General Discussion
In reply to the discussion: If you know any American persons living in another country than America than please let them know [View all]riverbendviewgal
(4,252 posts)They do not want to be a US citizen when the US government will get the foreign banks they bank and invest in report to the government directly ...or if they are not allowed they kick off these people who lived and banked for decades off accounts, as well as their non American spouses who share an account with the.
All countries in the world have resident based taxation...The American government and Eritrea has citizen based taxation. This was never an issue until 2009...but now there is a financial crises in America and small minnows are easier to catch...90 percent don't own anything to the IRS but now they will be penalize $10,000 per income tax return year not filed. Some have not filed for decades.
Switzerland is kicking off Americans off accounts, UNLESS , they have over a Million dollars in their accounts. Americans who worked there for decades and became Swiss citizens are losing their jobs and their mortgages
read this and check out the whole blog.
http://www.iexpats.com/rolled-back-deadline-of-fatca-gives-critics-hope/
Mainly from two sources. First, foreign governments that are afraid to defy the US or have deluded themselves into thinking that FATCA compliance, if it were mutual (which it wont be), would lead to a bonanza of tax revenues, also a pipe dream. Second, the people who would be the only real beneficiaries of FATCA: the so-called FATCA Compliance Complex (FCC) of tax lawyers,
accountants, and software and technology firms, who hope to make a fortune selling compliance to FFIs.
This is a very extensive blog.
that will help people understand.
http://isaacbrocksociety.ca/2011/12/14/about-the-isaac-brock-society/