"Cowardice of nations".. I firmly believe that not one nation understood the full implications of FATCA and the US extraterritorial tax code. I believe understanding Is growing. The EU in particular is beginning to understand, they cannot continue to ignore the clear abuse of their residents by BOTH the USA AND the nation in which they live. The land of the free has created a second class human being - the US citizens abroad.
Thanks for the video. Great points. If I may, I would like to comment on the 'cowardice of nations' point. The UK was the first to sign an IGA on FATCA with the US Treasury. The UK did this for selfish reasons: they extended this regime by writing their own version of FATCA on the UK Crown Dependencies and UK Overseas Territories. It was not cowardice - it was greed.
Renouncing is too expensive and it actually used to be free until after 2010 and upwards when they realized they could actually charge after numerous renounciations around the world...FATCA is BS and needs to be abolished if I were to leave the USA for good never to return and have a second citizenship,I would NEVER declare anything to them how the fuck are they gonna know? Whoever came up with this ridiculous law is an idiot!
I am getting a new citizenship by the end of this year. I am seriously considering renouncing to US citizenship. Imagine my case, I just happened to be born in the USA by chance, English is not even my first language, yet I have to go through a bunch of forms and crap and like he said,, tax lawyers out there charge 1000 dollars to help you fill out forms.
A friend who’s now living outside of the US just found out about FBAR but had bank accounts since many years . The amount wasn’t huge but above $10,000. Should she files the FBAR for the first time and get into the system , will it trigger any audit as such for not filing earlier? Too much conflicting info from Different sources
It is your worst nightmare. You will have trouble opening bank accounts, you will have to report the balance of each or face a 50% fine per year in the balance. Finally, you have to file a US tax return even if you never set foot in the place and owe no taxes. I love the USA but like two of my brothers I’m ready to give up my citizenship. Does anybody know if the republicans or the democrats are serious about repealing world wide taxation? I no longer care about party politics, this one issue gets my vote because it’s destroying my life.
And expect that countries government to share all your personal information about you as well. It’s called NYC. You have to sign it to open the account. And they share it world wide. You sign over your rights to privacy complete. Welcome to hell.
You've got it wrong on 'cowardice of nations.' In the cases I know, foreign governments (and some citizenry) wanted their foreign governments to resist, but the foreign banks in the country applied extreme pressure to the governments to comply. That is, foreign governments demonstrated cowardice with respect to their own banking industry.
Thanks for the comment! I stand corrected. And it's sort of worse. These other countries knew the compliance burdens would be passed onto their most non-US customers. What a betrayal.
I think you did a pretty good job with this video. I just hope that you can get that former IRS criminal investigator on your show to talk about what the IRS is doing is illegal. keep up the great work, Americans abroad are lucky to have you on their side.
"Cowardice of nations"..
I firmly believe that not one nation understood the full implications of FATCA and the US extraterritorial tax code.
I believe understanding Is growing.
The EU in particular is beginning to understand, they cannot continue to ignore the clear abuse of their residents by BOTH the USA AND the nation in which they live.
The land of the free has created a second class human being - the US citizens abroad.
Thanks for the video. Great points. If I may, I would like to comment on the 'cowardice of nations' point. The UK was the first to sign an IGA on FATCA with the US Treasury. The UK did this for selfish reasons: they extended this regime by writing their own version of FATCA on the UK Crown Dependencies and UK Overseas Territories. It was not cowardice - it was greed.
Thanks for the insight, Professor! So the UK fell over themselves to sign this piece of garbage.
Yes
I hate the US government. (US citizen living overseas considering renouncing my US citizenship)
Please don't. If you give it up, then you can't help us fight this.
Renouncing is too expensive and it actually used to be free until after 2010 and upwards when they realized they could actually charge after numerous renounciations around the world...FATCA is BS and needs to be abolished if I were to leave the USA for good never to return and have a second citizenship,I would NEVER declare anything to them how the fuck are they gonna know? Whoever came up with this ridiculous law is an idiot!
I am getting a new citizenship by the end of this year. I am seriously considering renouncing to US citizenship. Imagine my case, I just happened to be born in the USA by chance, English is not even my first language, yet I have to go through a bunch of forms and crap and like he said,, tax lawyers out there charge 1000 dollars to help you fill out forms.
A friend who’s now living outside of the US just found out about FBAR but had bank accounts since many years . The amount wasn’t huge but above $10,000. Should she files the FBAR for the first time and get into the system , will it trigger any audit as such for not filing earlier? Too much conflicting info from
Different sources
Nice job on the video. We will be forming a company overseas and will contact your firm when we do.
just found out about this BS yesterday. Been working overseas for years. What the hell is this?
It is your worst nightmare. You will have trouble opening bank accounts, you will have to report the balance of each or face a 50% fine per year in the balance. Finally, you have to file a US tax return even if you never set foot in the place and owe no taxes. I love the USA but like two of my brothers I’m ready to give up my citizenship. Does anybody know if the republicans or the democrats are serious about repealing world wide taxation? I no longer care about party politics, this one issue gets my vote because it’s destroying my life.
And expect that countries government to share all your personal information about you as well. It’s called NYC. You have to sign it to open the account. And they share it world wide. You sign over your rights to privacy complete. Welcome to hell.
You've got it wrong on 'cowardice of nations.' In the cases I know, foreign governments (and some citizenry) wanted their foreign governments to resist, but the foreign banks in the country applied extreme pressure to the governments to comply. That is, foreign governments demonstrated cowardice with respect to their own banking industry.
Thanks for the comment! I stand corrected. And it's sort of worse. These other countries knew the compliance burdens would be passed onto their most non-US customers. What a betrayal.
Can you to a late 2020 sequel to this video? Even if some of the "10 Things" are the same?
I think you did a pretty good job with this video. I just hope that you can get that former IRS criminal investigator on your show to talk about what the IRS is doing is illegal. keep up the great work, Americans abroad are lucky to have you on their side.
Fatca repeal!
I agree completely.
repeal fatca and fcen
ma chi siete?