Liberty and justice for all United States persons abroad

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Tag Archives: FATCA

Press Release by American Citizens Abroad (ACA) – New Residency Based Taxation Proposal

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American Citizens Abroad (ACA) Launches Residence-Based Taxation Proposal in Washington
Director Discusses Plan with Members of Congress, Joint Committee on Taxation

GENEVA – February 20, 2012: The Director of American Citizens Abroad (ACA), a non-partisan, non-profit organization representing the interests of U.S. citizens living outside the United States, today announced a new tax reform proposal unveiled with policymakers in Washington, D.C. These reforms are aimed at increasing American jobs, exports and competitiveness, as well as addressing the specific tax situation of Americans residing overseas.

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FATCA fever reaches Hong Kong

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Hong Kong has occasionally scared public health authorities in the United States with acronyms like SARS and H1N1, but now the U.S. is attacking the world’s financial health with a far more dangerous acronym: FATCA. The Hong Kong Economic Journal — the Financial Times of the Sinophone world, roughly speaking — ran a FATCA-related interview with Jennifer Wong of KPMG in this morning’s paper, on page A7.  I’ve translated it below.

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From the archive: Open Letter to the Executive Director of the Society of Biblical Literature

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This letter first appeared on December 8 (at the Righteous Investor), a mere four days before the official launching of the Isaac Brock Society.  

A letter to the Executive Director of the Society of Biblical Literature, an association with over 8000 members, informing him why the author will not be renewing his membership:  The US Federal Government is persecuting American citizens abroad of whom the author is one.

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How would you challenge FATCA if you were a world leader?

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As “US persons” abroad there is one thing that we all have in common: we are all vulnerable to the US government  and subject to the whims of politicians and a tax code from a distant foreign country, who do not represent us as overseas citizens yet still subject us to their laws as if we lived there.  Many of our own countries are busy lining up to sell us out (“us” being dual citizens and “US person” permanent residents) as quickly as they can to the US government.

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Are China, Russia, the EU and Switzerland poised to give in to FATCA?

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The news of a deal between the 5 major EU governments and the US regarding FATCA came as a major shock to many, including myself, last week.  I have now come across news that the EU, now bolstered by the US drive to implement FATCA, has on its agenda to really join US pressure and try to “break Switzerland” as I like to say.  On the forums I have also come across posts which have implied that Russia and China are probably not going to resist FATCA either.  See everything below.

European Deal could double the pressure on Switzerland with the EU joining the US in violating Swiss sovereignty:

European Fatca deal “threat to Swiss secrecy”

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New Regulations Clarify How Non-US Banks Will Find And Report US Customers To The IRS: guest post

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The Isaac Brock Society does not endorse tax professionals.  However, I have been able to provide the following content, with permission, from Moodys LLP, tax advisors blog.  It provides a useful summary of what FATCA will require the FFIs to do to detect the accounts of US persons.

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Is the US going to collapse by 2025?

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I just finished reading a bit of a “futurist” prediction from Alfred McCoy, a professor at the University of Wisconsin-Madison.

“How America will collapse by 2025“

In it he proposes a series of scenarios under which the “US century” will come to a crashing end, as, he states, has occurred to the UK, France, USSR and countless other empires of bygone years.  The scenarios are as follows: Continue reading →