05/16/2014
Breaking FATCA News: A Semi-Stay Of Execution For Americans’ Assets And The Dollar
May 16, 2014 by The Dollar Vigilante
Breaking FATCA News: A Semi-Stay Of Execution For Americans’ Assets And The Dollar
The Illegitimate Revenue Agency (IRS) has just announced that the Foreign Account Tax Compliance Act (FATCA) has been postponed from July 1 until Jan. 1, 2016.
This is good news in many ways for both those with assets they wish to internationalize as well as for the dollar and the U.S. banking system itself, but in many ways the damage has already been done.
FATCA, signed into law in 2010, ensures that if you don’t tell the U.S. government where your assets are and how much is there, your bank will — no matter where that bank exists.
FATCA has been acknowledged as the death of the dollar by many experts, including our own FATCA expert, Jim Karger, who recently stated such at our recent TDV Wealth Management Crisis Conference in both Panama and Mexico.
Many foreign banks simply won’t comply. The cost and risk of complying outweighs the benefit of accepting American clients.
By requiring banks all over the world to become unpaid employees of the IRS and keep tabs on American citizens, FATCA is perhaps the most egregious, overarching and draconian “law” put into effect by the U.S. government crime organization to date.
We’ve heard story after story of banks all over the globe that are simply not taking on American clients. In many cases, they are telling their current American clients their accounts will soon be closed. The account holder’s crime? Being American.
But there has been some temporary reprieve for those who will be affected by the law.
The recent IRS guidelines regarding FATCA give many of the companies and financial institutions implementing FATCA another 18 months to be in compliance.
Of course, as with all government laws, it will be selectively enforced.
Any banks not appearing to be doing their best to comply will likely find themselves in contention with the IRS. At any rate, what this effectively means is that if Uncle Sam doesn’t like you or wants your money, he might come after you. Nothing new here…
A recent Thomson Reuters survey of 500 European and U.S. tax professionals showed 74 percent believed there to be a lack of clarity in the IRS regulations for FATCA. This would impede compliance, they predicted.
The notice from the IRS states:
Calendar years 2014 and 2015 will be regarded as a transition period for purposes of IRS enforcement and administration of the due diligence, reporting, and withholding provisions…
With respect to this transition period, the IRS will take into account the extent to which a participating or deemed-compliant FFI, direct reporting NFFE, sponsoring entity, sponsored FFI, sponsored direct reporting NFFE, or withholding agent has made good faith efforts to comply with the requirements of the chapter 4 regulations and the temporary coordination regulations.
For example, the IRS will take into account whether a withholding agent has made reasonable efforts during the transition period to modify its account opening practices and procedures to document the chapter 4 status of payees, apply the standards of knowledge provided in chapter 4, and, in the absence of reliable documentation, apply the presumption rules of §1.1471-3(f).
Causing Chaos Worldwide For Americans
FATCA has already affected many Americans with accounts abroad. They have seen their accounts closed at a moment’s notice and have been unable to open accounts. Perhaps even worse, hardly anyone knows how to deal with the FATCA regulations even if they did want to deal with it.
I have just returned from the Cayman Islands, where lawyers and accountants are running scared. They are slowly figuring out what FATCA means to their American clients, many of whom have a large amount of assets in the Cayman Islands that they do not want to repatriate to the U.S. or be reported to the IRS.
And even if they wanted to adhere to all the rules under FATCA, it is nearly impossible to understand and fraught with risk.
The lawyers in the Cayman Islands told me that company incorporation in the Cayman Islands is rock-solid in terms of privacy and ease of setup (we will have more on that to subscribers soon), but the problem is banking in the Cayman Island.
They told me that if an American is even involved, in any way, with a company that has a bank account in the Cayman Islands, they will report all information on that account to the IRS.
I informed them of a few things.
First, any American with substantial assets should be running, not walking, to get a second passport to protect against all of the capital controls coming out against Americans.
We have heard of some companies that have stopped working with Americans at all just because of the problems it causes them with their bank accounts.
Secondly, there are ways for Americans to have international structures and banking without falling under the FATCA legislation. We enlightened dozens of people recently at our Crisis Conference on how to do this. You can find out more by contacting *************
Conclusion
As you can see, the law will still go into effect — and Jan. 1, 2016 is right around the corner. The IRS fines for FATCA noncompliance could result in fines or jail time for individuals who fail to report. Already, on July 1, foreign financial institutions risk being fined.
