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FATCA - Offshore Account Enforcement News

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.

November 16, 2016 - Automatic Exchange of Information (AEOI) – CRS and FATCA – more and more (but still not enough) from HMRC
The biggest challenge is likely to come from EU governments sharing tax information about sensitive individuals with corrupt governments. There are virtually no safeguards on the information once it enters the AEOI network.

November 14, 2016 - Will Trump Keep Republican Pledge To Repeal FATCA?
American expats are waiting with bated breath to see if President-elect Donald Trump will repeal the disliked Foreign Account Tax Compliance Act (FATCA).

November 14, 2016 - More Americans Renouncing Citizenship, Not Over Trump but FATCA Tax Law
The number of individuals who renounced their U.S. citizenship for the third quarter of 2016 was the second-highest in history at 1,380, U.S. Treasury Department reported.

November 9, 2016 - IRS Nets $10 Billion FATCA Tax Haul
IRS Commissioner John Koskinen said: “The IRS has passed several major milestones in our offshore efforts, collecting a combined $10 billion with 100,000 taxpayers coming back into compliance.

November 3, 2016 - Swiss offer tough Brexit lessons for Britain's banks
As Britain's banks make their case for retaining unrestricted access to the single European market after Brexit, the efforts of their Swiss counterparts offer little cause for optimism.

November 3, 2016 - The Sleeper Issue for 9 Million Americans that the Media Will Not Cover
Surprisingly large numbers of Americans live abroad. According to State Department figures, nearly 9 million U.S. citizens currently reside in foreign countries. If “Abroad” were a state, it would be America’s 11th most populous.

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