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.
October 24, 2016 - 5 Questions to ask yourself on FATCA while investing in MF
FATCA guidelines have been brought in especially to track the situation with respect to US citizens and whether they have been disclosing the details of their investments abroad to the US tax authorities.
October 19, 2016 - Beware More FBAR And FATCA Reporting Changes
Non-compliant institutions are frozen out of U.S. markets, so there is little choice but to comply. FATCA cuts off companies from access to critical U.S. financial markets if they fail to pass along American data. More than 100 nations have agreed to the law.
October 18, 2016 - Germany and Panama move closer towards information-sharing agreement
Following high-level talks with Varela, Merkel said she was happy that Panama was prepared to adopt the common reporting standards (CRS) set out by the Organization for Economic Cooperation and Development (OECD) for automatic data exchange between states.
October 10, 2016 - Generali, Schwab in UAE set 'impossible' choice for US expats
The UAE arm of Generali, Assicurazioni Generali S.p.A. United Arab Emirates, announced in September that they were no longer accepting US clients for its savings and investments business and, in the same month, brokers Charles Schwab suspended US clients in the UAE from new trades, pending possible account closure, he says.
September 28, 2016 - Finish Line Unclear for Some FATCA Pacts as Banks Worry
According to Sept. 23 Treasury Department data, 113 countries have agreements, but 49 still need to reach the finish line.
September 27, 2016 - Finish Line Unclear for Some FATCA Pacts as Banks Worry
The IRS said it also would look at how countries behaved during IGA talks in deciding whether to stop treating their IGAs as being in effect. Harrington said that option likely would have political and diplomatic consequences, and the IRS would probably consider that a last resort—something U.S. officials have said repeatedly.
September 21, 2016 - FATCA - A Status Report
The law is framed to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients, including account ownership, balances, and amounts moving in and out of the accounts, will result in a requirement on US financial institutions to withhold 30 percent tax on US-source income.
September 20, 2016 - Israeli Court Upholds FATCA Law
"In the modern world the right to privacy is very limited. The alternative to privacy is criminal acts of every kind. This is nothing new, except for the fact that it is regulated now under law and other mechanisms," Justice Meltzer said at the September 12 hearing.
September 12, 2016 - FATCA List – September 1, 2016
The FATCA List (Countries A –Z)