This is a very good interview which covers a wide range of relevant issues.
Tag Archives: FATCA
#FATCA facts: @cbcamber What Canadians need to know about new U.S. tax law – affects unsuspecting CANADIANS
Two very good articles from Amber Hildebrandt of CBC.
Article 1 – Introducing FATCA
#FATCA facts: What Canadians need to know about new U.S. tax law http://t.co/fOP2hnCPo5 – Decent article from CBC that conveys the danger!
— U.S. Citizen Abroad (@USCitizenAbroad) January 13, 2014
The article referenced in the above tweet, by Amber Hildebrandt, is good because it IS NOT focused on U.S. citizens in Canada. The focus is more on Canada and Canadians! This is a welcome relief and an indication that, slowly the media is beginning to realize what FATCA really is.
Excerpts include:
Who is affected by this law?
The short answer is almost every Canadian. It is expected to cost banks substantial amounts of money to implement the systems required to find residents with U.S. connections, costs the banks may well pass along to all their clients.
Some estimate it could cost $100 million for each financial institution.
Those directly affected by the law include dual citizens, Canadians with Green Cards and some snowbirds who spend considerable time in the U.S.
Article 2 – The Absurdity of Citizenship-based taxation
US residents avoid tax using trusts located in “Tax Haven USA” while #Americansabroad evade tax through #TFSA
This post appeared on the RenounceUScitizenship blog.
US Homelanders use SD Dynasty trusts http://t.co/ukdt9Z1IOf but #Americansabroad punished for #TFSA Foreign Trusts http://t.co/yLO6bF9rbM
— U.S. Citizen Abroad (@USCitizenAbroad) December 28, 2013
Do as I say! Not as I do!
It’s official. As we end 2013 and begin 2014 it’s clear that the administration of Barack Obama has distinguished itself as becoming the most hypocritical joke in the world. For those seeking additional insight on this point, I recommend “Sangeeta Richard is proof of failed American reciprocity“. Although this article is written in the context of the recent U.S. arrest of an Indian diplomat in New York, the implications spread far and wide.
The fallout over the Indian consular officer, Devyani Khobragade, whom the US Marshals humiliated through strip and cavity searching her despite her immunity (we learn now that it is full UN immunity!), has much greater interest for the Isaac Brock Society than perhaps we realize. It demonstrates the US’s stance towards other nations as being one of, “Do as I say, not as I do.” I.e., the US has become monstrous bully and hypocrite. When citing diplomatic protocols in his defense of accused murderer Raymond Allen Davis (see video of Obama’s plea), President Obama emphasized the concept of reciprocity. Yet now his administration violates the very principles that he iterated in that press conference by treating Devyani Khobragade with disrespect and by indicting her for Form Crime.
Most Swiss banks considering #OVDP should NOT consider #Wegelin in their decision
This post appeared on the RenounceUScitizenship blog.
2012 – Wegelin – Sowing The Seeds of U.S. Terror
Wegelin's Fall to Tax-Haven Poster Child http://t.co/MgsdWsERwm – thought it was out of the reach of US bc it had no branches in the U.S.
— U.S. Citizen Abroad (@USCitizenAbroad) December 14, 2013
This article includes:
Two months ago, Wegelin pleaded guilty, even though it had “little to gain” by doing so, it said in court documents. Wegelin said it was seeking “closure.” An attorney for Wegelin declined to comment.
Legal experts said the U.S.’s tactics may offer a blueprint for future actions against foreign banks. Assistant U.S. Attorney Daniel Levy wrote in a sentencing memo that the prosecution of Wegelin would send “a strong message to those who would believe that, without a physical presence in the U.S., they cannot be reached by U.S. law enforcement.”
“Americans who still have these undeclared accounts need to realize the world is shrinking,” Jeffrey Neiman, a former assistant U.S. attorney, said in an interview. He prosecuted UBS, UBSN.VX -0.31% the Swiss bank, for offenses similar to Wegelin’s.
But the legal theories the U.S. used in prosecuting Wegelin haven’t been tested under these specific circumstances. Had Wegelin gone to trial, legal experts said, it could have argued that it had no criminal intent because it didn’t believe it was responsible for adhering to U.S. laws. In Thursday’s court filing, Wegelin said it went to great lengths to attempt to comply with U.S. laws and that it didn’t know it would be punished for “what it was legally entitled to do under Swiss law.” It added: “Swiss banking privacy and its potential for concealing tax evasion by U.S. persons has never been a secret.”
#Americansabroad connect through @IsaacBrockSoc – It’s the #FATCA of the matter
This post appeared on the RenounceUSCitizenship blog.
