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.
Foreign Account Tax Compliance Act FATCA. Disclaimer : this page is not intended for any specific nationality or jurisdiction. It is also not intended to solicit clients from any specific jurisdiction including the Republic of Mauritius inter alia.
Curated by Investors Europe Stock Brokers
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.
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To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange.
"Global tax policy has evolved dramatically, with multinational corporations coming under attack from all directions. To respond to budget deficits and economic austerity, worldwide taxing authorities are deploying a new weapon: information exchange. As MNCs struggle to remain compliant and competitive in a world where effective tax rate management can be a critical element of cost control, what does this evolution mean for your business?"
Minister of State Joseph Harmon also stated that in 2014, Guyana was regarded as having an inter-governmental agreement with the United States Interna
"In 2014, Guyana was regarded as having an inter-governmental agreement with the United States Internal Revenue Service"
What is FATCA? F - Foreign A – Account T - Tax C – Compliance A – Act It is an Inter-Governmental Agreement between India and U.S.A. for Informatio
Wondering what exactly is FATCA? Watch this video
Have you given a transfer instruction to your Swiss bank and your payment instruction has not been executed. Has your Swiss bank informed you that your ban
"Have you given a transfer instruction to your Swiss bank and your payment instruction has not been executed. Has your Swiss bank informed you that your bank account has been blocked. Have you received a letter which you dont understand. Is this letter mentioning the word FATCA. If your answer to one of these questions is yes, you should watch this video until the end. I help you to un-freeze your Swiss bank account"
Eli Financial is going to host a live webinar by expert speaker Stuart Sobel, on Thursday, October 6, 2016, to discuss the impact that the Brexit and the Panama Papers revelation will have on the U.S. taxation structure.
"Owning an asset to create a safer tomorrow is a good practice and is completely legal. However, this very activity becomes a malpractice when asset protection is being used to evade tax by transferring assets through improper channels or hiding them during legal disputes"
These tips take into account recent tax-reporting rules and reforms affecting U.S. entrepreneurs.
"While the U.S. government certainly does not want to stand in the way of global opportunities, recent efforts by the Treasury Department and IRS indicate that the government is more serious than ever about preventing U.S. businesspeople from utilizing foreign activities to avoid or defer paying federal taxes"
Data and research on exchange of information, including tax avoidance, Foreign Account Tax Compliance Act (FATCA), Automatic Exchange of Financial Account Information, OECD Model Tax Convention, TRACE, Today, at the OECD Headquarters in Paris, Senator Mohammad Ishaq Dar, Minister of Finance of Pakistan, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
"Pakistan has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in the presence of OECD Secretary-General Angel Gurría, therewith becoming the 104th jurisdiction to join the Convention"
Failure by an FFI to disclose information on their US clients will result in a requirement to withhold 30 percent tax on payments of US-sourced income.
The Trinidad and Tobago Government has acknowledged it does not have sufficient sway to adopt legislation to comply with the Foreign Account Taxpayer Compliance Act.
On July 25, 2016 we posted Tax Havens Coming Clean and Becoming Transparent , where we discussed that the Inland Revenue Authority o
"Now Singapore has signed agreements with both the UK and Australia to automatically exchange financial account information under the OECD Common Reporting Standard (CRS). Exchanges with both jurisdictions will start in September 2018, though the supporting customer due diligence obligations will start earlier"
Who is an accidental US citizen/resident for tax purposes? Anybody born on U.S. soil -- or to one American parent anywhere in the world is automatically
"Who is an accidental US citizen/resident for tax purposes? Anybody born on U.S. soil -- or to one American parent anywhere in the world is automatically a U.S. citizen"
Data and research on exchange of information, including tax avoidance, Foreign Account Tax Compliance Act (FATCA), Automatic Exchange of Financial Account Information, OECD Model Tax Convention, TRACE, Switzerland, represented by Ambassador Ulrich Lehner , today deposited its instrument of ratification for the multilateral Convention on Mutual Administrative Assistance in Tax Matters (
"Switzerland has today deposited its instrument of ratification for the multilateral Convention on Mutual Administrative Assistance in Tax Matters ("the Convention") in the presence of OECD Secretary-General Angel Gurría"
Alacra adds bank regulation periodic table to FATCA and entity identifiers tables
FOR IMMEDIATE RELEASE
26 September 2016, New York & London: Regulatory SaaS technology leader Opus announced today that Alacra, its KYC and reference data management platform, has published the most accessible reference tool available for keeping up to speed with the
Press Release Basseterre, St. Kitts, September 23, 2016 (SKNIS)—This year’s National Consultation on the Economy is expected to take a different focus by listening to the inputs from several social and economic partners from the public sector, private sector and civil society who will benefit from small group discussions with a facilitator, according to Deputy
"This year’s St. Kitts National Consultation on the Economy is expected to take a different focus by listening to the inputs from several social and economic partners from the public sector, private sector and civil society who will benefit from small group discussions with a facilitator"
Brunch at 107.7 with Rennie Bishop featuring CEO of Disclosure Today, Rishi Maharaj. "FATCA - Foreign Account Tax Compliance Act. Why The Delay?"
