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09 марта, 17:20

Can You Opt Out Of Big IRS Offshore Penalties?

FATCA forced many offshore account holders to declare them to IRS. Some Streamlined filers are being audited, which can be expensive and protracted. Will IRS say you were willful?

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09 марта, 04:10

Record Number Of Americans Forfeit Citizenship As Hope For Near-Term Tax Relief Fades

Obama warned everyone back in 2009 that "elections have consequences."  Now, eight years later, we learn that apparently the "consequences" of running around the country for nearly a decade threatening to raise taxes, "spread the wealth around" and pursue any number of other socialist policies are a record number of people renouncing their U.S. citizenship. As Fortune points out, the United States, unlike almost every other country in the world, taxes people on the basis of citizenship rather than residency.  So even if you spend all of your adult, wage-earning years on a remote tropical island with a 0% tax rate, if you were born in the United States, you still owe Uncle Sam your "fair share."  The cause of the defections, which led the U.S. to say so long last quarter to everyone from Jonathan Abbis to Anna Zwirner, is primarily the U.S. tax system.   When it comes to taxes, the United States is an outlier because, unlike nearly every other country, it taxes people based on nationality rather than residency. While U.S. citizens can claim credits with the IRS for what they pay to foreign tax authorities, those amounts are not always enough to offset what they owe.   U.S. expats also face the burden of annual filings with the IRS with the prospect of stiff penalties if they fail to comply.   According to international tax attorney Andrew Mitchel, those who deliberately fail to report foreign accounts to the IRS can face a fine of $100,000 or half the value of the account—whichever is greater. Meanwhile, there are a range of other penalties for small business owners abroad and for those with assets of more than $30,000.   "The IRS has been very gracious in saying they won’t take more than 100% of your money," says Mitchel, ironically. "These people are terrified they will go bankrupt because of the United States. They just want to get out of the U.S. tax system." All of which has led a record number of people to give up their U.S. citizenship completely.  In fact, the number of published expatriates for 4Q 2016 was 2,365, bringing the total number for 2016 to 5,411, setting a new all-time quarterly and annual record.  By comparison, the number of expatriates for 2016 reflects a 26% increase over 2015 and a 58% increase over 2014 (3,415).   Taking a more granular look at the past 20 years illustrates the staggering surge in the number of published expatriates that "coincidentally" corresponds with Obama's election in 2008.  In fact, the 2016 list is over 22x larger than 2008, the year just before Obama moved into the White House.    Of course, the uptick corresponds with Obama's passage of a 2010 law requiring foreign banks to disclose U.S. citizens. "To some degree it is President Obama’s fault. It was Obama and the Democratic Congress that passed a law in 2010 that forced foreign banks to disclose U.S. citizens," says Mitchel.   When the law was passed, it appeared to be aimed at fat cats who sought to hide money in secret Swiss bank accounts. But today, it could affect nearly any of the 7 million Americans, who Mitchel says live abroad—many of whom are people of modest means. Meanwhile, per Andrew Mitchell of the International Tax Blog, despite Trump's vows to reform the U.S. tax code, all you "millionaire, billionaire, private jet owners" shouldn't expect to be able to avoid U.S. taxes simply by changing your residency at any point in the near future.  While Congress may take up debate for a once-in-a-generation overhaul of the tax system, their primary focus, at least as it pertains to international entities, will focus on extra-territorial corporate taxes, not individual tax-payers.

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11 февраля, 01:30

Rise In The Number of Americans Renouncing their Citizenship

The Mornings with Maria panel discusses what is causing the rise in the number of Americans giving up their citizenship. The sharp increase in renunciations is due to FATCA. The legislation that makes it impossible to open bank accounts in other countries for Americans. FATCA was passed as a... [[ This is a content summary only. Visit http://FinanceArmageddon.blogspot.com or http://www.figanews.com/ or http://goldbasics.blogspot.com for full links, other content, and more! ]]

10 февраля, 19:35

От гражданства США отказалось рекордное количество американцев - Bloomberg

Американцы со счетами и активами за рубежом отказываются от гражданства, чтобы не платить налоги.

