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The IRS Wants to Know About Your Gifts from Foreign Sources - MS Estate Planning

The IRS Wants to Know About Your Gifts from Foreign Sources  - MS Estate Planning | FATCA | Scoop.it
With the sharp eyes of the IRS abroad and looming FATCA compliance, foreign bank accounts are less secret than they used to be. Income from abroad is taxable and you must report your foreign bank accounts.
Investors Europe Stock Brokers's insight:

Welcome to Investors Europe Mauritius Stock Brokers
http://www.investorseurope.net/offshoretraderdemo.html
http://www.investorseurope.net/en/managing-director 
http://www.investorseurope.net/en/nominee-accounts

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FATCA
Foreign Account Tax Compliance Act FATCA
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Authentic Client Statement: 'Thank you very much for your unparalleled service level.' @investorseurope stock brokers

Authentic Client Statement: 'Thank you very much for your unparalleled service level.' @investorseurope stock brokers | FATCA | Scoop.it
Investors Europe Stock Brokers's insight:

Investors Europe is a Mauritius execution-only stock broker providing institutions, professionals and individuals online trading acess to global stock markets via the privacy of nominee trading accounts. The Investors Europe Group of companies was founded in the EU in 2001, in the Jurisdiction of Gibraltar, and expanded the scope of its activities to Mauritius in January 2013 when it was Licensed by the Mauritius Financial Services Commission.

By design, Investors Europe is an execution-only stock broker so that it can never have a conflict of interest with its clients. It thereby offers the very highest levels of client protection possible because, in addition, it holds MiFID designated client portfolios in segregated, individually margined trading accounts in the UK rather than in the euro area. The Board of Directors of Investors Europe believes that the UK offers the highest levels of overall protection to underlying clients under the UK's Investor Protection Scheme than would be the case with euro area countries, post Cyprus. When this advantage is allied to  nominee trading accounts, it is a winner for all our clients.

Simply put, the company believes that its regulatory model is a regulatory benchmark for the protection of clients because there cannever be a conflict between its own interests and those of  its clients.


U.S. Persons : Products and Services not available to you

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68% of American Expatriates have considered giving up their U.S. citizenship as a result of the Foreign Account Tax Compliance Act (FATCA)

68% of American Expatriates have considered giving up their U.S. citizenship as a result of FATCA http://t.co/LgL63pLO5G
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Vatican Bank Joins FATCA @investorseurope Mauritius stock brokers

Vatican Bank Joins FATCA @investorseurope Mauritius stock brokers | FATCA | Scoop.it
FATCA now counts over 100 nations, with even the Pope's Holy See jumping on the IRS offshore tax compliance bandwagon.
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Hong Kong Banks Shut Down US Accounts Rather Than Deal with FATCA - China Briefing News

Hong Kong Banks Shut Down US Accounts Rather Than Deal with FATCA - China Briefing News | FATCA | Scoop.it
Since the FATCA came into effect in early July, many Hong Kong based banks have been refusing to open new accounts for American individuals and corporations.
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FATCA : Wealthy Asians dash to ditch US passports

FATCA : Wealthy Asians dash to ditch US passports | FATCA | Scoop.it
A fast-rising number of Americans based in the region are disposing of their US citizenship, citing the increasing difficulty of managing their financial affairs due to growing regulatory demands.
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IRS Extends ‘Deemed Compliant’ Status of Countries for FATCA @investorseurope

IRS Extends ‘Deemed Compliant’ Status of Countries for FATCA @investorseurope | FATCA | Scoop.it
The Internal Revenue Service has issued an announcement extending the deemed compliant status of countries that are treated as if they had an intergovernmental agreement with the U.S.
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[FATCA solutions] | [BNP Securities Services]

[FATCA solutions] | [BNP Securities Services] | FATCA | Scoop.it
RT @BNPP2S: Our latest #Fatca reporting Q&A for institutional #investors. More info here: http://t.co/jJYibS3x4z http://t.co/Zy7Uje2bgu
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FATCA compliance is so expensive that it gets a mention in Financial Statements

FATCA compliance is so expensive that it gets a mention in Financial Statements | FATCA | Scoop.it
Page 10
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FATCA and Green Card : “Informal” Relinquishment of Green Card 'NOT Enough! '

FATCA and Green Card  :  “Informal” Relinquishment of Green Card 'NOT Enough! ' | FATCA | Scoop.it
RT @RAEurope2012: Real objective of #FBAR & #FATCA: Don't tax u--Don't tax me--Tax the man behind the tree http://t.co/xBUGGQK2VV http://t.…
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Two women Sue Canadian government for FATCA agreement with US

Two women sue the Canadian government for having concluded a FATCA agreement with the United States http://t.co/w5aMQe5Y7V
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Hong Kong Signs FATCA Tax Agreement With US #FATCA