"FATCA - Foreign Account Tax Compliance Act. Why The Delay?" Trinidad and Tobago
A new bill introduced in the U.S. House would exempt property/casualty insurance premiums from reporting requirements under the Foreign Account Tax Compliance Act, easing what trade
"A new bill introduced in the U.S. House would exempt property/casualty insurance premiums from reporting requirements under the Foreign Account Tax Compliance Act"
Moving money out of the usual offshore secrecy havens and into the U.S. is a brisk new business.
"Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.
His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.
Some are calling it the new Switzerland..."
Something odd happened at the Guardian on Monday as the paper’s editorial staff were basking in the glow of their…
"First, they either didn’t know or had forgotten about the Guardian Media Group’s use of a tax-exempt shell company in the Cayman Islands to avoid paying corporation tax when it sold its 50 per cent holding in Auto Trader to Apax Partners in 2008 (hat tip to Guido Fawkes). Further, they were similarly ignorant about the hundreds of millions GMG has invested in offshore hedge funds over the years..."
La dernière édition de la revue Bloomberg Businessweek présente en page de couverture Reno, capitale du Nevada, comme étant un des plus grands «tax havens» (paradis fiscaux) du monde. La revue explique aussi l…
L’OCDE ne le dira pas mais son but inavoué est de tuer des petits pays à faible fiscalité comme le nôtre. Les occidentaux veulent que leur opérateurs commerciaux, économiques ou industriels paient leurs impôts chez eux et non pas chez nous – même si leurs activités économiques se passent en dehors de leur pays d’origine pour profiter de la fameuse «globalisation». Nous voulons attirer ces multinationales chez nous pour y fixer leur siège social, l’OCDE ne le veut pas.
Having launched and led the battle against offshore tax evasion, America is now part of the problem
And yet something odd is happening: Mr Nunes’s wish may be coming true. America seems not to feel bound by the global rules being crafted as a result of its own war on tax-dodging. It is also failing to tackle the anonymous shell companies often used to hide money. The Tax Justice Network, a lobby group, calls the United States one of the world’s top three “secrecy jurisdictions”, behind Switzerland and Hong Kong. All this adds up to “another example of how the US has elevated exceptionalism to a constitutional principle,” says Richard Hay of Stikeman Elliott, a law firm. “Europe has been outfoxed.
Les actions des banques françaises, italiennes ou allemandes ont à nouveau plongé, jeudi 11 février, emportant avec elles les principaux indices boursiers européens, qui, s’ils s’étaient repris la veille, ont ainsi terminé à leur plus bas niveau depuis l’été 2013. Avec un indice des banques européennes en chute de 28 % depuis le 1er janvier, l’inquiétude commence à gagner. Les banques sont-elles en danger ? Faut-il craindre une réédition de la crise des crédits « subprimes » en 2007 ?
February 11, 2016
Earlier this week the State Department released its latest statistics for people who have renounced their US citizenship.
2015 was another record year, with 4,279 people divorcing themselves from the US government and heading to greener pastures elsewhere.
This was the third year in a row that broke the previous year's record, showing that this is obviously a growing trend. The number one reason for which is quite simple: tax.
Many of these individuals were Americans already living overseas who are still subject to the pay taxes to the IRS on their worldwide income.
For 2015, the first $100,800 in earned income for Americans living abroad is generally tax free. However, higher income earners are still forced to pay their “fair share” of all the bombs, drones, and federal folly even though they don't live in the United States.
Most countries don't do this. If you're Canadian, or French, or even Chinese and you move abroad you're no longer subject to taxation in your home country presuming you earn your income overseas.
Americans living overseas are also subject to additional reporting requirements and IRS scrutiny due to the Foreign Account Tax Compliance Act (FATCA).