10 февраля, 09:06

A Record Number Of Americans Are Denouncing Their Citizenship

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); More Americans last year than ever before renounced their citizenship, according to government statistics. Experts don’t believe it’s a political protest, however, but more likely a strategy to stop paying U.S. taxes. One major surprise among the people ditching their U.S. citizenship in 2016? Brexit champion and British Foreign Secretary Boris Johnson, who was born in New York, notes Bloomberg. The former dual citizen groused in 2014 that it was “absolutely outrageous” that he had to pay U.S. taxes on the sale of his London home. A record 5,411 individuals gave up their American standing in 2016, a 26 percent jump over the previous year. The last four years have been record years. The number of Americans denouncing their citizenship leaped after 2010, according to Treasury Department data, which was the same year that the Foreign Account Tax Compliance Act was signed. Unlike in most countries, American citizens are required to declare their income to the IRS and pay taxes to the U.S. no matter where they live in the world (though taxes paid to a foreign country by Americans living abroad usually count as a credit against an IRS bill). But the new law cracked down on tax dodging and required banks or other institutions holding American assets or money to either declare them to the U.S. tax man or face a stiff penalty. The law was enacted following scandalous claims that the Swiss bank USB had helped Americans hide massive amounts of funds from the IRS. The number of Americans renouncing their citizenship is “increasing at an exponential rate,” Andrew Mitchell, who has been tracking the data, told USA Today. Before the tougher law, Mitchell’s historical comparisons showed that from 1998 through 2009, the number ranged from just 231 a year to 762. Now foreign banks are “basically acting as the police to flush these U.S. citizens out of the bushes so the IRS can see them,” Mitchell said. “That’s when people start to realize, ‘Oh, I’m not filing and I should be filing.’” Or simply stop being a citizen. There may be just a bit of a “Donald Trump factor,” however. Nearly half of Americans who renounced their citizenship last year did so in the last quarter. In a more recent U.S. crackdown on U.S. tax dodgers, Congress in 2015 enacted a law allowing the IRS in some cases to revoke or not issue passports when citizens are delinquent on their taxes. type=type=RelatedArticlesblockTitle=Related Coverage. + articlesList=5899e00be4b02bbb1816bfd9,57f07866e4b082aad9bbadad -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

10 февраля, 09:06

A Record Number Of Americans Are Renouncing Their Citizenship

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); More Americans last year than ever before renounced their citizenship, according to government statistics. Experts don’t believe it’s a political protest, however, but more likely a strategy to stop paying U.S. taxes. One major surprise among the people ditching their U.S. citizenship in 2016? Brexit champion and British Foreign Secretary Boris Johnson, who was born in New York, notes Bloomberg. The former dual citizen groused in 2014 that it was “absolutely outrageous” that he had to pay U.S. taxes on the sale of his London home. A record 5,411 individuals gave up their American standing in 2016, a 26 percent jump over the previous year. The last four years have been record years. The number of Americans denouncing their citizenship leaped after 2010, according to Treasury Department data, which was the same year that the Foreign Account Tax Compliance Act was signed. Unlike in most countries, American citizens are required to declare their income to the IRS and pay taxes to the U.S. no matter where they live in the world (though taxes paid to a foreign country by Americans living abroad usually count as a credit against an IRS bill). But the new law cracked down on tax dodging and required banks or other institutions holding American assets or money to either declare them to the U.S. tax man or face a stiff penalty. The law was enacted following scandalous claims that the Swiss bank USB had helped Americans hide massive amounts of funds from the IRS. The number of Americans renouncing their citizenship is “increasing at an exponential rate,” Andrew Mitchell, who has been tracking the data, told USA Today. Before the tougher law, Mitchell’s historical comparisons showed that from 1998 through 2009, the number ranged from just 231 a year to 762. Now foreign banks are “basically acting as the police to flush these U.S. citizens out of the bushes so the IRS can see them,” Mitchell said. “That’s when people start to realize, ‘Oh, I’m not filing and I should be filing.’” Or simply stop being a citizen. There may be just a bit of a “Donald Trump factor,” however. Nearly half of Americans who renounced their citizenship last year did so in the last quarter. In a more recent U.S. crackdown on U.S. tax dodgers, Congress in 2015 enacted a law allowing the IRS in some cases to revoke or not issue passports when citizens are delinquent on their taxes. type=type=RelatedArticlesblockTitle=Related Coverage. + articlesList=5899e00be4b02bbb1816bfd9,57f07866e4b082aad9bbadad -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

07 февраля, 19:10

Украина и США договорились о налоговом сотрудничестве

Сегодня в Украине больше финансовых советников, финансируемых США, чем в других странах. 

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07 февраля, 14:33

Украина и США подписали соглашение о FATCA

Межправительственное соглашение для улучшения выполнения налоговых правил и применения положений закона США «О налоговых требованиях к иностранным счетам» (FATCA - Foreign Account Tax Compliance Act) подписали во вторник в Киеве министр финансов Украины Александр Данилюк и посол США в Украине Мари Йованович.

07 февраля, 14:32

Украина и США подписали соглашение о FATCA

Межправительственное соглашение для улучшения выполнения налоговых правил и применения положений закона США "О налоговых требованиях к иностранным счетам" (FATCA - Foreign Account Tax Compliance Act) подписали во вторник в Киеве министр финансов Украины Александр Данилюк и посол США в Украине Мари Йованович.

