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Fri Aug 16, 2013, 04:07 PM

Whoa Nellie !.. Caymans will now report to IRS on accounts owned by Americans

http://www.washingtonpost.com/world/the_americas/cayman-islands-us-conclude-talks-on-pacts-aimed-at-uncovering-americans-overseas-assets/2013/08/15/82e898dc-05d5-11e3-bfc5-406b928603b2_story.html



Cayman Islands, US reach agreement on reporting Americans’ assets in Caribbean territory

By Associated Press, Published: August 15

KINGSTON, Jamaica — The Cayman Islands says it has reached agreement with the United States to provide information on accounts held by American citizens to comply with a sweeping U.S. law designed to combat tax evasion. The British Caribbean territory, considered the world’s sixth largest financial center and a major haven for mutual funds and private equity, said the texts of the new pacts will be made public once an official signing ceremony is held.


Steven Pearlstein 8:56 AM ET

The Cayman government said the pacts are tied to a U.S. law called the Foreign Account Tax Compliance Act, which was enacted in 2010 and expected to take effect next year. The law targets non-tax compliance by U.S. citizens with foreign accounts around the globe, and Washington is pressing nations to provide client data.

Financial Services Minister Wayne Panton said in a Tuesday statement that the agreements illustrate the tiny three-island territory’s “commitment to engage in globally accepted tax and transparency initiatives.” The islands plan further talks with Britain’s government to finalize terms of a similar information-sharing arrangement for British citizens. There is nothing illegal about U.S. citizens opening bank accounts and trusts in places like the Cayman Islands or Switzerland, but some people illegally use them to hide money and avoid taxes at home.

Such overseas accounts have come under a crush of scrutiny in recent years, and offshore financial centers like the Cayman Islands and British Virgin Islands have scrambled to sign new international tax treaties and defend their financial sectors. Zero direct taxation and friendly regulations have helped the Cayman Islands lure global money in recent decades and dramatically transform its economy from one based on seafaring, fishing and rope making to one built on financial services and tourism.

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39 replies, 3859 views

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Reply Whoa Nellie !.. Caymans will now report to IRS on accounts owned by Americans (Original post)
SoCalDem Aug 2013 OP
kentuck Aug 2013 #1
MineralMan Aug 2013 #2
msongs Aug 2013 #3
ecstatic Aug 2013 #4
NV Whino Aug 2013 #5
FiveGoodMen Aug 2013 #6
Isoldeblue Aug 2013 #8
valerief Aug 2013 #16
JoePhilly Aug 2013 #20
SummerSnow Aug 2013 #7
lastlib Aug 2013 #14
A Simple Game Aug 2013 #9
JDPriestly Aug 2013 #29
Iliyah Aug 2013 #10
Divernan Aug 2013 #11
FSogol Aug 2013 #12
pampango Aug 2013 #13
freshwest Aug 2013 #31
Frustratedlady Aug 2013 #15
Ed Suspicious Aug 2013 #18
Ed Suspicious Aug 2013 #17
stevenleser Aug 2013 #23
Ed Suspicious Aug 2013 #26
Half-Century Man Aug 2013 #19
adieu Aug 2013 #21
stevenleser Aug 2013 #24
Iggo Aug 2013 #22
Chemisse Aug 2013 #25
juxtaposed Aug 2013 #27
Iliyah Aug 2013 #28
mick063 Aug 2013 #30
bhikkhu Aug 2013 #32
Enthusiast Aug 2013 #33
Are_grits_groceries Aug 2013 #34
magical thyme Aug 2013 #35
BumRushDaShow Aug 2013 #36
magical thyme Aug 2013 #37
Egalitarian Thug Aug 2013 #38
mnhtnbb Aug 2013 #39

Response to SoCalDem (Original post)

Fri Aug 16, 2013, 04:09 PM

1. Well, that should have a real positive effect on Wall Street...

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 04:09 PM

2. That's gonna sting a bit...

Wire transfer orders are on their way as I write, no doubt.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 04:13 PM

3. so will this be considered spying on americans too? nt

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 04:13 PM

4. Paging Rmoney...



Finally, a slap in the face to the 1%. It's about time.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 04:26 PM

5. Reporting is one thing

The real question is, what will the IRS do with the information?