#Americansabroad connect through @IsaacBrockSoc – It's the #FATCA of the matter http://t.co/K0hecfvjgv
— U.S. Citizen Abroad (@USCitizenAbroad) December 12, 2013
Great and interesting post about U.S. citizenship abroad. Some familiar faces. The post includes:
Amid #IRS Abuse, Record Number of Americans Give Up U.S. Citizenship – #FATCA
Amid IRS Abuse, Record Number of Americans Give Up U.S. Citizenship http://t.co/OH7V8SkhRB – Who could have known?
— U.S. Citizen Abroad (@USCitizenAbroad) December 12, 2013
This is a great post about Americans renouncing citizenship which cites a number of interesting sources.
McClatchy news highlighted the plight of Oklahoma-born Ruth Anne Freeborn, who has lived in Canada with her Canadian husband and son for over three decades. Because of FATCA, her foreign bank was required to hand over all of her family’s financial information to the Obama administration, which her husband, of course, opposed. So, after carefully considering her options, Freeborn eventually decided to renounce her U.S. citizenship in September rather than subject her family to intrusive prying by the IRS and the federal government.
“My decision was either to protect my Canadian spouse and child from this overreach or I could relinquish my U.S. citizenship,” she told the news service, which reported that growing numbers of Americans were “ditching their U.S. passports out of frustration and fear” over FATCA. “It was with great sorrow I felt I had to relinquish, but there was no other choice for me and many like me…. My husband cannot understand why Americans are so offended by having their personal emails and phone calls monitored by the NSA yet are very comfortable requiring a Canadian to hand over their bank account data.”
The increasingly byzantine and oppressive regulations, along with more aggressive government efforts to enforce them, have also led a growing number of banks and financial institutions around the world to refuse to do business with anyone subject to Uncle Sam. As The New American has been reporting for years, Congress and the IRS have essentially made U.S. citizens into pariahs around the world in many respects. In some cases, the U.S. government has even gone so far as to terrorize and threaten governments and nations that refuse to bow to the will of Washington’s political class. Switzerland and the Swiss were among the most recent victims.
For Americans living overseas, it is becoming increasingly nightmarish. “Many banks, foreign financial institutions, are just turning Americans away — it’s easier for them not to have American clients,” explained Marylouise Serrato, executive director of the group American Citizens Abroad, in comments about the effect of FATCA and IRS regulations. “For some people it [renunciation] becomes a solution. But it’s done with a very heavy heart.”
This of course makes one wonder:
Why is the United States so cruel to U.S. citizens abroad?
Required reading for countries considering a #FATCA IGA with the US – @PMHarper take note
This post appeared on the RenounceUSCitizenship blog.
Basking in the glory of OVDP and the FBAR Fundraiser for Individuals:
The Department of Justice Announces OVDP for Banks!
DOJ announces new #OVDP program for Swiss banks that allowed US clients http://t.co/JM99xytMt7 – Banks pay fine based on % of deposits
— U.S. Citizen Abroad (@USCitizenAbroad) August 30, 2013
On August 30, 2013 the U.S. Department of Justice created a voluntary disclosure program for Swiss banks. It was clearly premised on the OVDP program for people. My post describing OVDP for banks ended with:
Cayman Islands and Costa Rica sign #FATCA IGAs
Commentary from the Globe and Mail:
Cayman Islands, Costa Rica sign tax pacts with U.S. http://t.co/Y2abSZ6PnD – Yes, they are #FATCA IGAs
— U.S. Citizen Abroad (@USCitizenAbroad) December 1, 2013
Robert Wood perspective on #FATCA and countries siging IGAs http://t.co/CEb1PXs4SO
— U.S. Citizen Abroad (@USCitizenAbroad) December 1, 2013
Is U.S. Canada merger suggested by @DianeFrancis1 better than hostile #FATCA takeover of Canada?
This post appeared on the RenounceUScitizenship blog.
Ameri-Canada? TVO http://t.co/ZOKOsoFIDe – @DianeFrancis1 argues for Canada US Merger – Better than hostile #FATCA takeover of Canada?
— U.S. Citizen Abroad (@USCitizenAbroad) November 27, 2013
(Note the retweet.)
Diane Francis who is author of “Merger Of The Century” and an advocate of U.S. citizenship-based taxation argues that a Canada U.S. merger would benefit both countries. She is currently promoting her message through a series of media events. (She will be at the University of Toronto Rotman Business School on December 4, 2013.)
What is her message? What is her thinking? What is her rationale? The above tweet references a November 25, 2013 Steve Paikan interview on The Agenda.
The Agenda show is described as follows:
Author and journalist Diane Francis sees a mutually beneficial partnership between Canada and the United States. So beneficial, in fact, that she advocates for a merger of the two countries in her new book, “Merger of the Century: Why Canada and America Should Become One Country.” Diane Francis joins Steve Paikin for more.
The best #FATCA video yet… American Empire and the Most Important Law You’ve Never Heard of…
Anything else need saying? 🙂