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07 февраля, 11:30

When The Money Supply Dries Up

Submitted by Jeff Thomas via InternationalMan.com, In 1944, the US had been the primary supplier for arms for the allies during World War II and, as such, exited the war with more wealth than any of the other nations that had entered the war earlier, draining their treasuries of money. Since payment was largely demanded in gold, the US held three-quarters of the world’s gold and therefore was in a position to call the shots with regard to the free world’s economic future. At Bretton Woods, the US took advantage of this situation, setting up the World Bank and the IMF and declaring the dollar to be the default currency for all countries concerned. From that point on, the US was in the catbird seat, able to dictate economic terms to other countries and even to behave irresponsibly, eventually creating previously unheard-of levels of debt, thereby inspiring other nations to do their best to create their own debt in order to keep pace as best they could. Eventually, of course, such irresponsible economics will cause any country, no matter how powerful, to collapse economically, no matter how many Keynesian economists such as Thomas Piketty, Paul Krugman, and Larry Summers declare otherwise. Beginning in 1944, the US became the world’s foremost empire, for the strongest of reasons—it held the world’s wealth. This advantage led to a period of great power and, in the latter years, as the empire began to stumble economically under its own great weight, led to the creation of organisations and legislation designed to bring in new revenue, as the old forms of revenue declined. In recent years, we’ve seen the rise of the extraordinary assumption that “money laundering” (the practice of protecting one’s wealth from rapacious governments), should be regarded as a crime. As such, “tax havens”—those jurisdictions that provide freedom from governmental usurpation—have also been vilified as being somehow criminal because they recognize the basic right of freedom to prosper. Along the way, we’ve witnessed the creation of the Organisation for Economic Co-operation and Development (OECD), a euphemistic appellation that might rightfully be termed the “Organization for Forced Compliance with Arbitrary Taxation Diktat by Powerful Nations.” This US-led organisation has served to periodically threaten freer nations to comply with the less free nations, so that citizens in the latter group cannot escape being stripped of the fruit of their labours. In addition, the US has created the Foreign Account Tax Compliance Act (FATCA), which is ostensibly intended to enforce taxation of US citizens abroad, but which has been used almost entirely to bilk foreign banks that have US citizens as clients. (Again, the rules are arbitrary and ever-changing, and banks that fail to satisfy the US are fined enormous sums in a rather colossal Mafia-style shakedown.) Along the way, the US has increasingly created legislation restricting the international movement of money by its people in addition to such a patchwork quilt of laws that every citizen is likely to break several laws each day, simply by existing normally. All of this is taken for granted as a “given” by both Americans and those of us who view the US from afar. However, we rarely, if ever, take the time to reflect on the fact that, historically, this is nothing new. This is, in fact, quite the norm for an empire in decline. From the latter days of the Roman Empire, such practices (if in a less sophisticated form) have been implemented in order to have a last squeeze of the lemon before economic collapse takes place. So, what then, in these many instances, has been the deciding factor that ends such draconian usurping of private wealth? Well, in fact, what tends to occur is that enforcement increases serially, right up until the moment when such enforcement can no longer be funded. Sooner or later, the amount that’s being bilked from those who are productive is insufficient to force them to continue to be bilked. In ancient Rome, once the system had deteriorated to the point that the military was almost entirely mercenary, all that was needed was for the government to fail to provide full, regular payment to the troops. Once “the cheques began to bounce,” the military turned on their former benefactors. In addition to the cessation of enforcement, the military itself was now a threat to the leadership. And of course, we have seen this in other empires since that time. Even with all the gold that Spain was pulling out of the New World in the 16th century, it wasn’t sufficient to pay for the excessive foreign military adventures of Philip II and eventually the coffers ran dry, collapsing his ability to even maintain control at home. When even the interest on the debt could not be serviced, the ability to maintain control not only ceased to advance—it went into reverse. Whenever the ability to enforce draconian legislation goes into decline, the people of a nation suddenly realise that they’ve been living in fear of a paper tiger. It doesn’t take long before some people choose to defy the system. When they’re seen to succeed, others follow in droves. So, what does this say of the US and its power? Well, as Doug Casey has been known to say, “Countries fall from grace with remarkable speed.” Quite so. On an international level, this means that international leaders will be watching the economic decline of the US closely. Countries such as China and Russia have been loading up on precious metals in preparation for a collapse in fiat currency. In addition, they’ve created their own version of the World Bank, the Asian Infrastructure Investment Bank, and have been hard at work inking deals with other nations for international settlement in currencies other than the dollar. Most people in the world today cannot remember a time before Bretton Woods, yet they may soon witness the Bretton Woods agreement becoming a dead duck. But, if we extend this premise, we also should be questioning the other constructs of the postwar period that have become dinosaurs. What of the United Nations? This organisation was once meant to be a body for arbitration and world planning, but has in latter decades become a quagmire of bickering and gainsaying—with its decisions rarely being adopted by the nations in question. And yet the US alone pays some $8 billion annually to keep the UN afloat. Surely, when the world at large ceases its willingness to carry further US debt, the US government will jettison the expense for the UN before it cuts either its military spending or its entitlement programmes. Similarly, NATO, which requires $2.8 billion annually (with only five of its 28 members currently meeting the recommended payments) would experience a similar fate. With the above entities heading south, the Wolfowitz Doctrine, which has since 1992 been the basis of US aggression policy, would become unachievable. In addition to the decline or cessation of the above international adventurism, enforcement of revenue pursuit in the guise of FATCA and OECD schemes would equally suffer from a loss of funding. It would not be a question of whether the empire still wished to squeeze the lemon more than ever before—it would. But once the funds to do so dried up, the US and EU would find themselves in the situation that we currently observe in Venezuela: The money to pay for the enforcement is simply not there anymore. The decline would begin with bounced cheques, followed by massive layoffs in the enforcement departments, followed by a decline in receipts, necessitating further layoffs, and continuing in a downward spiral. At present, countless people live in fear of the present empires and their ever-increasing efforts at usurpation. However, as history shows, once debt has reached its nadir and begins its rapid fall, so does the empire’s ability to enforce draconian confiscations.

