globe now face a complex and onerous compliance burden in order to meet FATCA requirements.
“Full implementation of FATCA is fast approaching, and many financial institutions in Nigeria have either not started or just heard of FATCA, but are not aware enough of what to do next. In South Africa, the big banks are ahead of the game in completing an impact assessment and optimising solutions while in the rest of Africa, FATCA is mainly unheard of.”
More on BusinessDay
#FATCA international law and the sovereignty of nations
This post appeared on the RenounceUScitizenship blog. It references a very good public policy article. The article puts FATCA in the context of international law and the limits of U.S. sovereignty. The article was tweeted by Just Me in June. I see that some Brockers have left comments. It really needs to be read (for those who have not) with the Kleinfeld article posted earlier today. They fit together very nicely.
Should Lex Americana be universal? #FATCA turns foreign banks into tax informants http://t.co/PEarArebd2 – One of best #FATCA articles!
— U.S. Citizen Abroad (@USCitizenAbroad) October 1, 2013
The above tweet references one of the best articles I have seen on the interaction between international law, FATCA, citizenship-based taxation and intelligent public policy.
Trust is required to lead and #FATCA undermines trust
This post appeared on the RenounceUScitizenship blog. This is a great article. Opposition to FATCA is getting traction! This article should be read with the Georges Ugeux article posted above.
Trust = Currency Of Leadership http://t.co/vEbqB76lc1 and Americans are NOT alone in distrusting the US gov http://t.co/9nvrhb44ih
— U.S. Citizen Abroad (@USCitizenAbroad) October 1, 2013
"And it comes down to the fact that no one trusts the #USG anymore, and really, why should they?" http://t.co/1Nu1Sn6kHB
— U.S. Citizen Abroad (@USCitizenAbroad) October 1, 2013
"Americans are NOT alone in NOT trusting the U.S. Government" http://t.co/9nvrhb44ih – which presents a huge problem for #FATCA
— U.S. Citizen Abroad (@USCitizenAbroad) October 1, 2013
Which brings me to another – hot of the press – incredible article about FATCA written by Professor Denis Kleinfeld, Of Counsel to Fuerst Ittleman David & Joseph PL, Miami, Florida:
FATCA – Predictions of Implementation Failure Proving True
The article is well researched, well organized and well thought out. It is the perfect antidote to Robert Stack’s FATCA Myths coming from Treasury.
#EdwardSnowden short-listed for top European rights prize
Edward Snowden short-listed for top European rights prize http://t.co/UpfX2I2Nak via @torontostar – Also revoke @BarackObama Nobel prize
— U.S. Citizen Abroad (@USCitizenAbroad) October 1, 2013
US Promises Not to Kill Edward Snowden http://t.co/vRLwv4gYrS – @BarackObama Why would your "citadel of freedom and justice" kill him?
— U.S. Citizen Abroad (@USCitizenAbroad) October 1, 2013
BBC World Service: What it feels like to give up your American citizenship
Amazing as it is, I was lucky enough to have the opportunity to speak on the BBC World Service!
The topic is introduced at 0:18 and then starts at 36:35
Today 12:06 GMT BBC World Service
To the left is a picture of me, a liberal progressive, in my flat when I lived in the US.
US Fatca banks law delayed – again
September 30, 2013 by Ellen WallaceBERN, SWITZERLAND – The urgency for Switzerland to sign an agreement to work with the US Fatca law may have been exaggerated, with Bern announcing 30 September that Swiss banks have six months of grace to implement it.
Fatca is scheduled to go into effect in January 2014 but for the umpteenth time the complex Foreign Account Tax Compliance Act start date has been pushed back.
Entry into force of FATCA agreement between Switzerland and United States delayed by six months
Bern, 30.09.2013 – Switzerland and the United States have amended the FATCA agreement in line with the new timetable for FATCA implementation by means of an exchange of notes. Swiss financial institutions now have to implement FATCA from 1 July 2014 rather than from 1 January 2014.On 12 July 2013, the US Department of the Treasury announced that FATCA implementation by foreign financial institutions would be postponed by six months. As the FATCA agreement signed between Switzerland and the United States on 14 February 2013 was based on the earlier timetable with commencement on 1 January 2014, it had to be adjusted to the new schedule.
This amendment lies within the authority of the Federal Council and assures Swiss financial institutions the same implementation deadlines as financial institutions in other countries. The agreement was amended by means of an exchange of notes. The amendment will enter into force at the same time as the FATCA agreement.
The agreement was approved and the implementing act adopted in the final vote of parliament on 27 September 2013. The changes necessitated by the postponement are taken into account in the federal decree and in the act. The FATCA agreement and the implementing act are subject to an optional referendum.
The Federal Authorities of the Swiss Confederation
It is no secret that the “urgency” has been exaggerated. It is common knowledge that Switzerland has been threatened into signing up to FATCA so that other nations would be more easily scared too.
Renounce, relinquish, maybe not a good idea.
However, before making this decision, you should be aware that individuals rescinding their US citizenship after June 2008 may be subject to considerable US income tax upon
expatriation. In addition, gift tax may be imposed on the recipient of a gift from an expatriate. Unless you qualify for a specific exception to the rules, the “exit tax” provisions are imposed on expatriating individuals who meet any one of the following criteria:
1. Have a net worth over $2 million on the date of expatriation, or
2. Average US income tax liability for the 5 years preceding the date of expatriation exceeds a certain amount that is indexed to inflation (US$155,000 for 2013), or
3. Have not complied with all US federal tax obligations for the 5 years preceding the expatriation date.
BMO Nesbitt Burns: US Citizens Living in Canada, Income Tax Considerations
FATCA for “Homelanders” Seminar
https://www.facebook.com/events/1378041625754057/?ref=22
Join CEO of the SACC, Martin Naville, and world leading experts on the Foreign Account Tax Compliance Act (FATCA) for an entertaining panel discussion on FATCA, and its implications on US and foreign persons, individuals as well as corporate.
Topics addressed (not for tax experts only):…
– What will FATCA bring the US Treasury in additional revenues?
– Do these revenues justify the enormous costs corporations are facing in order to implement this legislative rule?
– Will these rules jeopardize other country’s privacy rights? What about my own privacy?
– Will FATCA make me want to renounce my US citizenship?
Venue: UBS
1285 Avenue of the Americas, Conference Room 14th Fl
New York, NY 10019
Time:
6:00 p.m. – 8:00 p.m.
Fee:
US $ 30.00 Member, US $ 50.00 Non-Member
Additional Information:
RSVP: Tina Ross
e-mail (tross@sbsny.org)
Phone (212) 246-0655 ext. 201
Dress code: Business attire
Please see the official invite here:
http://www.amcham.ch/events/downloads/130930_NY_the_empire_strikes_back_us_tax_reporting.pdf
Instead of a #FATCA IGA perhaps Canada should allow itself to become part of the US
Diane Francis’ plan to merge Canada and US has many problems http://t.co/yUb5wjqur4 – But no more #FATCA #FBAR #PFIC #CFC #Foreigntrusts
— U.S. Citizen Abroad (@USCitizenAbroad) September 29, 2013
What do you think? Is Diane Francis on the right track?
A FATCA IGA is an “unofficial surrender” of Canada’s sovereignty to the United States. Perhaps Diane is right. Perhaps it is smarter to “officially surrender” to the United States. In this event there would be good news and bad news.
The good news would be that Canada would no longer be considered to be a foreign country.
The bad news would be that Canada would no longer be considered to be a foreign country.
Do you prefer the good news or the bad news?