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Showing Original Post only (View all)If you know any American persons living in another country than America than please let them know [View all]
about this. Those that are snowbirds and green card holders, current and those that are no longer using them, need to read this as well. Non American spouses married to Americans living abroad and children of Americans living abroad do need to be aware as well. There are so many that are not even aware of this draconian thing that will happen to them. Pass it on.
http://thehill.com/blogs/congress-blog/foreign-policy/313775-fatca-simple-premise-gone-terribly-wrong#more-blogs
Yet, FATCA is a nightmare for "U.S. persons" living in countries outside the United States. In 2009, President Obama clearly stated this law "would require overseas banks to provide 1099s for their American clients, just like Americans have to do for their bank accounts in this country."
"If (financial institutions) dont cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," Obama insisted.
Now, the U.S. Treasury expects banks in every country worldwide to report funds held by "U.S. persons" (not all are U.S. citizens) beginning in 2015. If they do not, foreign financial institutions (FFIs) face huge financial penalties and sanctions.
Read more: http://thehill.com/blogs/congress-blog/foreign-policy/313775-fatca-simple-premise-gone-terribly-wrong#more-blogs#ixzz2aO4APnYC
"If (financial institutions) dont cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," Obama insisted.
Now, the U.S. Treasury expects banks in every country worldwide to report funds held by "U.S. persons" (not all are U.S. citizens) beginning in 2015. If they do not, foreign financial institutions (FFIs) face huge financial penalties and sanctions.
Read more: http://thehill.com/blogs/congress-blog/foreign-policy/313775-fatca-simple-premise-gone-terribly-wrong#more-blogs#ixzz2aO4APnYC
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If you know any American persons living in another country than America than please let them know [View all]
riverbendviewgal
Jul 2013
OP
Indeed. My sis in law and my nephews went to Ireland. They are now Irish citizens!
SugarShack
Jul 2013
#53
Exactly. People have no inkling how many people this impacts who have no US interests
NoOneMan
Jul 2013
#22
i'd like to see some support for the proposition that you can renounce your citizenship & still
HiPointDem
Jul 2013
#25
us has the banks where you have accounts report for 10 years after you renounce
riverbendviewgal
Jul 2013
#38
If they earn the income in this country, they pay the taxes to this country.
Common Sense Party
Jul 2013
#51
First off, it'd be fine with me if the US tax system wasn't broke in the first place
NoOneMan
Jul 2013
#15
There are many treaties that prevent double taxation of people who are citizens of one country but
pampango
Jul 2013
#20
I know people who are Americans living abroad and they only wind up paying US taxes on
Bluenorthwest
Jul 2013
#37
Here is a letter from Rand Paul and others that will interest you. to Geithner
riverbendviewgal
Jul 2013
#61
an established bona fide non-resident U.S. Citizen is exempt from about the first $94,000 - annually
Douglas Carpenter
Jul 2013
#46
The thing is that FATCA is a money maker...and taking from the easiest and those not the one percent
riverbendviewgal
Jul 2013
#57
There’s no way anyone can put enough lipstick on this pig to make it kissable.
riverbendviewgal
Jul 2013
#59