The next 18 months are merely a reprieve. Already, foreigners are moving away from the dollar.
The facade of the U.S. government has fallen, and the entire world recognizes that the U.S. and the dollar are about to collapse because it cannot pay off its debts and printing money is the only way the game can continue on much longer.
Countless movements are ongoing in Russia, China, the Mideast and more — all moving away from the dollar and the U.S. banking system. And this is exacerbated by FATCA.
If you were caught on your heels in the lead up to July 1, then don’t be in the lead up to the next FATCA deadline. The folks at ********** are ready to help you today with any questions you might have.
–Jeff Berwick
http://dollarvigilante.com/blog/2014/5/14/breaking-fatca-news-a-semi-stay-of-execution-for-americans-a.html
Breaking FATCA News: A Semi-Stay Of Execution For Americans’ Assets And The Dollar
May 16, 2014 by The Dollar Vigilante
Breaking FATCA News: A Semi-Stay Of Execution For Americans’ Assets And The Dollar
The Illegitimate Revenue Agency (IRS) has just announced that the Foreign Account Tax Compliance Act (FATCA) has been postponed from July 1 until Jan. 1, 2016.
This is good news in many ways for both those with assets they wish to internationalize as well as for the dollar and the U.S. banking system itself, but in many ways the damage has already been done.
FATCA, signed into law in 2010, ensures that if you don’t tell the U.S. government where your assets are and how much is there, your bank will — no matter where that bank exists.
FATCA has been acknowledged as the death of the dollar by many experts, including our own FATCA expert, Jim Karger, who recently stated such at our recent TDV Wealth Management Crisis Conference in both Panama and Mexico.
Many foreign banks simply won’t comply. The cost and risk of complying outweighs the benefit of accepting American clients.
By requiring banks all over the world to become unpaid employees of the IRS and keep tabs on American citizens, FATCA is perhaps the most egregious, overarching and draconian “law” put into effect by the U.S. government crime organization to date.
We’ve heard story after story of banks all over the globe that are simply not taking on American clients. In many cases, they are telling their current American clients their accounts will soon be closed. The account holder’s crime? Being American.
But there has been some temporary reprieve for those who will be affected by the law.
The recent IRS guidelines regarding FATCA give many of the companies and financial institutions implementing FATCA another 18 months to be in compliance.
Of course, as with all government laws, it will be selectively enforced.
Any banks not appearing to be doing their best to comply will likely find themselves in contention with the IRS. At any rate, what this effectively means is that if Uncle Sam doesn’t like you or wants your money, he might come after you. Nothing new here…
A recent Thomson Reuters survey of 500 European and U.S. tax professionals showed 74 percent believed there to be a lack of clarity in the IRS regulations for FATCA. This would impede compliance, they predicted.
The notice from the IRS states:
Calendar years 2014 and 2015 will be regarded as a transition period for purposes of IRS enforcement and administration of the due diligence, reporting, and withholding provisions…
With respect to this transition period, the IRS will take into account the extent to which a participating or deemed-compliant FFI, direct reporting NFFE, sponsoring entity, sponsored FFI, sponsored direct reporting NFFE, or withholding agent has made good faith efforts to comply with the requirements of the chapter 4 regulations and the temporary coordination regulations.
For example, the IRS will take into account whether a withholding agent has made reasonable efforts during the transition period to modify its account opening practices and procedures to document the chapter 4 status of payees, apply the standards of knowledge provided in chapter 4, and, in the absence of reliable documentation, apply the presumption rules of §1.1471-3(f).
Causing Chaos Worldwide For Americans
FATCA has already affected many Americans with accounts abroad. They have seen their accounts closed at a moment’s notice and have been unable to open accounts. Perhaps even worse, hardly anyone knows how to deal with the FATCA regulations even if they did want to deal with it.
I have just returned from the Cayman Islands, where lawyers and accountants are running scared. They are slowly figuring out what FATCA means to their American clients, many of whom have a large amount of assets in the Cayman Islands that they do not want to repatriate to the U.S. or be reported to the IRS.
And even if they wanted to adhere to all the rules under FATCA, it is nearly impossible to understand and fraught with risk.
The lawyers in the Cayman Islands told me that company incorporation in the Cayman Islands is rock-solid in terms of privacy and ease of setup (we will have more on that to subscribers soon), but the problem is banking in the Cayman Island.
