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.
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.
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 ...'
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.
The Cayman Islands Tax Information Authority has launched an online portal to allow local financial institutions to report information required under the US Foreign Account Tax Compliance Act (FATCA).
Investors Europe Stock Brokers's insight:
While many jurisdictions have removed the requirement for submission of a nil return in the event there are no reportable accounts, the Cayman Islands still require the submission of a nil report. This means that all Cayman Islands institutions must file a report regardless of whether its clients have ties with America.
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.
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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