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Sat Nov 30, 2013, 04:23 AM

Cayman Islands and Costa Rica agree to share bank account details with US

Source: Reuters

The alleged tax havens have signed agreements with the United States to tell the IRS about funds held offshore by Americans

The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries' banks comply with an anti-tax evasion law starting next year, the Treasury Department said on Friday.

The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans' offshore accounts worth more than $50,000. It was enacted after a Swiss banking scandal showed that 17,000 US taxpayers had hidden substantial fortunes overseas. On Thursday a former UBS banker, Raoul Weil, agreed to be extradited to the US to face charges arising from that scandal.

With these two deals, both signed this week, the Treasury has now finished 12 FATCA "intergovernmental agreements" (IGAs), which help countries' financial institutions comply with the law.

The FATCA agreement with the Cayman Islands was initially agreed to in August. The island territory of 53,000 people has no income tax and is frequently labelled as a tax haven by critics. It is one of the world's most popular destinations for investment funds to organise for tax purposes.


Read more: http://www.theguardian.com/world/2013/nov/29/cayman-costa-rica-us-tax

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Arrow 31 replies Author Time Post
Reply Cayman Islands and Costa Rica agree to share bank account details with US (Original post)
jakeXT Nov 2013 OP
The Wielding Truth Nov 2013 #1
FarPoint Nov 2013 #9
yurbud Nov 2013 #2
tomm2thumbs Nov 2013 #3
mdbl Nov 2013 #4
Berlum Nov 2013 #5
watoos Nov 2013 #6
KansDem Nov 2013 #7
bearssoapbox Nov 2013 #8
FraDon Nov 2013 #11
valerief Nov 2013 #12
The Wizard Nov 2013 #10
oberliner Nov 2013 #13
Dustlawyer Nov 2013 #14
riverbendviewgal Nov 2013 #15
pnwmom Nov 2013 #19
riverbendviewgal Nov 2013 #20
pnwmom Nov 2013 #23
riverbendviewgal Dec 2013 #28
pnwmom Dec 2013 #31
Posteritatis Dec 2013 #24
Posteritatis Dec 2013 #26
Deny and Shred Nov 2013 #16
ReRe Nov 2013 #17
Posteritatis Dec 2013 #25
Duer 157099 Nov 2013 #18
riverbendviewgal Nov 2013 #21
Major Hogwash Nov 2013 #22
defacto7 Dec 2013 #27
riverbendviewgal Dec 2013 #29
annabanana Dec 2013 #30

Response to jakeXT (Original post)

Sat Nov 30, 2013, 04:35 AM

1. Alright! Look out Mitt'ster and other rich crooks.

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Response to The Wielding Truth (Reply #1)

Sat Nov 30, 2013, 09:28 AM

9. Will there be a papertrail?

I'm sensing the offending corporate tax evaders have moved money elsewhere....now that they know they can be reviewed.

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 04:37 AM

2. that's good news. Let's hope they DO SOMETHING with that information when they get it

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 06:25 AM

3. Taking effect in 2014 -- wondering if it'll be delayed from there

Sorry I sound jaded. I'll cheer if something changes and put my optimistic hat on just in case.

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Response to tomm2thumbs (Reply #3)

Sat Nov 30, 2013, 06:42 AM

4. If the house keeps all their whackadoodle teabaggers...

nothing will happen cause they love people with big money, no matter how they made it. We can add the right wing of the supreme court to that list while we're at it.

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 08:03 AM

5. "Oh shit. Nooooooooooo." - Republicons (R - 1%)

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 08:42 AM

6. My guess is that they have already moved their money somewhere else.

 

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Response to watoos (Reply #6)

Sat Nov 30, 2013, 09:00 AM

7. I wondered the same thing

The One Percenters would not let this happen if they hadn't already made other arrangements...

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Response to watoos (Reply #6)

Sat Nov 30, 2013, 09:09 AM

8. That was my thought too.

And where will the new 'tax havens' be?

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Response to bearssoapbox (Reply #8)

Sat Nov 30, 2013, 09:58 AM

11. bitcoins ~~~ safely poching in mirrored servers

on the far-side of the moon

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Response to watoos (Reply #6)

Sat Nov 30, 2013, 10:05 AM

12. Of course. I wonder where. nt

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 09:57 AM

10. And the legislators have probably

already moved their ill gotten gains to other tax havens like Lichtenstein or Dubai.

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 10:14 AM

13. Changes nothing

 

Where there is a will, there is a way.

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 10:16 AM

14. I know of a certain Judge who's name I would like to look for on the list!

I am confused, why would the Plutocracy allow this unless they want to knock some competition back!

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 12:09 PM

15. the rich Americans will not be affected

They have lawyers and tax accountants. Mitt Romney paid NO taxes for 10 years. That is why he did not want to show his taxes.
What FATCA will do is surge upward the renouncements and relinquisments of US dual citizens living all over the world. Most people don't go live in a country because of low taxes. They live for love of a person or the country. Filing US taxes cost thousands of dollars PER year now, even if one owes Nothing to the USA.
People will be giving back their green cards and many will be forgoing emigrating to the USA now the FATCA is law.
There is a growing boycott of not visiting the USA and investing in the USA. You run the risk of becoming a US person for life and having the IRS acess to your bank accounts forever.