They told me that if an American is even involved, in any way, with a company that has a bank account in the Cayman Islands, they will report all information on that account to the IRS.
I informed them of a few things.
First, any American with substantial assets should be running, not walking, to get a second passport to protect against all of the capital controls coming out against Americans.
We have heard of some companies that have stopped working with Americans at all just because of the problems it causes them with their bank accounts.
Secondly, there are ways for Americans to have international structures and banking without falling under the FATCA legislation. We enlightened dozens of people recently at our Crisis Conference on how to do this. You can find out more by contacting *************
Conclusion
As you can see, the law will still go into effect — and Jan. 1, 2016 is right around the corner. The IRS fines for FATCA noncompliance could result in fines or jail time for individuals who fail to report. Already, on July 1, foreign financial institutions risk being fined.
The next 18 months are merely a reprieve. Already, foreigners are moving away from the dollar.
The facade of the U.S. government has fallen, and the entire world recognizes that the U.S. and the dollar are about to collapse because it cannot pay off its debts and printing money is the only way the game can continue on much longer.
Countless movements are ongoing in Russia, China, the Mideast and more — all moving away from the dollar and the U.S. banking system. And this is exacerbated by FATCA.
If you were caught on your heels in the lead up to July 1, then don’t be in the lead up to the next FATCA deadline. The folks at ********** are ready to help you today with any questions you might have.
–Jeff Berwick
http://dollarvigilante.com/blog/2014/5/14/breaking-fatca-news-a-semi-stay-of-execution-for-americans-a.html
Today at 7:23 am by Rocky
» Governor of Baghdad: 20 projects will be included during the current year in the city of Nahrawan
Today at 7:20 am by Rocky
» More than $242 million in central bank sales today
Today at 7:17 am by Rocky
» Advisor: Sudanese is determined to close the displacement file
Today at 7:14 am by Rocky
» Al-Sudani: The implementation of the 2023 budget witnessed a success that must be invested in
Today at 7:13 am by Rocky
» The Baghdad Council will decide on the nomination of the committees in the coming days
Today at 7:10 am by Rocky
» Al-Samarrai: The Sunni community is not in favor of removing American forces
Today at 7:08 am by Rocky
» A warning from Al-Rasheed to those wishing to apply for advances and loans
Today at 7:06 am by Rocky
» Azerbaijan expresses its desire to participate in the implementation of joint projects in the oil an
Today at 7:05 am by Rocky
» Fuel cards arouse citizens' discontent
Today at 7:03 am by Rocky
» utube 3/18/24 MM&C Iraqi Dinar-- IQD-- Dinar Update -100% Electronic - Real Effective Exchange Rat
Today at 5:21 am by Rocky
» utube MM&C 3/16/24 0:05 / 18:16 Iraq Federal Court Brings - Strength to Financial - Politic
Today at 5:18 am by Rocky
» MM&C 3/18/24 Sudanese Advisor: Iraq will leave government monetary dealing in mid-2024
Today at 5:17 am by Rocky
» A delegation from the Kurdistan government visits Baghdad to discuss the issue of localization of sa
Today at 5:11 am by Rocky
» Director of the Central Oil Company: We are keen to provide the appropriate investment environment
Today at 5:10 am by Rocky
» The Energy Parliament calls for reporting generators violating government pricing
Today at 5:08 am by Rocky
» A representative reveals the fate of the laws of “previous sessions”
Today at 5:07 am by Rocky
» Politician: Coordination holds the keys to resolving the “Parliament Presidency” conflict
Today at 5:05 am by Rocky
» Al-Sudani: Iraq wants to carry out its peaceful activity in the field of atomic energy
Today at 5:04 am by Rocky
» Including a minister and a parliamentarian... 38 arrest and recruitment orders were issued against t
Today at 5:02 am by Rocky
» Integrity: Citizens’ cooperation resulted in detecting inflation and returning state funds
