The unintended consequences of FATCA and the overreach of the U.S. government and the IRS have started playing out around the world. In the last week, I’ve heard from a half-dozen people with “know your client” tales of woe. Indeed, I have my own. Let’s start with the know-your-client form that the homeowner’s insurance company […]
Because the tax system in the United States is probably the most complicated in the world. Even simple wage-earners with but single W-2s can have trouble figuring out which forms to complete thanks to
“’Knock three times and ask for Roscoe.’ “That’s what offshore banking used to be,” Peter Zipper, an offshore banker with more than three decades of experience, explained this morning to the crowd attending this week’s Offshore Summit. “But those days are over,” Peter continued.
The Pragmatist's Guide To Living With FATCA Banks around the world are taking action. They’re trying to become FATCA-compliant. Bottom line, they don’t really have a choice in the matter. And neither do we account-holders. As I mentioned a couple of weeks ago, one of my banks sent me the dreaded eviction letter, telling me, [...]
FATCA Facts FATCA has been one of the regular topics of discussion at the Wealth Retreat I'm hosting at Buenaventura in Panama this week. FATCA has confused, irritated, and scared Americans since it first came out as the offset provision for the HIRE Act in 2010. We joked that the only jobs created by the [...]
Where I'm Planning To Invest In 2013 As the "fiscal cliff" approaches in the United States and every American with an Internet connection seems to be taking the opportunity to rant and rave and comment online about what is wrong in the United States and how to fix it (in his or her often not-so-humble [...]
Time To File Form 8938 The second round of this year's U.S. tax season is coming to a close. Any U.S. person who applied for an extension must file his tax return by next Monday, Oct. 15. After weeks of procrastination and one miserable weekend, mine are almost finished. The big change this year is [...]
FATCA Is Closing In.. The level of concern among Americans seems to be growing as the FATCA implementation deadline draws closer and more people are becoming more aware of the implications and possible consequences of this absurd legislation. The first consequence has to do with the 30% withholding when wiring funds to a non-U.S. bank [...]
