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jakeXT

(10,575 posts)
Sat Nov 30, 2013, 04:23 AM Nov 2013

Cayman Islands and Costa Rica agree to share bank account details with US

Source: Reuters

The alleged tax havens have signed agreements with the United States to tell the IRS about funds held offshore by Americans

The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries' banks comply with an anti-tax evasion law starting next year, the Treasury Department said on Friday.

The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans' offshore accounts worth more than $50,000. It was enacted after a Swiss banking scandal showed that 17,000 US taxpayers had hidden substantial fortunes overseas. On Thursday a former UBS banker, Raoul Weil, agreed to be extradited to the US to face charges arising from that scandal.

With these two deals, both signed this week, the Treasury has now finished 12 FATCA "intergovernmental agreements" (IGAs), which help countries' financial institutions comply with the law.

The FATCA agreement with the Cayman Islands was initially agreed to in August. The island territory of 53,000 people has no income tax and is frequently labelled as a tax haven by critics. It is one of the world's most popular destinations for investment funds to organise for tax purposes.


Read more: http://www.theguardian.com/world/2013/nov/29/cayman-costa-rica-us-tax

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Cayman Islands and Costa Rica agree to share bank account details with US (Original Post) jakeXT Nov 2013 OP
Alright! Look out Mitt'ster and other rich crooks. The Wielding Truth Nov 2013 #1
Will there be a papertrail? FarPoint Nov 2013 #9
that's good news. Let's hope they DO SOMETHING with that information when they get it yurbud Nov 2013 #2
Taking effect in 2014 -- wondering if it'll be delayed from there tomm2thumbs Nov 2013 #3
If the house keeps all their whackadoodle teabaggers... mdbl Nov 2013 #4
"Oh shit. Nooooooooooo." - Republicons (R - 1%) Berlum Nov 2013 #5
My guess is that they have already moved their money somewhere else. watoos Nov 2013 #6
I wondered the same thing KansDem Nov 2013 #7
That was my thought too. bearssoapbox Nov 2013 #8
bitcoins ~~~ safely poching in mirrored servers … FraDon Nov 2013 #11
Of course. I wonder where. nt valerief Nov 2013 #12
And the legislators have probably The Wizard Nov 2013 #10
Changes nothing oberliner Nov 2013 #13
I know of a certain Judge who's name I would like to look for on the list! Dustlawyer Nov 2013 #14
the rich Americans will not be affected riverbendviewgal Nov 2013 #15
People won't visit the US because they don't want to "run the risk of pnwmom Nov 2013 #19
If you overstay your time in the usa riverbendviewgal Nov 2013 #20
Then don't overstay a visa. But even if someone did, that wouldn't pnwmom Nov 2013 #23
if you have a green card riverbendviewgal Dec 2013 #28
There is a simple solution. Don't get a green card. pnwmom Dec 2013 #31
There's no way Harper won't bend over backwards to accommodate it, sadly. (nt) Posteritatis Dec 2013 #24
Also, I'm one of the affected parties Posteritatis Dec 2013 #26
The justice will be applied selectively Deny and Shred Nov 2013 #16
Next year? Next year?????? ReRe Nov 2013 #17
Yeah, who needs the constitution? (nt) Posteritatis Dec 2013 #25
Seriously? They go that far and then leave the last "T" off? Duer 157099 Nov 2013 #18
This message was self-deleted by its author riverbendviewgal Nov 2013 #21
This is great news!!! Major Hogwash Nov 2013 #22
Smoke screen and mirrors.... defacto7 Dec 2013 #27
read Robert Morse's essay riverbendviewgal Dec 2013 #29
kicking and looking for that other FATCA thread . . . n/t annabanana Dec 2013 #30

FarPoint

(12,207 posts)
9. Will there be a papertrail?
Sat Nov 30, 2013, 09:28 AM
Nov 2013

I'm sensing the offending corporate tax evaders have moved money elsewhere....now that they know they can be reviewed.

tomm2thumbs

(13,297 posts)
3. Taking effect in 2014 -- wondering if it'll be delayed from there
Sat Nov 30, 2013, 06:25 AM
Nov 2013

Sorry I sound jaded. I'll cheer if something changes and put my optimistic hat on just in case.

mdbl

(4,972 posts)
4. If the house keeps all their whackadoodle teabaggers...
Sat Nov 30, 2013, 06:42 AM
Nov 2013

nothing will happen cause they love people with big money, no matter how they made it. We can add the right wing of the supreme court to that list while we're at it.

KansDem

(28,498 posts)
7. I wondered the same thing
Sat Nov 30, 2013, 09:00 AM
Nov 2013

The One Percenters would not let this happen if they hadn't already made other arrangements...

The Wizard

(12,482 posts)
10. And the legislators have probably
Sat Nov 30, 2013, 09:57 AM
Nov 2013

already moved their ill gotten gains to other tax havens like Lichtenstein or Dubai.