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06 февраля, 16:48

Dear President Trump, Please Repeal FATCA

The Foreign Account Tax Compliance Act requires banks worldwide to hand over to the IRS account details on Americans. Is this a good law, Mr. President?

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04 февраля, 02:32

Dollar Vigilante tells Americans to get assets out

Contributed by Sprott Money Click here for original   Dollar Vigilante tells Americans to get assets out The Trump Administration's big government, anti-trade and border wall-policies, have generated surprising support from Republicans, the Alt-Right, and even libertarians. But Jeff Berwick, publisher of the Dollar Vigilante newsletter, isn't having any of it. Berwick this week reiterated his call for US clients to hold at least part of their assets outside the country, and to consider getting a second passport in case the worst occurs.   "The American government has been increasingly curtailing personal, political and economic freedoms," said Berwick. "This has happened under all administrations; Bush, Obama and now Trump. Don't forget: a wall built to keep people out, can also be used to keep people in."  Berwick isn't alone. This week, the New Yorker Magazine published a piece titled "Survival of the Richest," which discussed how some of America's richest people, such as Reddit founder Steve Huffman,  are prepping for disaster. "Faced with evidence of frailty in the American project, some are permitting themselves to imagine failure," notes staff writer Evan Osnos. "It is gilded despair." One particularly popular locale for second homes is English-speaking New Zealand, which has the rule of law, an upper-middle class culture and is off the beaten path. According to the New Yorker, 13,401 Americans registered with New Zealand's immigration authorities, during the first seven days after Trump's election. Is Acapulco safer than most US Cites?Investors like to pride themselves as "out of the box thinkers." However Berwick, an anarcho-capitalist, goes a lot farther than most. "The US government is already going to extraordinary lengths to track American's assets, and herd them into safe places where they can be seized," says Berwick. "These include moves towards digital cash, exit taxes, FATCA (the Foreign Assets Tax Compliance Act) and global taxation policies. Now is not the time to take chances." An Internet pioneer, and founder of Stockhouse.com, one the world's first financial news-sites, Berwick now holds fort in Acapulco, which, surprisingly, he claims is safer than most US cities. There from offices overlooking the Pacific Ocean, he runs the Dollar Vigilante newsletter and its fast-growing UTube channels. The offices are also headquarters of the TDV Internationalization and Investment Summit, and Anarchapulco, both which take place later this month. Berwick, a shameless promoter, bills the latter event, which attracts an eclectic crowd ranging from mining investors, to Bitcoin and yoga fanatics as "the world's largest anarcho-capitalist conference." What scares Berwick and free market advocates the most, is not the US government's attacks on financial freedoms, it is the attacks on personal freedoms. Trump's threats to institutionalize torture, legitimize religious discrimination and criminalize free speech are particularly jarring. When Trump floated the idea of taking away US citizenship from those who burn the flag, Berwick reacted by posting a video, which later went viral, of himself burning the flags of several countries, including Canada, where he was born, to the sound of "Freedom," a song popularized by the late George Michael. Heir to Doug Casey and The International Man Berwick's nervousness about the direction of US policies, while radical, flows in a long tradition of free thinkers of all kinds, who were forced outside their home countries. Voltaire, Rousseau and more recently Alexander Solzhenitsyn, all got out of Dodge at some point in their lives. However Berwick's ideas most resemble those of global investor Doug Casey, author of Crisis Investing and whose book The International Man, published about 40 years ago,  first introduced the general public to the idea of keeping one foot outside the United States. Indeed Casey was one of the first people that Berwick sought out, when he founded his UTube channel six years ago. Berwick flew down to Casey's Argentina estate for a series of interviews and over the years, Casey has defended his controversial protégé. Lessons from the old Soviet Union: broadening the ideas horizonThe idea that the United States is anything else other than a "shining city on a hill," is likely anathema to most Americans, despite the tough times that many are experiencing right now.That opinion is likely correct. America has gone through rough patches in the past and has always bounced back. However gold investors think over a far longer time horizon.Many remember policies in the old Soviet Union, which curtailed comments against the state, imposed restrictions on citizens moving assets aboard and foreign travel. For example when Simon Mikhailovich, who is now managing director at TBR Bullion Reserve, left the Soviet Union, his family's assets were essentially all confiscated in the form of an "exit tax," which is in some ways similar to what the US IRS, is currently levying on Americans who want to renounce their citizenship. Critics like Berwick aren't for everyone. But investors need second opinions now, more than ever. -30-    