Today at 5:01 am by Rocky
» Agriculture presents 97 projects to the Ministerial Council for the Economy
Today at 4:59 am by Rocky
» Al-Sudani: We succeeded in implementing the 2023 budget, and we must continue to complete economic p
Today at 4:58 am by Rocky
» Labor adopts new mechanisms to reduce the phenomenon of begging
Today at 4:57 am by Rocky
» Electronically.. directing the collection of fees tomorrow in an Iraqi governorate
Today at 4:56 am by Rocky
» Held in Brussels.. Iraq receives an official invitation to attend the Nuclear Energy Summit
Today at 4:55 am by Rocky
» Kurdistan has been paralyzed. There has been no liquidity in hand for 50 days, and the truth has bee
Today at 4:53 am by Rocky
» The dollar continues to decline against the Iraqi dinar on the stock exchange and exchange offices
Today at 4:52 am by Rocky
» The Minister of Oil reveals the reasons for Shell’s withdrawal from Nebras: It will be divided into
Today at 4:51 am by Rocky
» The Housing Fund advises loan applicants and launches a link for inquiries
Today at 4:50 am by Rocky
» He stressed that the government’s vision is to make one class not exceed 25 students...Government me
Today at 4:48 am by Rocky
» Al-Hakim and Al-Halbousi stress the importance of choosing a speaker for Parliament in accordance wi
Today at 4:47 am by Rocky
» Iron and Steel Company: Iraq is on the verge of a major industrial revolution
Today at 4:46 am by Rocky
» Economists: Citizens still prefer cash transactions over electronic transactions
Today at 4:45 am by Rocky
» The compass of Iraq's foreign policy in a world of turbulent polarization
Today at 4:43 am by Rocky
» Parliamentary Finance: The federal budget is in the corridors of the Council of Ministers, and there
Today at 4:42 am by Rocky
» Integrity calls on citizens to report the inflation of funds in the sector of the Ministry of Labor
Today at 4:40 am by Rocky
» Al-Sudani directs the launch of initiatives for young businessmen and investors
Today at 4:38 am by Rocky
» Representative agriculture emphasizes taking supportive measures for the local product
Today at 4:37 am by Rocky
» An economist calls on the government to support and stimulate the private sector
Today at 4:36 am by Rocky
» Al-Ittihad: Employees and retirees in Kurdistan paid the price of political differences with Baghdad
Today at 4:34 am by Rocky
» Al-Samarrai and Al-Hakim discuss the importance of achieving political and constitutional entitlemen
Today at 4:32 am by Rocky
» Only 23 million dunums. Iraq exploits approximately 50% of its arable land
Today at 4:30 am by Rocky
» Türkiye considers it a political issue.. Where have the negotiations reached regarding Iraq’s water
Today at 4:29 am by Rocky
» Sudanese receives an invitation to attend the Nuclear Energy Summit in Brussels - Urgent
Today at 4:27 am by Rocky
» Central Bank sales exceed $240 million today
Yesterday at 6:52 am by Rocky
» Parliamentary Finance calls on the government to expedite sending the 2024 budget to Parliament
Yesterday at 6:47 am by Rocky
» ‘We’re So Sick of It’: Northern Border Crisis Gets Worse
Yesterday at 6:35 am by Bama Diva
» A representative holds Kurdistan responsible for the faltering legislation of the oil and gas law
Yesterday at 5:27 am by Rocky
» Warnings of the danger of the increase in foreign labor in Iraq
Yesterday at 5:26 am by Rocky
» Iraq's oil exports to America decreased within a week
Yesterday at 5:25 am by Rocky
» Al-Sudani chairs an “important” meeting to form the Kirkuk government
Yesterday at 5:23 am by Rocky
» Investment confirms the adoption of a new method in new residential cities and explains its details
Yesterday at 5:21 am by Rocky
» For the first time in 2024.. exchange rates fall to the threshold of 149 thousand in Baghdad
Yesterday at 5:19 am by Rocky
» Including gold.. An increase in exports of 3 Turkish products to Iraq during 2024
Yesterday at 5:18 am by Rocky
» A detailed integrity report regarding the Housing Fund... called for this matter
Yesterday at 5:17 am by Rocky
» Resources count the number of trespassers in Baghdad.. What about restaurants?