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Response to NV Whino (Reply #5)

Fri Aug 16, 2013, 04:34 PM

6. Yup. They may just sit on the info for the sake of their 1% friends.

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Response to NV Whino (Reply #5)

Fri Aug 16, 2013, 05:05 PM

8. I would think that whoever is behind this

would want that information, so that they could stop these crooks from not paying their just due on taxes. Otherwise, why bother?

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Response to NV Whino (Reply #5)

Fri Aug 16, 2013, 06:26 PM

16. Protect it. nt

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Response to NV Whino (Reply #5)

Fri Aug 16, 2013, 06:34 PM

20. You are right, we should have skipped doing anything.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 04:45 PM

7. Mitt...are you listening?

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Response to SummerSnow (Reply #7)

Fri Aug 16, 2013, 06:13 PM

14. youbetcherass, he's all ears on this!

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 05:16 PM

9. So now that I know American corporations are people, are they also American citizens? n/t

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Response to A Simple Game (Reply #9)

Fri Aug 16, 2013, 07:12 PM

29. You should start a separate thread with that question.

Interesting topic.

Seems to me that any company buying ad time to place an ad related to American political decisions or issues or campaigns should be an American citizen. Otherwise, we are encouraging foreigners who are not allowed to donate directly to candidates (or at least weren't in the past) to donate indirectly.

That is an interesting topic. I'd like to see what people say.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 05:23 PM

10. Errrrr, transfers imminent

to another location where that gawd damn IRS can't touchy feely their hard earned money!

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 05:27 PM

11. "(T)exts of the new pacts will be made public once an official signing ceremony is held."

Strongly predict the changes will NOT be retroactive, and/or there will be a window of time to allow transfers - either out of the Cayman banks or to dummy foreign corporations to hide true ownership.

Full disclosure: I have no $$$ squirreled away on Grand Cayman, but had a wonderful scuba diving trip there a few years back, and recommend:
a great place to stay - Cobalt Coast resort. It's on the far end of the island, away from the Miami Beach high rise hotels/crowds on 7 mile beach, and the thousands of day trippers from the monster cruise ships. My favorite thing was late night relaxing in the hot tub with the sound of the surf & a magnificent view of the ocean and stars and not a single electric light in sight.
http://www.cobaltcoast.com/;

to eat, the Lighthouse Restaurant. Again WAY out of capitol city of Georgetown (need a rental car to get there), but the most beautiful ocean front restaurant I've been to in all my diving adventures. Great Italian menu, with a dining pier extending way out into the ocean. Get there about an hour before sunset and r-e-l-a-x.
http://www.caymanonline.com/lighthouse/index.shtml;

and to visit,
(1)Queen Elizabeth II Botanic Park.
24 hectares/59 acres of rugged woodland, with a walking path winding through wetland, swamp, dry thicket, mahogany-tree stands, and patches of orchids and bromeliads. There's also recreated traditional Cayman home, garden and farm; a floral garden with flowering plants, and a lake with three islands, home to many native birds.
http://www.botanic-park.ky/.
and (2) Pedro St. James National Historic Site. Really gives you the history of the island/that part of the Caribbean with a "multi-sensory" 3D theatre (indoor rain storm, lightning and thunder) and a restored Great House dating back to 1780.
http://www.pedrostjames.ky/

I had a wonderful time there, back before 2008, when my retirement savings largely vanished (thanks W!), and scuba diving became a luxury I could no longer afford.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 05:35 PM

13. Surprise! Surprise! This did nor occur during a republican administration.

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Response to pampango (Reply #13)

Sat Aug 17, 2013, 01:50 AM

31. haha!!

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 06:25 PM

15. Did the Americans have time to pull/move their funds?

Or does this include exposure to previous and present accounts? It seems the culprits always have fair warning so they can avoid prosecution and/or IRS scrutiny.