Hong Kong Signs FATCA Tax Agreement With US  #FATCA | FATCA | Scoop.it
Hong Kong on Thursday signed an agreement with the U.S. to exchange information to combat offshore tax evasion under the Foreign Account Tax Compliance Act, the U.S. Department of the Treasury has confirmed.
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FATCA: Do I Need To Register With The US IRS Before 31 December 2014? - Mondaq News Alerts (registration)

FATCA: Do I Need To Register With The US IRS Before 31 December 2014? - Mondaq News Alerts (registration) | FATCA | Scoop.it
This question has been given due consideration by a significantnumber of persons holding management responsibility for, or actingin an advisory capacity to, Cayman Islands registered orincorporated entities.
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'FATCA is probably the dumbest law in the history of the United States..'

Yesterday, the IRS announced the International Data Exchange Service.

If you’ve not heard of it, it’s is an outgrowth of the Foreign Account Tax Compliance Act (FATCA), which requires every single bank in the world to get in bed with IRS to share information about customers.

We’ve said this over and over, FATCA is probably the dumbest law in the history of the United States. And I don’t say that lightly, because there’s definitely stiff competition.

Like any other bankrupt government, the US government has taken to intimidating its own citizens and the entire world in an attempt to make ends meet.

Their hope was that the minority of people committing tax evasion would come clean and that it would result in some huge boost in tax revenue.

But the fact is that tax revenues actually haven’t improved at all.

Looking at tax revenue as a percentage of GDP, the numbers haven’t budged at all from their long-term average. Not a single bit.

So in actuality, FATCA has done nothing positive for America.

That said, FATCA has managed to destroy what little remaining credibility the United States government still had.

Bear in mind these people have spied on their allies, dropped bombs by remote control, and force fed people negative real interest rates and $18 trillion in debt.

But if that weren’t enough, FATCA goes after foreigners with absurd logistical challenges, commanding every single bank on the planet to comply.

Here’s the ultimate irony: there are nations in this world that are not recognized by the United States. The Turkish Republic of Northern Cyprus. Abkhazia. Etc. Yet banks in these regions still have to sign up with the IRS.

It’s like— you don’t exist. But you must still comply.

The IRS tells us that so far more than 145,000 financial institutions have already signed information-sharing agreements.

Now with yesterday’s launch of IDES they have an online platform to invade customer privacy at every one of those banks. This is a terrible trend.

I was talking to Jim Rickards the other day, author of both Currency Wars and The Death of Money (both excellent books).

He was telling me how decades ago he could ring up a bank and open an account over the phone in just a matter of minutes.

Now, because all these governments are bankrupt, banks have become unpaid financial spies required to treat customers as if we’re criminal terrorists.

The lifeblood of capitalism is capital, and banks are supposed to be the responsible stewards of our capital.

So by obstructing the ability of banks to engage in commerce, the US government is grinding down the pitiful remains of global capitalism down to the mere punch line.

This has consequences.

Perhaps more importantly, and the reason we think FATCA is the dumbest or at least the most destructive law in US history, is that it provides an enormous incentive for the rest of the world to simply avoid dealing with the United States.

There’s no bank on the planet that likes FATCA.

The only reason they comply is because the US has a nuclear option: sign up for FATCA or else we’ll withhold 30% of all transfers that go through the United States.

This is a big deal for banks.

Since the US dollar is the world’s dominant reserve currency, the majority of global transactions are denominated in US dollars and cleared through the US banking system.

This makes the US banking system critical to global finance. And it has long been a major advantage to the United States.

You would think that a government entrusted with such an awesome responsibility, from which it has benefitted for decades, would treat this advantage with dignity and care.

But no. Instead, the US government has turned its banking system into a weapon with which it threatens the entire world.

It doesn’t take a rocket scientist to realize that the rest of the world is one day going to create its own alternative system. One that would no longer rely on the US dollar.

Oh wait— they’re already doing that.

With FATCA, the US has shot itself in the proverbial foot. They’re practically begging the world to please take away its last remaining financial advantage.

And the rest of the world is listening.

Source : http://www.sovereignman.com/welcome/

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FATCA GIIN January 2015 FFI Registration Analysis … by the numbers

FATCA GIIN January 2015 FFI Registration Analysis … by the numbers | FATCA | Scoop.it
International Financial Law Prof Blog
via FATCA GIIN January 2015 FFI Registration Analysis … by the numbers.
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NON FATCA : U.N. Member Countries without a FATCA IGA

The U.S. Treasury lists the countries and territories that have signed FATCA IGA’s or where they are pending, but it is no surprise that they do not go out of their way to tell you about the countries without such agreements. In non-IGA countries, some banks have registered and received a GIIN, and you can find these on the IRS website, but they also don’t go out of their way to list banks that have not registered and will choose not to comply with FATCA. Here is a place to start. Be sure to check this against the respective federal websites, because some of the countries are not in their proper alphabetical spot on the lists. The table below lists United Nations members, except of course for the United States of America itself. 

