Tag Archives: Internal Revenue Service

#OVDP for banks update from Switzerland – The end of Swiss banking as we know it

Amazing article which begins with:

As the first of two deadlines passes for Swiss banks to sign up to a United States tax declaration programme, experts have warned that the associated legal costs of complying with the treaty could “kill” some smaller banks.

Big banks, which sparked the US crackdown by knowingly or recklessly harbouring untaxed assets, have the financial clout to absorb costs and fines. But regional institutions, making up one in four of all Swiss banks, may face a harsher ultimate penalty, despite shouldering a far lesser burden of guilt than larger rivals.

In August, Switzerland agreed to US demands that force banks to come clean about their US clients. Under the terms of the deal, any bank found to have a single tax evader on their books is automatically catapulted into the same liability category as larger rivals.

The Swiss financial regulator has requested banks to come forward by December 9 if they intend to sign on to the US tax deal. By the end of the year they need to have informed the US authorities.

While eventual fines may be lower than more culpable peers, the administrative and legal costs of dealing with the US authorities could run into millions of francs.

 

Canada has a long and continuing history of welcoming U.S. slaves

Canada has a long history of helping U.S. slaves escape tyranny.

Then:

And now:

“The outcome of this will be a reduction in dual citizenship. US citizens with dual citizenship who are not living in the US will renounce their citizenship. Countries with US residents who are not their citizens, who they want to keep, will probably speed up the citizenship pathway so those persons can renounce their US citizenship. US citizenship will become a liability like Soviet Citizenship once was; American refugees from tax-slavery to the IRS will seek (and get) political asylum. The driving force here is the NSA breaches. The other nations will see safeguarding their citizens’ and government officials’ data as a matter of survival. They will begin to find ways to quarantine the US banking system. Insisting that American dual-citizens be allowed to renounce their US citizenship and be off the IRS hunting list, even if it means they can never go home again, will become the bright red line where other nations draw their sovereignty in the sand. ‘That’s our citizen, not yours. Let him go.’ This could actually lead the world to run gratefully into the arms of a Chinese and Russian hegemony. Not that those two would work together–but they won’t have to.”