FATCA is an insane, extraordinarily narcissistic law that requires reporting both from individuals with foreign assets as well as from every financial institution on the planet.
Individuals living abroad are more likely to have foreign assets, so they're disproportionately affected by the additional compliance.
For financial institutions abroad, the cost of implementing FATCA has been estimated by various foreign governments, banks, chambers of commerce, and financial media, at anywhere between $200 billion and more than $1 trillion.
Yet despite FATCA’s trillion-dollar price tag, the Wall Street Journal reports that the US government has taken in just $13.5 billion in revenue from hidden foreign accounts that FATCA is supposed to eliminate.
Obviously the cost vastly exceeds the benefit. It’s insane. Plus FATCA has driven nearly 15,000 Americans to renounce the citizenship since President Obama signed it into law in 2010.
These former Americans are often criticized for taking such a controversial step, one that is derided as being “unpatriotic”.
This criticism makes no sense when you take a larger view of history.
The State Department estimates that there are up to 6 million Americans living abroad.
Given the average size of a Congressional district at roughly 700,000 citizens,there should theoretically be eight members of Congress representing the interests of Americans living abroad.
Yet expats have no representation. There is not a single person in Congress fighting for expats, even though they are still subject to pay tax.
More than 240 years ago, residents of the colonies had a term for this. They called it “Taxation without Representation”. This idea is as old as America itself.
And in 1776, American colonists divorced themselves from the British government. Much of this was tax motivated.
In the Declaration of Independence, Thomas Jefferson expressly writes that among the reasons for independence is “imposing taxes on us without our consent.”
Former US citizens are following in these footsteps.
This is appropriate to point out, especially this year as voters in the Land of the Free delude themselves into believing that they're going to choose their next leader.
This is total nonsense. As we discussed in this week's podcast, the US electoral system is completely anachronistic, just like the monetary system, the banking system, etc.
This idea of having delegates, super-delegates, and the electoral college probably made sense in the election of 1788, when less than 2% of the US population was able to vote.
Today it no longer makes sense. It is an illusion of Republican Democracy. In reality your vote doesn't count.
Let's be honest about the world we're living in. Particularly in politics, money counts more than anything.
If you really want to change anything, the most important ballots you can cast are with your money and with your feet.
By divorcing yourself from a government bent on indebting future generations in order to drop bombs by remote control on brown people across the world, you're taking a conscious step to reduce their resources.
Your hard work and sweat no longer support debt, war, and freedom-killing regulations.
Renunciation is one step that many former Americans have taken to affect this change.
Understandably the idea is far too radical for most people. But there are still many completely legitimate steps that anyone can take to reduce the amount that you owe and starve the beast.
It’s a far more powerful option than punching a chad in a voting booth.
It's a far more effective way to create “real change” than punching a chad in a voting booth.
Switzerland has signed joint declarations on the automatic exchange of information (AEOI), described as "FATCA on steroids", with Jersey, Guernsey, and the Isle of Man.
Described as “FATCA on steroids” by Justin Hayes, product manager at international software provider Linedata in June 2015, he said that the agreement will provide a new single global standard for the exchange of tax information and impact investors not previously affected by the US Foreign Account Tax Compliance Act (FATCA). - See more at: http://www.international-adviser.com/news/1027079/switzerland-signs-tax-agreements-crown-dependencies#sthash.CG0dd0uu.dpuf
The American Middle Class Is Losing Ground @investorseurope stockbrokers
After more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data.
The American Middle Class Is Losing Ground @investorseurope stockbrokers
These findings emerge from a new Pew Research Center analysis of data from the U.S. Census Bureau and the Federal Reserve Board of Governors. In this study, which examines the changing size, demographic composition and economic fortunes of the American middle class, “middle-income” Americans are defined as adults whose annual household income is two-thirds to double the national median, about $42,000 to $126,000 annually in 2014 dollars for a household of three.3 Under this definition, the middle class made up 50% of the U.S. adult population in 2015, down from 61% in 1971.
The firm operates the word’s largest online trading portal and provides a selection of 38 online trading platforms. It is an execution-only stock broker, can never have a conflict of interest and its operational model is unique and a regulatory benchmark because it additionally has a professional indemnity insurance as well as a global fraud insurance..
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Investors Europe (Mauritius) Limited has been nominated for the Benzinga Fintech Awards. We need your support! Please vote for us here and spread the word! Twitter has removed the share count from their buttons, so click Tweet anyway to help spread the word! - See more at: http://snip.ly/4DRH