For all of the rhetoric about going after fat cats taking their wealth overseas and demanding that foreign (non-U.S.) banks no matter where they operate turn over their client information to the U.S. government, the U.S. itself is creating a realm of secrecy in its own country, such secrecy encouraging fat cats from other countries to stash their wealth here:
Quote:
After years of lambasting other countries for helping rich Americans hide their money offshore, the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth. Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the world’s rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota.
http://www.bloomberg.com/news/articles/ ... ted-statesBut this only works if you are not a U.S. citizen (and also not a U.S. national and not a U.S. green-card holder). If you're a U.S. citizen, even if you settle abroad permanently, you must let them know about all your accounts and pay tax to them every year, the only country other than maybe Eritrea to do so, and the Empire--oops, I mean the U.S. government--is pulling out all the stops to demand that all the world's banks hand over information on you:
https://papers.ssrn.com/sol3/papers.cfm ... wnload=yesAnd if you want to get out of that untenable situation, it'll be $2350, proof of 5 years tax compliance, and all back taxes paid, even if you are already a citizen of another country:
http://www.forbes.com/sites/robertwood/ ... 6808cc6568Why does the U.S. government hate Americans, especially those who move abroad? Why have Obama and the Democrats, supposed champions of the people, made this even worse in the last few years (see FATCA)?
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"You have a responsibility to consider all sides of a problem and a responsibility to make a judgment and a responsibility to care for all involved." --Ian Danskin
27 Oct 2016, 5:53 pm