Central banks of issue are generally exempt from FATCA, as governmental institutions. This allows for a private or commercial non-FATCA bank (non-participating FFI) to clear checks through the central bank. 

Note: A pending agreement is not a done deal, and may be penned by government officials with no more authority to allow disclosure than the U.S. Treasury has. Congress will not likely authorize reciprocal exchange and some of the countries with pending IGA’s probably won’t either. ..'

Investors Europe Stock Brokers's insight:

'Bankers in non-IGA countries consider this: You register with IRS and obtain a GIIN, which makes you deemed compliant. Now you have time to dump all your U.S.-based investments, free of the 30% withholding tax. When the day comes to provide the data, it is against the laws of your country to do so. It is as if I make a deal with you whereby you pay me a thousand dollars today and I agree to deliver a bag of cocaine to you on a future date, but they still have not legalized cocaine yet, so the deal is illegal. This is not a breach of contract, it is illegality of performance. 

Now, the governments in IGA countries need to understand that the IGA is an “agreement” and cannot have any force contrary to your laws, and your statutes cannot have any force contrary to your ...'

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FATCA weather report - extreme turbulence in 2015

FATCA weather report - extreme turbulence in 2015 | FATCA | Scoop.it
As of today’s date, December 11, 2014, if you include those “in substance” IGA jurisdictions, introduced as a direct result of Announcement 2014-38, there are now 112 FATCA IGAs in place. There are...
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Singapore, US Sign FATCA IGA

On December 9, Singapore and the United States signed a Foreign Account Tax Compliance
Act Intergovernmental Agreement, following its initialing in May
this year.
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Cyprus and US sign FATCA IGA @investorseurope Mauritius Stock Brokers

On 2 December 2014, the US and Cyprus governments signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). There are two types of IGAs...
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Republican Party votes to repeal FATCA by Alex Newman | PointofU | Showcases | Regulatory & Compliance

Republican Party votes to repeal FATCA by Alex Newman | PointofU | Showcases | Regulatory & Compliance | FATCA | Scoop.it
Republican Party votes to repeal FATCA by @AlexNewman http://t.co/H5OdRtdzoF
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UK FATCA 2015/6 : what resident non-doms need to know NOW! @investorseurope Mauritius Stockbrokers

UK FATCA 2015/6 : what resident non-doms need to know NOW! @investorseurope Mauritius Stockbrokers | FATCA | Scoop.it
The reporting rules for UK resident non-domiciliaries (RNDs) with interests in non-UK structures are about to change, requiring them to provide information on participants in the structure.
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Barbados and US sign FATCA agreement

Barbados and US sign FATCA agreement | FATCA | Scoop.it
The Minister, however, cautioned that the signing was not a deviation from Government’s belief that “businesses and investment must be allowed the flexibility to thrive”.
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Institutions are using FATCA to extort higher fees. What a Surprise! @tinkermanobama

RT @aClassicLiberal: Foreign institutions are using it to extort higher fees:
"Who's afraid of FATCA?" http://t.co/wN0XDEokty @FATCA_Fallou…
Investors Europe Stock Brokers's insight:

So FATCA will cost BILLIONS to end clients so the US can control its own citizens abroad. The NSA will be piggy backing the effort as well. It's ALL wrong. Rest of the world pays for the US to create yet another billion dollar bureaucracy with jobs for life. US Gun Boat Diplomacy 2014.  Ashamed to admit that this is probably worse than Octoputin is doing in Ukraine.

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FATCA : Many 'accidental Americans' could face hefty fines'

CBC News Toronto, Jan 13, 2014 | 6:40 US TAX LAW CALLED RIDICULOUS Many 'accidental Americans' could face hefty fines, accounting costs, says tax law expert ...
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FATCA costs spiral beyond expectations

FATCA costs spiral beyond expectations | FATCA | Scoop.it

'Only a third of financial institutions now believe that their FATCA compliance efforts will now be completed within budget, according to a new survey by Thomson Reuters, reports the Treasury Insider.

Undermining the costs involved ....'

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FATCA Letters-What Should I Do Now?

FATCA Letters-What Should I Do Now? | FATCA | Scoop.it
FATCA Letters-What Should I Do Now? As a result of the Foreign Account Tax Compliance Act, (FATCA), the latest estimates are that over 77,000 Foreign Financial Institutions (FFI's) and over 80 foreign governments have entered into agreements to...
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