April 10, 2017 - Surge in US expats declaring offshore assets
Though the Trump administration has yet to make any official announcement on the policy, it is widely expected that the amnesty could be curtailed or even ended.
April 6, 2017 - Americans abroad lobby for tax changes
Some Republican lawmakers have pushed for doing away with FATCA. In the last Congress, Sen. Rand Paul (R-Ky.) and Rep. Mark Meadows (R-N.C.) introduced legislation to scrap many of the law’s provisions; then-Rep. Mick Mulvaney (R-S.C.), who is now director of the Office of Management and Budget, was a cosponsor of Meadows’s bill.
April 6, 2017 - Meadows-Paul Letter Urging Executive Action To Nullify FATCA Is A Landmark Moment
Meadows and Paul introduced FATCA repeal legislation in the previous Congress and plan to file the same bill tomorrow, with expectations that repeal will be included in any tax law sent to President Trump. A House hearing on the damaging impact of FATCA, especially on Americans living abroad, will take place on April 26.
March 28, 2017 - Anti-FATCA lawyer rejects Europe threat to US taxpayers
The U.S. legislation requires nearly 9 million overseas U.S. citizens and a broad range of U.S.-affiliated individuals – including 6.000 in the Cayman Islands – and companies to declare their overseas accounts and income, paying taxes to Washington’s Internal Revenue Service.
March 20, 2017 - VAT and CRS to add to costs and regulatory burden of banks
“The increased volume of data to be collected, stored, retrieved and reported under CRS is a significant logistical challenge. The bigger challenge, however, is around new customer communication and existing customer remediation,” said Clare McColl, Partner, KPMG.
Feb 17, 2017 - Ukraine, US sign Model 1 FATCA agreement
The US and Ukraine had previously agreed in substance to a Model 1 FATCA IGA and Ukraine has been treated as if it had a FATCA agreement in effect as of June 30, 2014.
Janaury 26, 2017 - Kamla writes Trump on FATCA
Opposition Leader Kamla Persad-Bissessar has bypassed Prime Minister Dr Keith Rowley and has written directly to United States President Donald Trump, asking him to state his position on the Foreign Account Tax Compliant Act (FATCA).
Janaury 26, 2017 -Greece, US sign FATCA agreement
The US Treasury Department updated its FATCA website January 24, reporting that Greece has signed a Model 1 intergovernmental agreement (IGA) and an understanding with the United States.
January 23, 2017 - Agreement to implement FATCA signed with US
An agreement was signed between the Government of the Kingdom of Bahrain and the Government of the United States of America to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA).
January 10, 2017 - Bankers Association "pleased" with FATCA progress
"However, we wish to remind the Government and the Opposition that time is not on our side. It is our hope and expectation that the Joint Select Committee will meet its February 3rd reporting deadline in order to have the Bill passed to meet the country’s FATCA obligations."
December 20, 2016 - MSAR, US sign agreement to avoid fiscal evasion
Under the IGA, financial institutions in Macau are required to register and conclude separate individual agreements with the U.S. IRS. Under the agreements, these institutions shall seek the consent of their U.S. taxpaying account holders to report their account information to the U.S. IRS annually.
December 2, 2016 - Over 500 financial reports provided – ‘Bank accounts of dual Kuwaiti-US citizens’
Ministry of Finance, earlier this week, provided the US Department of Treasury with more than 500 financial reports on the bank accounts of dual Kuwaiti- US citizens and companies, reports Al-Rai quoting informed sources.
November 21, 2016 - What Dual Citizens Should Know Before Renouncing Their United States Citizenship
According to INA §349(a), a U.S. citizen will lose his or her nationality by voluntarily performing any of the listed expatriating acts with the intention of relinquishing United States nationality. The full list appears here but the most commonly encountered expatriating acts are:
November 17, 2016 - Saudi Arabia FATCA IGA signed with US
The US Treasury Department has today updated its FATCA website, reporting that Saudi Arabia has signed a Model 1 intergovernmental agreement (IGA) with the United States.
November 16, 2016 - Why Are Americans Giving Up Their Passports?
In the three months to September 2016, 1,380 taxpayers renounced US citizenship, says the US Treasury. All their names were provided in an official listing, but no one knows whether they are Americans are not as the list includes green card holders and does not show who is a US citizen.