Dustlawyer

(10,493 posts)
14. I know of a certain Judge who's name I would like to look for on the list!
Sat Nov 30, 2013, 10:16 AM
Nov 2013

I am confused, why would the Plutocracy allow this unless they want to knock some competition back!

riverbendviewgal

(4,251 posts)
15. the rich Americans will not be affected
Sat Nov 30, 2013, 12:09 PM
Nov 2013

They have lawyers and tax accountants. Mitt Romney paid NO taxes for 10 years. That is why he did not want to show his taxes.
What FATCA will do is surge upward the renouncements and relinquisments of US dual citizens living all over the world. Most people don't go live in a country because of low taxes. They live for love of a person or the country. Filing US taxes cost thousands of dollars PER year now, even if one owes Nothing to the USA.
People will be giving back their green cards and many will be forgoing emigrating to the USA now the FATCA is law.
There is a growing boycott of not visiting the USA and investing in the USA. You run the risk of becoming a US person for life and having the IRS acess to your bank accounts forever.

There are 195 countries in the world 2 are citizen based , USA and Eritrea.
The rest are resident based. Resident based countries do not have their citizens file taxes if their money and investments are nit earned outside where they live.
There are only about 12 countries so far that have signed on to FATCA. All 194 are due at the end of the year to sign FATCA . Ha!
Reciprocity is promised in this law but this will not be kept. House Rep Posey wrote July 1, 2013 to Treasury that there will be no reciprocity. Congress Republicans refuse to have American banks report on foreign customers' accounts to those customers' countries governments for tax purposes.
The US A has its own tax evading post office box offices for those to protect and tax evade in the states of Delaware, Nevada and Wyoming. Lobbyists in the USA are ensuring there is no reciprocity. This will definitely give the USA a bad reputation, not keepung its agreements.

FATCA is a bad law and makes the USA a bully. Canada has not signed on as yet. Over 4 million Canadians will be affected. They do not want the IRS having access to their bank accounts. Protests are increasing.This law is going to cost millions of dollars for each bank to implement. All Canadians will end up paying for it, as citizens in other world countries. Some countries like Switzerland are closing americsn persons accounts, firing them from swiss jobs and canceling mortgages iii.

pnwmom

(108,925 posts)
19. People won't visit the US because they don't want to "run the risk of
Sat Nov 30, 2013, 07:33 PM
Nov 2013

becoming a US person for life"?

Saying something this odd makes the whole rest of your post suspect.

riverbendviewgal

(4,251 posts)
28. if you have a green card
Sun Dec 1, 2013, 10:51 AM
Dec 2013

And do not turn it when you back to your home country you are chained to the USA and must file us taxes for life until you get the U R S off you back. Has happened to Canadians.

pnwmom

(108,925 posts)
31. There is a simple solution. Don't get a green card.
Sun Dec 1, 2013, 11:48 AM
Dec 2013

Or if you do, turn it in when you go back to your home country.

Posteritatis

(18,807 posts)
26. Also, I'm one of the affected parties
Sun Dec 1, 2013, 12:45 AM
Dec 2013

I was born very premature in the US unexpectedly, and was only in the country as an infant for long enough to be reasonably sure I wasn't going to die; didn't celebrate a single birthday there. The wording of the law means I couldn't even head over to a nearby consulate and formally renounce my citizenship, as they'd still be claiming permanent access to my finances if I did that.

I am, of course, deeply thrilled at the likelihood that the prime minister will be all over the idea, given his fetish for doing anything Washington asks without question.

Deny and Shred

(1,061 posts)
16. The justice will be applied selectively
Sat Nov 30, 2013, 06:21 PM
Nov 2013

Tax evasion could be a trump card, alas, …

I expected some names to come out back then - yet only the whistleblower went to jail.

http://dissidentvoice.org/2010/04/imprisoning-a-courageous-whistleblower-the-case-of-bradley-birkenfeld/

I'd expect a Spitzer-style laser focus on only a select few, and thousands of others to dance between the raindrops.

ReRe

(10,597 posts)
17. Next year? Next year??????
Sat Nov 30, 2013, 06:35 PM
Nov 2013

This just gives the 1%ers a one year heads-up to move their money out. Should be retroactive!

Response to jakeXT (Original post)

Major Hogwash

(17,656 posts)
22. This is great news!!!
Sat Nov 30, 2013, 10:39 PM
Nov 2013

I wonder how much Rethuglican party money is stashed in the banks down in the Caymen Islands.

riverbendviewgal

(4,251 posts)
29. read Robert Morse's essay
Sun Dec 1, 2013, 10:57 AM
Dec 2013

FATCA And The New Birth of An American Empire. You can buy it on Amazon. Takes a little over an hour to read. Shocking!!!! Yes indeed.



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