If you are not a U.S. Person, send in your cv / resume now !!!!
Looks like all the banks are “Whistleblowers” now.
This is from the FATCA Home Page on IRS web site
FATCA FFI List Resources and Support Information
IRS FFI List
Under the Foreign Account Tax Compliance Act (FATCA), withholding agents must withhold tax on certain payments to foreign financial institutions (FFIs) that do not agree to report certain information to the IRS about their U.S. accounts or accounts of certain foreign entities with substantial U.S. owners.
An FFI may agree to report certain information about its account holders by registering to be FATCA compliant. An FFI that has registered and that has been issued a global intermediary identification number (GIIN) will appear on a published FFI List. The FFI List can be downloaded in its entirety or
searched for specific information (FI name, GIIN or country). Search results can also be downloaded.
Withholding agents may rely on an FFI’s claim of FATCA status based on checking the payee’s GIIN…
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FATCA Losing Its Way
Awareness of the implications of the Foreign Account Tax Compliance Act, also known as FATCA, is growing.Passed by Congress in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, this extraterritorial law has sparked global fear, confusion, anger and controversy.
Now that controversy has come home. There is growing domestic opposition to FATCA implementation. U.S. lawmakers and banks are fighting reciprocal information exchange promised to other nations like Mexico and Germany. Yet another delay in implementation was announced recently by the U.S. Treasury.
The road to FATCA began with a simple premise: Force foreign banks to disclose income held by Americans in offshore tax havens. In…
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Interesting post on #OVDP for Swiss banks. Author comments on who will be discovered and predicts: “that they WILL NOT BE EXPATS LIVING AND WORKING ABROAD. They will be prominent, seemingly law abiding citizens living in the United States,”
No more small potatoes million dollars here and million dollars there indictments. The big times will roll. The biggest net is now being thrown and the biggest fish are about to be caught. This is a big step in tightening the noose around the tax evaders. And I do not hesitate to predict, based on who these criminals have been in the past, that they WILL NOT BE EXPATS LIVING AND WORKING ABROAD. They will be prominent, seemingly law abiding citizens living in the United States, who secretly stash their illegally untaxed dollars in accounts outside the United States
Switzerland and the United States reached a watershed deal on August 29, 2013 to punish Swiss banks that helped wealthy Americans stash money in hidden offshore accounts, closing the door on an era of bank secrecy and tax evasion.
The formal agreement, which was announced on Thursday by the Justice…
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This following comment appeared at the Isaac Brock Society.
Dash, a minor point on US CBT compliance and a comment on dual citizenship:
—USCitizenAbroad suggests that you might be one of the few who are capable of preparing a US return. I don’t believe that this is an accurate statement if, for example, you live overseas, are subject to the Obamacare surtax on investment income and wonder simply whether foreign tax credits can be used to offset this tax:
Last week, as part of doing my weekly IRS compliance homework for overseas US persons, I had a long conversation with the IRS International tax branch on this question in which we read together the final regulations on the surtax issue. IRS confirmed that the definitive answer will not be provided to US persons overseas as it now depends on the interpretation of the US tax treaty with each foreign country. I explained to IRS that I do not have the expertise to interpret the tax treaty and anyway it is only the IRS interpretation that counts (the fellow was sympathetic to my argument). IRS however refuses to interpret the US treaty with Canada and provide me with a straight answer and suggested only that I could take a chance in using foreign tax credits to offset the income– but I would have to somehow defend my position on treaty grounds if IRS challenged me and pay penalties etc if I were incorrect.
I am going to “appeal” to IRS in writing this lack of “guidance”, but my minor point here is only that the US does not make it easy to comply with CBT as the rules are often not even disclosed.
—You suggest that dual citizenship is/can be part of the problem. I agree. A practical issue however as others have mentioned is that terminating toxic US citizenship is difficult or practically impossible because of IRS penalties involved and the Reed Amendment nonsense. My recent submissions to the House W&M committee have mentioned RBT but are much more focused on changing US laws to let us leave the country humanely.
Please keep contributing to this site.
2013 has been a year of FATCA talk. FATCA has two components.
A. A public component for banks and governments.
B. A private component for Americans Abroad
The public face of FATCA – Banks and governments
2013 has a been a year of focus on on the public side of FATCA. This has included endless discussion about the compliance costs imposed on banks, the uncertainty of which countries will sign IGAs. (So far very few and even fewer countries of significance have signed IGAs. None of the BRIC countries (Brazil, Russia, India and China) have signed. Interestingly Canada (which is widely considered to be the most significant country has not signed. It’s obvious that 2013 has been a disappointing year (for the U.S. Treasury) on the IGA front. Furthermore, the U.S. has managed to anger each of the four BRIC countries in other ways. For example:
Interesting article, but most of the comments and the article itself are evidence Americans abroad don’t really understand what’s coming down the pipeline.
A few months ago, Geneva journalist Christophe Ungar got quite a shock: without any prior notice, his local bank closed out his mutual funds account, resulting in considerable losses due to the early withdrawal. This was not an inadvertent mistake, but, rather, an intentional move to oust Ungar, a US citizen, from the financial institution where he had banked for years. “When the bank realized I was American, they started treating me like I had the plague,” he says.
This scenario is all too familiar to another American, Geneva financial adviser Anne Hornung-Soukup. Her accounts – including a pension investment fund – were suddenly closed in recent months by her two banks, each explaining in a letter that its services are no longer available to US citizens.
“This really ticks me off,” says Hornung-Soukup, who adds that the forced early withdrawal of her retirement fund meant she had to pay…
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