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Response to Frustratedlady (Reply #15)

Fri Aug 16, 2013, 06:31 PM

18. "enacted in 2010 and expected to take effect next year"

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 06:31 PM

17. "enacted in 2010 and expected to take effect next year" So they had a nice

4/5 year window to get their money to some other more obscure tax free haven.

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Response to Ed Suspicious (Reply #17)

Fri Aug 16, 2013, 06:40 PM

23. Like where? There aren't many left. Most are negotiating with the US to do the same thing. nt

 

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Response to stevenleser (Reply #23)

Fri Aug 16, 2013, 06:43 PM

26. I don't know. I don't play in that pool so I guess I was just being hyperbolic trying to stir shit

up.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 06:33 PM

19. BWAHAHAHAHAHAHAHAHAHAHA

Look I see the sun. I think it's turning into a wonderful day.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 06:34 PM

21. How many more countries

 

will fall in line before there's no place to hide your stash of money?

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Response to adieu (Reply #21)

Fri Aug 16, 2013, 06:41 PM

24. It's pretty close to over now. nt

 

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 06:35 PM

22. "Now" now?

Or will there be a grace period so the rich fucks can hide their money somewhere else?

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 06:41 PM

25. Ouch!

That is going to hurt if I ever get filthy rich and want to hide all my money.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 07:01 PM

27. I remember the day I landed, going to the bank and seeing a 14 yr old kid counting out $12K cash...

 

As everyone knows on island I knew everyone. I worked for Barkley, and every other hell hole.
Life was good, I every week got payed in cash! The Caymans have a lot of Americans that are hiding from the irs!!!!!!!!!

This is a hole that all else is allowed.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 07:04 PM

28. If Mittens can install car elevators

in each mansion then shit he and the other 1%ers can secretively install their own gawd damn vaults.

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Response to SoCalDem (Original post)

Fri Aug 16, 2013, 07:36 PM

30. The best news I have heard in a long, long time.

 

Honestly, I'm grinning right now.

This goes.a long way toward restoring my faith.

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Response to SoCalDem (Original post)

Sat Aug 17, 2013, 02:12 AM

32. Great news! First the Swiss banks, now the Caymans...

not that the worst of those guys won't be able to shuffle their money itno some other dark corner, but the harder we can make it the better. Closing down tax evasion is one essential way to close the income inequality gap.

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Response to SoCalDem (Original post)

Sat Aug 17, 2013, 09:24 AM

33. It will never happen.

The wealthy powerful will never allow this because they are, well, er, wealthy and powerful.

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Response to SoCalDem (Original post)

Sat Aug 17, 2013, 09:43 AM

34. That money was probably gone before the news broke! nt

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Response to Are_grits_groceries (Reply #34)

Sat Aug 17, 2013, 10:00 AM

35. ^^^this. a 4 year window to make alternate arrangements.

 

And don't think Mittens will be impacted. His money is hidden in shell corporations.

This will only get the small fry too stoopid to come up with quasi-legal hiding of money.

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Response to magical thyme (Reply #35)

Sat Aug 17, 2013, 10:11 AM

36. Fewer and fewer places for them to flee to though

other than Asia due to Europe's crackdown. Singapore is probably going to be the hotbed of financial largess.

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Response to BumRushDaShow (Reply #36)

Sat Aug 17, 2013, 10:13 AM

37. fewer places that we know about, anyway...

 

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Response to Are_grits_groceries (Reply #34)

Sat Aug 17, 2013, 10:14 AM

38. The Caymans were the '80s. Still, feeling good is better than feeling helpless. n/t

 

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Response to SoCalDem (Original post)

Sat Aug 17, 2013, 10:23 AM

39. This is great! We were on The Nation (magazine) cruise last December when Code Pink founders

Medea Benjamin and Jodie Evans (who were speakers for our event) organized
an action in protest of all the offshored money on the day the ship was docked in Grand Cayman.

Check it out:




and a youtube video of the event:

http://codepink.org/blog/2012/12/americans-on-cayman-islands-protest-us-corporate-tax-evaders/



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