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01 февраля, 06:00

FATCA Needs To Go, But Unfortunately, The FATCA "Refugees" Are Never Coming Back

Submitted by Duane via Free Market Shooter blog, GotNews posted an article yesterday about a “refugee problem” America has, referring to approximately 20,000 Americans who have renounced their citizenship under Obama’s leadership, and suggesting America “repatriate” said citizens: America has a refugee problem. Not the Syrian refugees. No, not the Afghan ones. No, not even the Cuban refugees. I’m talking about the born-and-raised American citizens who got fed up, gave up their U.S. citizenship, and escaped Obama’s America while they still could.   Yes, that’s right: nearly 20,000 American citizens left Obama’s America and forfeited their American citizenship while Obama was President.   Nearly 20,000 U.S. citizens voluntarily gave up their rights to vote, run for office, and the freedom to pursue “life, liberty, and the pursuit of happiness”, while Obama was in office.   We shouldn’t be allowing anyone from the violent and dangerous Middle East, including so-called “refugees”, into the United States right now. The only refugees who should be entering the United States are the American refugees who fled Obama’s America. Not only do we have that duty to our fellow Americans, but they pose no threat to us like Middle Eastern “refugees” do. What was missing from the article?  Discussion of the Obama-sponsored law that caused many citizens (mostly expats) to renounce their citizenship: FATCA (Foreign Account Tax Compliance Act). FATCA has been beaten to death by other sources, but surprisingly, very few people are aware of what it does.  The whole purpose of the law was to “crack down” on overseas tax evasion.  Simon Black of Sovereign Man did an excellent job of summarizing the net effect: Deep within its bowels fell the Foreign Account Tax Compliance Act, or FATCA for short. It was a sort of ‘law within a law’, and one of the dumbest in US history.   FATCA effectively commanded every single bank on the planet to enter into an information-sharing agreement with the IRS.   (Well, not so much ‘information sharing’. More like ‘information giving’. Because the US government doesn’t share anything with anyone.)   It all started based on a phony assumption that millions of Americans were hiding trillions of dollars in secret offshore accounts. And given how broke the US government is, they wanted every penny they were entitled to.   So the plan was to turn every bank in the world into a global spy network.   Any bank that didn’t comply was threatened with a crippling 30% withholding tax on every dollar that went in, out, and through the Land of the Free. In a nutshell, if you are an American expat living abroad, you just had to jump through thousands of hurdles to prove to the IRS that you aren’t evading any taxes, report all this information correctly, and within a confusing legal framework that leaves even the best accountants stumped, often triggering audits for “violation” of FATCA, even if it was not violated at all. Unsurprisingly, since the law was enacted, the amount of expatriates who renounce their citizenship has risen exponentially: FATCA forces any American opening a bank account overseas to be in compliance with the law, by having the IRS punish foreign nations that do not comply.  Because of FATCA, the majority of foreign banks quickly turned to outright refusal of US clients.  Good luck finding one that doesn’t charge a ridiculous litany of fees. Obviously, you need to live abroad to renounce your citizenship.  But who is doing the renouncing?  For the most part, permanent expats who have no intention of ever moving back.  Eduardo Saverin, the Facebook co-founder whose story was on full display in the movie The Social Network, is the biggest name of the group.  However, billionaires like Saverin aren’t most people.  A more pertinent real-world example is Rachel Heller: This state of affairs comes about because the US bases its taxation system on citizenship, unlike the rest of the world, where taxation is residence-based. In other words, while I live in the Netherlands, pay taxes in the Netherlands, and receive services in return for my taxes from the Netherlands, I was also expected to pay in the US, despite the fact that I received no services for my tax dollars.   The Foreign Account Tax Compliance Act (FATCA), passed in 2010 and in effect since 2014, was intended to catch “tax cheats”: billionaires living in the US who send their money abroad to hide it from the IRS. The problem is that people like me, who have moved abroad for jobs or for love, are persecuted as a consequence of that effort.   This does not mean that I was trying to avoid paying my “fair share,” the misleading phrase often used by politicians and repeated by the press. Because of a treaty between the US and the Netherlands (and many other countries), I only had to pay US taxes if my income was higher than about $100,000, which, as a teacher, it will never be. Instead, I pay where I live. I am in the 42 percent tax bracket here in the Netherlands, and my husband’s income puts him in the 52 percent bracket. That is much higher than it would be in the US, so I cannot be accused of avoiding taxes. If I wanted to do that, the Netherlands would be the last place I would live.   Nevertheless, I had to fill out US tax forms every year, plus extra forms to claim my foreign tax exemption, all to prove that I in fact do not owe any US taxes.   I repeat: I love the US. But I had to fill out lengthy forms (or rather, I spent almost a thousand euros a year to pay an accountant to do them for me), exposing my and my husband’s accounts to US government scrutiny, and I risked losing the ability to do the sort of banking that any middle-class American would normally take for granted. Yes, it is true, the majority of US expats are willing to give up their citizenship.  It’s not because they aren’t American.  It’s because by not living in America, FATCA has effectively rendered them second-class citizens.  The USA is one of only two countries in the world that has this system of taxation.  The other is Eritrea, which levies a simple 2% flat tax on its citizens who live abroad.  And still, the media, and even the UN have weighed on Eritrea’s simple regime, calling it “authoritarian”: Nearly every country in the world bases its tax system on residency rather than citizenship. If you’re an Italian citizen, and you leave Italy to live and work in Dubai, you don’t have to pay taxes on the income you earn abroad to the Italian government.   But Eritrea levies a 2% flat tax on its citizens who live abroad. If you’re an Eritrean citizen, you have to pay taxes to the Eritrean government, no matter where you live and work.   The media has condemned this as “extortion” and a “repressive” measure by an “authoritarian” government.   The UN has even weighed in. In Resolution 2023, the UN Security Council condemned Eritrea for “using extortion, threats of violence, fraud and other illicit means to collect taxes outside of Eritrea from its nationals.” FATCA is far more onerous, costly, and authoritarian than anything Eritrea does.  But don’t hold your breath expecting the UN to condemn what the USA is doing to its own citizens. Rachel Heller went into detail on how difficult the renunciation process is in her above linked article, but even after months and months of interviews, the USA piles on a $2,350 “renunciation fee” and an exit tax on your net worth, in addition to a “doxxing” of your name and personal details in a Federal register, done to “name and shame” you for renouncing your citizenship. It is sad that Americans have been forced to renounce their citizenship to comply with the onerous restrictions on their rights as a result of the Obama administration’s FATCA law.  But they didn’t give up their citizenship because they all of a sudden became un-American; no, they did it because of a law that has turned living and/or working abroad into an expensive, onerous, bureaucratic nightmare for the ordinary American citizen.  Repealing FATCA should be almost as high on Trump’s list as repealing Obamacare, but unfortunately for the citizens living abroad, a repeal of this law is not likely anytime soon, as Trump seems quite preoccupied with other affairs at the moment. What is even more sad, however, is that these citizens who have renounced will not be coming back, or re-applying for citizenship anytime soon.  Most were already living abroad permanently, and had no interest in ever moving back.  Because of FATCA and the IRS, and nothing else, they will no longer enjoy the protections of afforded to them when they were born.  FATCA and its ridiculous system has ensnared law-abiding American expats into a constant battle with the IRS, all over the day-to-day activities all citizens engage in. Regrettably, no new legislation can change that fact, undo all of the damage FATCA has already caused, or magically bring back the citizenship rights of those who have chosen to give it up, solely to avoid FATCA’s unjust burden.

