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Showing Original Post only (View all)Whoa Nellie !.. Caymans will now report to IRS on accounts owned by Americans [View all]
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.htmlCayman 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 worlds 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 territorys commitment to engage in globally accepted tax and transparency initiatives. The islands plan further talks with Britains 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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Whoa Nellie !.. Caymans will now report to IRS on accounts owned by Americans [View all]
SoCalDem
Aug 2013
OP
So now that I know American corporations are people, are they also American citizens? n/t
A Simple Game
Aug 2013
#9
"(T)exts of the new pacts will be made public once an official signing ceremony is held."
Divernan
Aug 2013
#11
Maybe my Cayman Island Proposals are starting to gain traction with the administration!
FSogol
Aug 2013
#12
"enacted in 2010 and expected to take effect next year" So they had a nice
Ed Suspicious
Aug 2013
#17
Like where? There aren't many left. Most are negotiating with the US to do the same thing. nt
stevenleser
Aug 2013
#23
I don't know. I don't play in that pool so I guess I was just being hyperbolic trying to stir shit
Ed Suspicious
Aug 2013
#26
I remember the day I landed, going to the bank and seeing a 14 yr old kid counting out $12K cash...
juxtaposed
Aug 2013
#27
The Caymans were the '80s. Still, feeling good is better than feeling helpless. n/t
Egalitarian Thug
Aug 2013
#38