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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe USA is the land of importunity
We used to call the USA the land of opportunity. But with FATCA, the USA has become the land of importunity.
The US is forcing all the banks in the world to give them banking information. To say this is an importunate demand is a bit of an understatement.
http://www.tampabay.com/news/business/banking/77000-foreign-banks-to-share-tax-information-with-irs/2182607
WASHINGTON More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the Internal Revenue Service as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday.
The list includes 515 Russian financial institutions.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas.
Participating countries include the world's financial giants, as well as many places where Americans have traditionally hidden assets, including Switzerland, the Cayman Islands and the Bahamas.
Starting next March, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.
mylye2222
(2,992 posts)Unlike here, initiative is not considered as weakness.
MineralMan
(146,317 posts)on the 1% who are hiding assets outside of the US, somehow. In fact, I think it may have a salutary effect. Perhaps they should publish a list of those accounts, names, and balances in a newspaper of record, so we can all see them.
riverbendviewgal
(4,253 posts)To defend Canadian sovereignty and protect all persons in Canada from the attempts of other countries to impose their extra-territorial legislation on Canada. This includes, but is not limited to, defending Canadian sovereignty against the governments of foreign countries and from the Canadian government.
http://www.adcs-adsc.ca/
riverbendviewgal
(4,253 posts)and all green card holders , past and present and snowbirds. and those duals who live permanently in other countries, whose local banks are their only banks.
And remember this. There are many countries that will be wanting to do the same... It is expected to be reciprocal...
Check this out. http://www.accountingtoday.com/news/irs_watch/irs-introduces-tool-for-checking-fatca-foreign-bank-registration-70861-1.html#read
BTW, Have you noticed that the IRS has recognized the State of Palestine in the first list of 77,000 compliant little FFIs and that a Swedish candy company is registered? This thing just gets weirder and more strange. Wonder when this monster will blow up.
...and where does the IRS get the resources to manage the 500,000 FFIs its FAQ page thinks might register? How many agents does that require. Maybe those 16,000 ObamaCare gate keepers will be given additional global responsibilities.
nadinbrzezinski
(154,021 posts)They are US persons. This is not strange, one bit.
riverbendviewgal
(4,253 posts)the rest of the world uses Resident based taxation.
Soon it will change... Soon China will want to know all Chinese citizens, dual or not , US banks accounts., even if they never intend to go back to China.... How many Chinese American, green card holders.... children of Chinese..... and have the rest of the countries do this.. Do you think many will be investing or moving to the USA after DATCA comes into affect Some say that this will make countries get off the US dollar. Interesting.
nadinbrzezinski
(154,021 posts)I guess I keep missing the memo as to Mexico being the 51st state of the Union.
http://www.cnnexpansion.com/economia/2013/04/09/el-sat-controlara-mas-tus-inversiones
This is part of money laundering laws that are being enacted, not just in the US.
nadinbrzezinski
(154,021 posts)Since people have used tax heavens to hide assets for literally over 100 years. As to reciprocal, it is.
Hacienda is getting the info of Mexican nationals in us banks.