30 января, 17:30

What to Do With Your Portfolio While Living Abroad

There are many reasons why U.S. citizens end up living abroad. If you’re considering the expat life, make sure your American portfolio is protected.

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16 января, 15:51

Налоговики проверяют счета израильтян в банках США

Сотрудники налоговой службы Израиля начали рассмотрение данных о счетах израильтян в банковских учреждениях США, существовавших в этой стране в 2016 году.

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09 января, 16:56

Beware IRS Audits Of Offshore Account Filings

FATCA forced many offshore account holders into the open. You may have filed, but IRS is auditing Streamlined filers, and asking about willfulness.

17 декабря 2016, 10:49

Американцы стали активнее отказываться от гражданства США в пользу российского

С января по сентябрь этого года 3,4 тыс. американцев отказались от гражданства США, причем это количество с каждым годом растет - в 2014 году их число составляло всего 2,3 тыс. человек, говорится в отчете Федерального Реестра Штатов; многие из них хотят стать резидентами России. Как рассказали граждане США, решившие стать резидентами России, многие бегут из страны от больших налогов, любви к российской культуре или из-за новых возможностей, которые предоставляет Россия. Также, по данным Госдепа, за прошедший год, число американцев, которые живут за пределами Штатов в 160 странах, составило более 7,6 млн человек. Из них более 3 млн находятся в ЕС, передает RT. По словам 46-летнего специалиста техподдержки Бернда Ретсча из Калифорнии, решившего уехать из США в Россию, чтобы стать ее резидентом, сложнее всего ему будет пройти тест на знание русского языка. Но несмотря на трудности, которые Бернду еще предстоит преодолеть, мужчина готов отказаться от американского гражданства в пользу российского, если этого потребует одно из государств. «Я родился и вырос в Штатах. Мои родители иммигрировали в США в 1960-х из Германии в поисках лучшей жизни. Я лично на себе испытал «доткомовский пузырь» - рост цен на акции интернет-компаний в конце 1990-х, что послужило становлению новой экономики, тесно связанной с интернетом. В итоге это повлекло за собой падение фондовых рынков и рост стоимости жизни: дорогая медицинская помощь, тройное налогообложение - это сделало «американскую мечту» недостижимой для рабочего класса», - говорит Бернд. Мужчина также поделился, что собирается уехать в Россию, потому что считает ее комфортной для жизни. Кроме того, у Бернда русская жена Наталия. «Россия - прекрасное место и для путешествий, и для жизни. Русские, с которыми я разговаривал о жизни, рассказали, что в России комфортно находиться. А проблемы...у какой страны их нет?» - рассказывает американец. Получить российское гражданство решил и журналист, политический обозреватель Майкл Бом. Он переехал в Москву 20 лет назад, потому что ему нравится русская культура, изучению которой Майкл хотел бы посвятить свою жизнь. «Я учился на факультете международных отношений - отделение по изучению России, в Колумбийском университете. Этот вуз считается одним из ведущих по изучению славян. Можно заниматься Россией из Америки, но чтобы всерьез понимать ее - нужно жить здесь», - говорит он. Люди, которые отказываются от гражданства, делают это из-за высоких налогов, которые отчисляются от общей суммы доходов ежемесячно. Американцы, которые вынуждены платить такие налоги, зарабатывают свыше 130 тыс. долларов в год. Вот эти люди скорее всего и уезжают в другие страны, - продолжает Бом. Отметим, что в США с 2010 года вступил в силу FATCA (Foreign Account Tax Compliance Act.). Закон направлен на борьбу с уклонением американцев, работающих за пределами страны, от уплаты налогов, поскольку те используют банковские счета других стран для хранения денег. В рамках законодательства зарубежные банки, где американцы хранят средства, должны полностью отчитываться о состоянии счетов граждан США. В июле 2014 года Америка подписала такое соглашение с российскими банками, а также с рядом европейских стран, в том числе Швейцарией, Великобританией, Германией, Норвегией и др. Если американец отказался от гражданства США, то он не сможет заново получить его без особого разрешения властей. Поэтому Федеральный Реестр США ведет список с указанием имен и фамилий всех граждан, которые решили отказаться от американских паспортов. За отказ от гражданства экс-американцы должны заплатить пошлину в размере 2,3 тыс. долларов. На аннулирование гражданства может потребоваться несколько месяцев, так как Госдепартамент проверяет всю биографию обратившегося, поскольку он может оказаться налоговым мошенником. До прихода к власти президента Барака Обамы отказ от гражданства стоил почти в шесть раз дешевле - 450 долларов. Стоимость затем существенно увеличили. Дело в то, что в период правления 44-го президента начались массовые отказы от гражданства. Сами отказники объясняли это тем, что Обама мешал развивать бизнес, подняв налоги на прибыль. По мнению политолога Александра Асафова, число экс-американцев может значительно вырасти в ближайшие месяцы. От гражданства США могут отказаться ярые сторонники Хиллари Клинтон, которая проиграла президентскую гонку Дональду Трампу. После избрания Трампа несколько американских звезд уже выражали желание покинуть Соединенные Штаты. Например, известный рэпер Снуп Догг заявил о том, что собирается переехать в Канаду. Покинуть Америку были готовы также певица Майли Сайрус и актриса Вупи Голдберг. Эксперт также считает, что именно новое правительство Трампа может уменьшить количество уезжающих американцев. «Все-таки большее количество отказавшихся от гражданства американцев, делают это из-за налогов на доходы. Поэтому, если Трамп уменьшит этот налог (сейчас он составляет около 30%) или избавится от него, то скорее всего сократится количество отказников. Однако, если же налоговая политика не изменится, то количество таких американцев превысит 4 тыс. человек в следующем году», - говорит политолог. Накануне актриса и член консультативного совета Международного фонда защиты животных (IFAW) Памела Андерсон не исключила возможности обращения за получением российского гражданства. 3 ноября 2016 года Путин подписал указ о приеме в гражданство России американского актера и продюсера Стивена Сигала.

