Interesting thoughts on FATCA from Jamaica which include:
“Finally, anyone who contradicts this rule can be charged as a voice for Tax Evasion. Many Americans cannot open new accounts, for failure to close old ones. Americans and Expatriates face an impossible situation, as their mortgages are being called or denied. To the extent that an expatriate faces an obligation to IRS, the efforts of his local employer may come under scrutiny.
Do we now have a form of economic totalitarianism?”
You should also read about the FATCA costs imposed on the average Jamaican.
The fate of ‘”FATCA”” now hangs in the balance. Arranged to be a January 2014 regulation, it is now a July planned regulation, ostensibly to give the F.F.I’s (Foreign Financial Institutions) time to get their house in order and then register and be accepted. Internal Revenue Service Notice 2013-14 authorizes the decision, and that is supported by the U.S. Treasury Dept., administered by Treasury Deputy Robert B. Stack.
The reason given for the delay is because the FFI’s are overwhelmed by closures of accounts by consumers and customers all over the world. Apparently FATCA is a law that everyone seems to dislike, and everyone needs the time to be compliant (ref: Forbes Mag., Dec 2013, and Jan 2014). In and out of the USA, Banks and other FFI’s must report account numbers, balances, names and addresses, US tax identification numbers and Jamaican of course, of any and every substantive owner…
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