There are 195 countries in the world 2 are citizen based , USA and Eritrea.
The rest are resident based. Resident based countries do not have their citizens file taxes if their money and investments are nit earned outside where they live.
There are only about 12 countries so far that have signed on to FATCA. All 194 are due at the end of the year to sign FATCA . Ha!
Reciprocity is promised in this law but this will not be kept. House Rep Posey wrote July 1, 2013 to Treasury that there will be no reciprocity. Congress Republicans refuse to have American banks report on foreign customers' accounts to those customers' countries governments for tax purposes.
The US A has its own tax evading post office box offices for those to protect and tax evade in the states of Delaware, Nevada and Wyoming. Lobbyists in the USA are ensuring there is no reciprocity. This will definitely give the USA a bad reputation, not keepung its agreements.

FATCA is a bad law and makes the USA a bully. Canada has not signed on as yet. Over 4 million Canadians will be affected. They do not want the IRS having access to their bank accounts. Protests are increasing.This law is going to cost millions of dollars for each bank to implement. All Canadians will end up paying for it, as citizens in other world countries. Some countries like Switzerland are closing americsn persons accounts, firing them from swiss jobs and canceling mortgages iii.

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Response to riverbendviewgal (Reply #15)

Sat Nov 30, 2013, 07:33 PM

19. People won't visit the US because they don't want to "run the risk of

becoming a US person for life"?

Saying something this odd makes the whole rest of your post suspect.

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Response to pnwmom (Reply #19)

Sat Nov 30, 2013, 09:42 PM

20. If you overstay your time in the usa

you have to pay income taxes.....

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Response to riverbendviewgal (Reply #20)

Sat Nov 30, 2013, 11:54 PM

23. Then don't overstay a visa. But even if someone did, that wouldn't

make him a "US person for life."

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Response to pnwmom (Reply #23)

Sun Dec 1, 2013, 10:51 AM

28. if you have a green card

And do not turn it when you back to your home country you are chained to the USA and must file us taxes for life until you get the U R S off you back. Has happened to Canadians.

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Response to riverbendviewgal (Reply #28)

Sun Dec 1, 2013, 11:48 AM

31. There is a simple solution. Don't get a green card.

Or if you do, turn it in when you go back to your home country.

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Response to riverbendviewgal (Reply #15)

Sun Dec 1, 2013, 12:34 AM

24. There's no way Harper won't bend over backwards to accommodate it, sadly. (nt)

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Response to riverbendviewgal (Reply #15)

Sun Dec 1, 2013, 12:45 AM

26. Also, I'm one of the affected parties

I was born very premature in the US unexpectedly, and was only in the country as an infant for long enough to be reasonably sure I wasn't going to die; didn't celebrate a single birthday there. The wording of the law means I couldn't even head over to a nearby consulate and formally renounce my citizenship, as they'd still be claiming permanent access to my finances if I did that.

I am, of course, deeply thrilled at the likelihood that the prime minister will be all over the idea, given his fetish for doing anything Washington asks without question.

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 06:21 PM

16. The justice will be applied selectively

Tax evasion could be a trump card, alas,

I expected some names to come out back then - yet only the whistleblower went to jail.

http://dissidentvoice.org/2010/04/imprisoning-a-courageous-whistleblower-the-case-of-bradley-birkenfeld/

I'd expect a Spitzer-style laser focus on only a select few, and thousands of others to dance between the raindrops.

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 06:35 PM

17. Next year? Next year??????

This just gives the 1%ers a one year heads-up to move their money out. Should be retroactive!

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Response to ReRe (Reply #17)

Sun Dec 1, 2013, 12:37 AM

25. Yeah, who needs the constitution? (nt)

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Response to jakeXT (Original post)

Sat Nov 30, 2013, 06:47 PM

18. Seriously? They go that far and then leave the last "T" off?

FATCA??

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Response to jakeXT (Original post)


Response to jakeXT (Original post)

Sat Nov 30, 2013, 10:39 PM

22. This is great news!!!

I wonder how much Rethuglican party money is stashed in the banks down in the Caymen Islands.

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Response to jakeXT (Original post)

Sun Dec 1, 2013, 01:08 AM

27. Smoke screen and mirrors....

This is only dangerous for the semi-wealthy not the fat cats.

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Response to jakeXT (Original post)

Sun Dec 1, 2013, 10:57 AM

29. read Robert Morse's essay

FATCA And The New Birth of An American Empire. You can buy it on Amazon. Takes a little over an hour to read. Shocking!!!! Yes indeed.



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Response to jakeXT (Original post)

Sun Dec 1, 2013, 11:10 AM

30. kicking and looking for that other FATCA thread . . . n/t

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