17 декабря 2016, 10:20

Паспорт раздора: почему американцы всё чаще отказываются от гражданства США. Количество желающих добровольна лишиться американского паспорта с каждым годом растёт

С января по сентябрь этого года 3,4 тыс. американцев отказались от гражданства США, за аналогичный период прошлого года этот показатель составлял 3,2 тыс. человек, а в 2014 году - 2,3 тыс. человек. Об этом говорится в отчёте Федерального Реестра Штатов, с которым ознакомился RT. Как рассказали телеканалу граждане США, решившие стать резидентами России, многие бегут из страны от больших налогов, любви к российской культуре или из-за новых возможностей, которые предоставляет Россия. Также, по данным Госдепа, за прошедший год, число американцев, которые живут за пределами Штатов в 160 странах, составило более 7,6 млн человек. Из них более 3 млн находятся в ЕС. Несбывшаяся мечта По словам 46-летнего специалиста техподдержки Бернда Ретсча из Калифорнии, решившего уехать из США в Россию, чтобы стать её резидентом, сложнее всего ему будет пройти тест на знание русского языка. Но несмотря на трудности, которые Бернду ещё предстоит преодолеть, мужчина готов отказаться от американского гражданства в пользу российского, если этого потребует одно из государств. "Я родился и вырос в Штатах. Мои родители иммигрировали в США в 1960-х из Германии в поисках лучшей жизни. Я лично на себе испытал "доткомовский пузырь" - рост цен на акции интернет-компаний в конце 1990-х, что послужило становлению новой экономики, тесно связанной с интернетом. В итоге это повлекло за собой падение фондовых рынков и рост стоимости жизни: дорогая медицинская помощь, тройное налогообложение - это сделало "американскую мечту" недостижимой для рабочего класса", - говорит Бернд. Мужчина также поделился, что собирается уехать в Россию, потому что считает её комфортной для жизни. Кроме того, у Бернда русская жена Наталия. Россия - прекрасное место и для путешествий, и для жизни. Русские, с которыми я разговаривал о жизни, рассказали, что в России комфортно находиться. А проблемы...у какой страны их нет?, - рассказывает американец. Напомним, что в период с 2015 по 2016 годы российское гражданство уже получили боксёр Рой Джонс и актёр Стивен Сигал. Сбежать от налогов Получить российское гражданство решил и журналист, политический обозреватель Майкл Бом. Он переехал в Москву 20 лет назад, потому что ему нравится русская культура, изучению которой Майкл хотел бы посвятить свою жизнь. "Я учился на факультете международных отношений - отделение по изучению России, в Колумбийском университете. Этот Вуз считается одним из ведущих по изучению славян. Можно заниматься Россией из Америки, но чтобы всерьёз понимать её - нужно жить здесь", - говорит он. Люди, которые отказываются от гражданства, делают это из-за высоких налогов, которые отчисляются от общей суммы доходов ежемесячно. Американцы, которые вынуждены платить такие налоги, зарабатывают свыше $130 тыс. в год. Вот эти люди скорее всего и уезжают в другие страны, - продолжает Бом. Отметим, что в США с 2010 года вступил в силу FATCA (Foreign Account Tax Compliance Act. - RT). Закон направлен на борьбу с уклонением американцев, работающих за пределами страны, от уплаты налогов, поскольку те используют банковские счета других стран для хранения денег. В рамках законодательства зарубежные банки, где американцы хранят средства, должны полностью отчитываться о состоянии счетов граждан США. В июле 2014 года Америка подписала такое соглашение с российскими банками, а также с рядом европейских стран, в том числе Швейцарией, Великобританией, Германией, Норвегией и др. Час расплаты Стоит отметить, что, если американец отказался от гражданства США, то он не сможет заново получить его без особого разрешения властей. Поэтому Федеральный Реестр США ведёт список с указанием имён и фамилий всех граждан, которые решили отказаться от американских паспортов. Кстати, за отказ от гражданства экс-американцы должны заплатить