Yesterday at 5:16 am by Rocky
» At a cost of approximately two billion dinars... determining the completion rates achieved in the Ma
Yesterday at 5:15 am by Rocky
» Parliament awaits the “Cabinet of Ministers” law
Yesterday at 5:14 am by Rocky
» Provincial councils return after an absence with a heavy legacy
Yesterday at 5:13 am by Rocky
» Iraq is the axis and meeting point of East and West
Yesterday at 5:11 am by Rocky
» One million beneficiaries of health insurance early next May
Yesterday at 5:10 am by Rocky
» Parliamentary Finance: Delaying the budget had a negative impact on the performance of the ministrie
Yesterday at 5:09 am by Rocky
» The chaos of urban expansion threatens the agricultural character of Diwaniyah
Yesterday at 5:08 am by Rocky
» A project to plant Japanese trees in Erbil
Yesterday at 5:07 am by Rocky
» A team to prepare the national strategy for national security in Kirkuk
Yesterday at 5:06 am by Rocky
» Next Tuesday...concluding a contract to expand the basic design of the city of Mosul
Yesterday at 5:04 am by Rocky
» A festival to reduce food prices in Mosul
Yesterday at 5:03 am by Rocky
» Technical committees between Baghdad and Erbil to resume oil exports through Türkiye
Yesterday at 5:02 am by Rocky
» A model of economic diversification
Yesterday at 5:01 am by Rocky
» Variation in the extent to which Iraq was affected by the decision to reduce the credit rating of {T
Yesterday at 5:00 am by Rocky
» Al-Sudani: Iraq has made a commitment to receive the entire security file from the Ministry of Inter
Yesterday at 4:58 am by Rocky
» The President of the Republic stresses the important role of Mr. Abdul Aziz Al-Hakim in the first st
Yesterday at 4:56 am by Rocky
» The Iraqi Center for Combating Rumors warns against social media celebrities misleading their follow
Yesterday at 4:54 am by Rocky
» Integrity investigates the work of the Housing Fund and indicates debts worth 56 billion dinars
Yesterday at 4:53 am by Rocky
» Agricultural associations in Karbala welcome the provincial council’s decision to prevent the fragme
Yesterday at 4:52 am by Rocky
» Free education lecturers demand that they be given job opportunities and contracts in Kirkuk
Yesterday at 4:51 am by Rocky
» The Digital Media Center calls for not browsing links published on a government page
Yesterday at 4:50 am by Rocky
» The President of the Republic confirms the strength of relations between Iraq and Italy
Yesterday at 4:48 am by Rocky
» A decline in Iraq's oil exports to America during the past week
Yesterday at 4:47 am by Rocky
» Economic researcher for / NINA /: Iraqi youth are qualified for the labor market and relying on them
Yesterday at 4:46 am by Rocky
» The Minister of Planning is following up on the Statistics Authority’s preparations to conduct the g
Yesterday at 4:45 am by Rocky
» 5 days after sending the money and the Kurdistan government has not paid the salaries...a political
Yesterday at 4:44 am by Rocky
» A political reading about Sudanese political concern.. Amending the election law is one of the attem
Yesterday at 4:42 am by Rocky
» Al-Sudani to the Baghdad government: Pay attention to the outskirts of the capital, and drainage mus
Yesterday at 4:41 am by Rocky
» The Iraqi dinar recovers against the dollar in local markets
Yesterday at 4:39 am by Rocky
» Investment provides a summary of Bismaya units... and the new cities have “fixed prices” for the fir
Yesterday at 4:38 am by Rocky
» “Hidden commissions” on electronic fuel cards, contrary to what is advertised.. To whom does 100 mil
Yesterday at 4:37 am by Rocky
» Al-Hasnawi: The government is continuing to accelerate the completion and opening of lagging health
Yesterday at 4:36 am by Rocky
» Oil: The gasoline import file will be closed early next year
Yesterday at 4:35 am by Rocky
» “My account or your account”... a new problem behind the delay in the salaries of the region’s emplo
Yesterday at 4:34 am by Rocky
» Al-Sudani: Iraq is about to host important events and conferences
Yesterday at 4:33 am by Rocky
» In Erdogan's visit to Iraq...the path of development in exchange for water
Yesterday at 4:33 am by Rocky
» An American report on Washington’s seriousness in withdrawing from Iraq: Biden does not want to lose
Yesterday at 4:30 am by Rocky
» The organization is banned in Iraq.. Baghdad decides the fate of the Workers’ Party after 40 years o
Yesterday at 4:29 am by Rocky
» The rain exposes the poor quality of service projects and calls for the dismissal of officials and h
Yesterday at 4:28 am by Rocky
» Politician: Ankara needs Baghdad economically, and the path of development is Iraq’s trump card
Yesterday at 4:26 am by Rocky
» Economic calls to adopt a new philosophy for implementing strategic projects
Yesterday at 4:24 am by Rocky
» Al-Maliki: My alliance with Al-Sadr is possible, and the movement’s distance from it is an unhealthy
Yesterday at 4:23 am by Rocky