FATCA World News

There has been FATCA News from various countries recently. globe taxes
Cayman Islands signed an IGA.
Costa Rica signed an IGA.
France signed an IGA.
New Zealand has unveiled enabling legislation for a FATCA IGA.
Here is Victoria’s assessment of the Model 1 IGA with France.
And here is Victoria’s assessment of the Model 2 IGA with Japan.
As for Canada? Flaherty’s office continues to use the “S” word (Soon). Just yesterday, one of his staff again told me me we should know “soon” the results of the negotiations with US. I pointed out to him that Flaherty has been saying “soon” for 27 months.
This may be why we don’t know more. The real plan is Canada is set to merge with US to become United States of Americanada.  The good news should be if we are one country, our accounts that are in banks down the street from us will no longer be “offshore” or “foreign.”
But, wait!  IRS isn’t ready for FATCA!
So, could a Republicans Abroad proposed resolution to repeal FATCA succeed at the  Republican National Convention and then proceed on to Congress?
 
 
 
 
 

18 thoughts on “FATCA World News

  1. I swear next time I visit Washington Im going to take a nice hefty dump on the front steps of Jack Lews house. Watch me.

  2. @Beth: Don’t get arrested!
    I’m playing it safer. I won’t travel to Washington. Or anywhere else in US after my elderly mother’s death.

  3. William Douglas (the same writer who wrote at article about FATCA and renunciations last week) is reporting on the Republican National Committee’s draft resolution to repeal FATCA
    http://www.mcclatchydc.com/2013/12/06/210878/rnc-members-tackle-fatca.html
    In my post, I said this proposal was from Republicans Abroad. It appears that it is from some members of the Republican National Committee.
    A member of the RNC from Oregon said:
    “It’s an intrusion for Americans overseas,” Yue said. “It places an undue burden on them. They’re being treated like criminals before they are convicted.”
    He also says:
    Yue’s draft resolution charges that FATCA has “inadvertently ensnared every United States citizen living overseas due to its overzealous invasion of privacy and punitive taxation and enforcement.”
    Yep. It also ensnares former US citizens, “Accidental Americans, Canadian snowbirds and Green Card Holders.

  4. Yikes! China ready to talk FATCA with US.
    This article begins by saying China is rumoured to be ready to sign a controversial FATCA tax treaty.
    I notice, however, the publication and author is the same who predicted recently that Canada will just change its constitution for FATCA. He is a UK citizen who works in Dubai, so I don’t think he would have any memory or knowledge of Meech Lake or what happened the last time Canadian politicians tried to change the constitution.
    So, I don’t put much stock in his prediction for China either. He does, however, quote someone from Deloitte.

  5. Hm, I was trying to do a bit of quick research in this Jim Atkins from iexpats.com a bit. Zoominfo reports his past experience as including the Toronto Star. When I checked into that, the Jim Atkins from the Star was a completely different person. I don’t put too much faith in zoominfo, tho. That name seems to be a fairly common one, so I haven’t got too far in figuring out his background and how much weight we should give his opinion. From his very short bio on iexpats, it doesn’t appear that he has any particular expertise; he says he’s “writing and blogging about stuff what I find interesting and it happens to be related to being an expat”

  6. US is warning “tax evaders everywhere international support for FATCA is growing.
    Six countries signed an IGA this week. Well, actually three countries and three UK dependencies.
    http://www.accountingtoday.com/news/US-Signs-FATCA-Pacts-Malta-Netherlands-Bermuda-Jersey-Guernsey-Isle-of-Man-69035-1.html
    Meanwhile, folks in high tax states in US are moving billions of dollars of assets to no-tax states like Nevada, Delaware and Alaska.
    http://www.bloomberg.com/news/2013-12-18/wealthy-n-y-residents-escape-tax-with-trusts-in-nevada.html

  7. I noticed my last update in this thread was February 3–two days before Canada announced it had caved to FATCA.
    I hope you can understand I have been consumed with other things and have not been keeping this or many other threads up to date. However, there has been a lot happening.
    Here are just a few of the developments.
    INDIA http://economictimes.indiatimes.com/news/economy/finance/india-concludes-pact-with-us-on-tax-evasion-under-fatca/articleshow/34079073.cms
    AUSTRALIA  http://www.financialstandard.com.au/news/view/39741851
    JAMAICA http://www.stabroeknews.com/2014/news/regional/04/25/jamaica-final-stage-implement-fatca/
    PHILIPPINES http://www.bworldonline.com/content.php?section=TopStory&title=FATCA-deal-needs-DFA-okay&id=86277
    ITALY http://www.tax-news.com/news/Italy_Consults_On_FATCA_Agreement_With_US____64492.html
    BAHAMAS http://www.eleutheranews.com/permalink/3987.html
    BELGIUM http://en.cihan.com.tr/news/Belgium-U-S-sign-agreement-on-tax-compliance_3129-CHMTQxMzEyOS80
    KUWAIT http://www.tax-news.com/news/Kuwait_Prepares_To_Sign_FATCA_IGA____64337.html
    LEBANON http://www.cpifinancial.net/news/post/26309/lebanons-creditbank-introduces-capital-compliance-fatca-module
    SUDAN http://www.sudantribune.com/spip.php?article50514
    The list goes on,  but you get the point.
    The one really intriguing one is Russia. http://www.reuters.com/article/2014/04/29/us-ukraine-crisis-usa-facta-idUSBREA3S16220140429
    Russia now wants a deal. Levin and some members of US Congress are saying no and insisting:

    “FATCA sanctions provide a powerful, non-military option…“

    To us, that is nothing new.  I think that was the real intent of FATCA all along. For the US to use FATCA as a means of controlling people, countries and financial institutions around the world.
    US doesn`t need to bother with military invasion of countries when they can simply control the world with FATCA. And governments around the world have fallen for it.
    JustMe called FATCA for what it is two years ago Twitter!
    Marvin Van Horn @FATCA_Fallout 15 Jul 2012
    You could call #FATCA the new WMD, or Weapon of Money Destruction.

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