пошлину в размере $2,3 тыс. На аннулирование гражданства может потребоваться несколько месяцев, так как Госдепартамент проверяет всю биографию обратившегося, поскольку он может оказаться налоговым мошенником. До прихода к власти президента Барака Обамы отказ от гражданства стоил почти в шесть раз дешевле - $450. Стоимость затем существенно увеличили. Дело в то, что в период правления 44-го президента начались массовые отказы от гражданства. Сами отказники объясняли это тем, что Обама мешал развивать бизнес, подняв налоги на прибыль. После выборов По мнению политолога Александра Асафова, число экс-американцев может значительно вырасти в ближайшие месяцы. От гражданства США могут отказаться ярые сторонники Хиллари Клинтон, которая проиграла президентскую гонку Дональду Трампу. Напомним, что после избрания Трампа несколько американских звёзд выражали желание покинуть Соединённые Штаты. Например, известный рэпер Снуп Догг заявил о том, что собирается переехать в Канаду. Покинуть Америку были готовы также певица Майли Сайрус и актриса Вупи Голдберг. "Всегда есть политические активисты, которые демонстрируют свою принципиальную политическую позицию. В основном, это крайние левые силы, те, кто поддерживали Клинтон и выступали против, как они заявляли, исламофоба, женоненавистника и расиста - Дональда Трампа. Например, это активисты SJW (Social Justice Warrior. - RT), которые выступают за защиту прав сексуальных меньшинств. Лидеры подобных организаций заявляли о своих желаниях отказаться от гражданства. Однако результат пока не известен, поскольку процедура отказа составляет 2-3 месяца", - рассказал Асафов. Эксперт также считает, что именно новое правительство Трампа может уменьшить количество уезжающих американцев. "Всё-таки большее количество отказавшихся от гражданства американцев, делают это из-за налогов на доходы. Поэтому, если Трамп уменьшит этот налог (сейчас он составляет около 30%) или избавится от него, то скорее всего сократится количество отказников. Однако, если же налоговая политика не изменится, то количество таких американцев превысит 4 тыс. человек в следующем году", - говорит политолог.(https://russian.rt.com/wo...)

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30 ноября 2016, 17:55

Franklin's Cost Containment Continues, AUM Growth Feeble

On Nov 26, 2016, we issued an updated research report on global investment management company, Franklin Resources, Inc. (BEN).

30 июня 2014, 22:41

Швейцария сдалась: о банковской тайне можно забыть!

Швейцария сдалась: о банковской тайне можно забыть!  В понедельник Швейцария окончательно прощается со статусом страны-хранительницы банковской тайны. Всевид... From: Экономика ТВ Views: 3 0 ratingsTime: 02:35 More in News & Politics

14 февраля 2014, 01:35

ОЭСР предлагает глобальный обмен данными по офшорам

  Организация экономического сотрудничества и развития предложила создать глобальную систему автоматизированного обмена данными об офшорных банковских и брокерских счетах.  PDF В опубликованном пресс-релизе ОЭСР отмечается, что свое согласие на участие в работе данной системы предоставили уже более 40 стран. Официальное представление данной системы министрам финансов стран “Большой двадцатки” состоится на их встрече 22-23 февраля в Сиднее. В разработанном документе установлены базовые принципы обмена финансовой информацией об офшорных счетах между налоговыми ведомствами различных стран. Данная система была разработана к саммиту стран "Большой восьмерки" в июле 2013 г. По итогам саммита главы стран "восьмерки" в рамках в борьбе с уклонением от уплаты налогов и налоговыми преступлениями подписали Лох-Эрнскую декларацию. (Lough Erne Declaration, PDF). Вопрос о создании системы, о которой объявили в подписанной декларации ОЭСР, идет под первым номером:  G8: глобальная налоговая система будет изменена "Налоговые власти по всему миру должны обеспечить автоматический обмен информацией, чтобы бороться с уклонением от уплаты налогов".