European FATCA Hearing

If you’re in Europe, Victoria says:

Rumors have been floating around about an EU hearing on FATCA.  Well, folks, mark your European Hearing calendars and check the train schedules because it’s happening.

The hearing is called The fight against tax evasion – FATCA as a step towards international automatic exchange of information?   It will be held on May 28 in Bruxelles from 15:30 to 17:00.

You can find a letter from Sophie in’t Veld to Victoria at Victoria’s Franco-American Flophouse blog.

29 thoughts on “European FATCA Hearing

  1. OutragedCanadian

    That’s a very interesting thread on IBS, well worth reading all the comments and the investigation some people are doing. (I will work on the Sally access tonight, Blaze & Sally)

  2. Blaze Post author

    Thanks Calgary. I read her update. Scary stuff.

    Someone should be all over this, but somehow I suspect no one will be.

    I will send it to Joe Arvay and see if he has any comment on this.

    1. Pacifica777

      That’s great, Blaze, that you’re contacting Mr. Arvay! This is completely outrageous, denying banking services and freezing an account (the person’s own money) because of a person’s national origin.

  3. Blaze Post author

    @Calgary: I found it! Here is the information from Johnnb and KalC’s questions about it.

    johnnb on April 26, 2013 at 11:05 am said:

    My wife and I just returned from a meeting with our financial planner where we switched our investments into a new direction which necessitated opening a new account. One of the questions asked was “Is there any reason why you might be considered a US person?” We said no and used our CLNs as evidence. They were accepted and the account was opened.
    First time we’ve had to use the CLNs since we got them last July.
    Reply ?

    kalC on April 26, 2013 at 11:14 pm said:

    Johnnb Curious as to which financial institution this was. When we most recently opened an account there was merely a series of checkboxes as to citizenship.
    Reply ?

    johnnb on April 27, 2013 at 5:34 am said:

    KalC: It was Scotia McLeod. Not a bank but our investment adviser and the account was an investment account so not sure what the deal is with a regular savings/chequeing account.
    Reply ?

    KalC on April 27, 2013 at 7:59 am said:

    Some advisors at Scotia Mcleod follow a ‘don’t ask don’t tell’ policy.
    Reply ?

    johnnb on April 27, 2013 at 8:59 am said:

    This was actually preprinted on the form used to open the account and I had to answer it and sign and have my signature witnessed. Not sure how any amount of don’t ask don’t tell on the part of the adviser could get around that unless I was willing to lie on the form – which I didn’t even feel tempted to do as I had the CLN.

    1. calgary411

      Thanks, Blaze (and, by extension, Johnnb and KalC). I remember that now. I’ll put a link to your comment on Isaac Brock.

  4. Blaze Post author

    Thanks Calgary. Very concerning what Tortured has experienced.

    Johnnb posted something a few weeks ago that he and his wife were asked if they had any reason to believe they were US persons when dealing with investment accounts at Scotia McLeod. They provided their CLN, which was accepted.

    I don’t remember which thread that was in. I tried to locate it, but wasn’t able to. He is away right now, so I’m not able to follow up with him on this.

    I think investments like stocks, mutual funds, etc. are being treated differently than bank accounts and GICs. ‘

    Do we know if Tortured had any investment accounts with US source income? Or, were these investments like GICs?

    In any case, it’s very concerning, but I don’t think it ‘s new that banks are asking questions about this. I seem to recall Tiger may have been asked about US citizenship in the past, but there have been no moves to freeze her accounts.

    Like WhiteKat, I would be interested to know how Tortured’s bank learned she was born in US. Do we know if she is a Canadian citizen?

    1. calgary411

      No other information — and we need those details. I hope we hear back from Tortured today. Arrow is on standby to write about this.
      … threatened to put a freeze on a Canadian RRSP too. Thanks for the additional information on this re Johnnb and Tiger.

      On one hand, there does need to be warning when someone is trying to open a Canadian registered account considered a “foreign trust” by the US, a different investment might be a better choice. Something like full disclosure.

      Denying a US Person in Canada (or any other country) being able to open a joint investment with a Canadian spouse because of country of birth and then threatening a freeze on an RRSP for the same reason is crossing the line.

  5. Blaze Post author

    Thanks Sally. To start a thread, you need to be approved as an author. I have asked Outraged if she can do that for you. She has not been active here for a while, but I hope she will be back soon.

    We all know reciprocity is not likely to happen, especially in Florida, Texas and Delaware. Banking associations in Florida and Texas have already launched lawsuits.

    I wish banking associations in Canada and the rest of the world would do the same.


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