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

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

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

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.

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

And where will the new 'tax havens' be?

… on the far-side of the moon

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

Where there is a will, there is a way.

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

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.

becoming a US person for life"?

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

you have to pay income taxes.....

make him a "US person for life."

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.

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

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.

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.

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

FATCA??

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

This is only dangerous for the semi-wealthy not the fat cats.

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.