Posted on 07/17/2013 12:33:53 PM PDT by Errant
The Foreign Account Tax Compliance Act, or Fatca, is forcing millions of Americans living abroad to reconsider their U.S. citizenship, a lawyer, Colleen Graffy, writes in the Wall Street Journal.
"The legislation is Fatca, the Foreign Account Tax Compliance Act. To appreciate its breathtaking scope along with America's unique "citizen-based" tax practices, imagine this: You were born in California, moved to New York for education or work, fell in love, married and had children. Even though you have faithfully paid taxes in New York and haven't lived in California for 25 years, suppose California law required that you also file your taxes there because you were born there. Though you may never have held a bank account in California, you must report all of your financial holdings to the State of California. Are you a signatory on your spouse's account? Then you must declare his bank accounts too. Your children, now adults, have never been west of the Mississippi but they too must file their taxes in both California and New York and report any bank accounts they or their spouses may have because they are considered Californians by virtue of one parent's birthplace," Graffy explains.
"Extrapolate that example to the six million U.S. citizens living around the globe. Many, if not most, don't know about these requirements. Yet they face fines, penalties and interest for not complying—even if they owe no U.S. taxes, own no U.S. property, have no U.S. bank account and haven't lived there in years—if ever.
(Excerpt) Read more at weeklystandard.com ...
If you bank abroad at a CitiBank, Barclay's or whatever, then you have a problem. If you bank at Hay River Provincial or Shonan Ginko, then the bank is under no obligation to tattle.
My son lives in London and pays US income taxes and British income taxes. In order to figure it out, he has to have an accountant, which he does.
I had always assumed that Janis wrote the song herself.
It's past time to put a stop to this kind of tyranny over individuals! Our leaders in DC are fast making it better to be a wetback from Mexico than a multi-generation American; twelve generations in my case, and native American genes as well.
Another "freedom" song I really liked back then: "LOBO- " ME AND YOU AND A DOG NAMED BOO"
I always liked “Sunshine” ...”And he can’t even run his own life..I’ll be damned if he’ll run mine.”
I liked that one too.
Because I am a US Person, my account at a UK brokerage firm was ejected. I was able to find another UK brokerage firm to accept my account but subsequently it too was ejected when they ejected the accounts of all US Persons.
Happily, I found that Swissquote.ch accepts the accounts of US Persons.
I deal with this as an accidental US citizens (born in Israel, served Israeli military, came to US for one year of HS (basically so my English would not suck in college), went to college here), worked most of my adult life in Israel, and came here really because my wife is a US citizen and needs to finish her medical studies (although she went to med school in Israel).
When I leave, I will simply ignore the US tax requirements.
Israel has laws saying it will disregard this crap for Israeli citizens.
But if you ever came back (and with today’s tech, they will know if you do and owe), might just be IRS waiting for you when your plane lands. Seems to me the IRS might even have offices onsite at all international airports for just such purposes.
What about starting a overseas company or corporation? Would the local banks be more receptive to opening an account for said business if the owners just happen to be US Citizens?
“Only the lonely...” ;)
“freedom’s just another word for nothing left to lose” - kris kristofferson
Written by kris kristofferson....
Yes
Do what I did in February of thd year...sold everything, packed my 2 dogs, 7 suitcases and my hubby...bought a furnished house in San Juan del Sur Nicaragua...
Cheap to live here....
What’s life like there???
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