U.S. Foreign Account Tax Compliance Act (FATCA)

Expat13

Silver
Jun 7, 2008
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Received an email today from my bank (outside of USA) saying the FATCA went into effect Jan1 2103, and that they (and most/all) banks will be sharing/reporting info to the IRS.

Im not a tax dodger but the first thing that came to mind. 'OH CANADA" thank god im not an American!

Anyway just a friendly reminder to my American friends, get your things in order if need be!

Foreign Account Tax Compliance Act (FATCA)
 

Abuela

Bronze
May 13, 2006
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Thanks for the warning but I doubt I'll be around in 90 years for the 2103 law! If you meant 2013, we already know the US embassy just sent a reminder too.
 
Mar 1, 2009
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Start putting your money in your under wear and ship it out boyz and girlz the USA is getting creepier and creepier with all this weird news about surveillance, gun laws, false flag ops and upcoming state of emergencies. Once they declare the state of emergency NDAA goes into effect and all civil liberties are "temporarily suspended". So for like 24 hours the govt can officially do whatever it wants with you. Ain't awesome. I shoulda gotten my Canadian citizenship when I had the chance.
 

Omar_NYC

New member
Mar 22, 2013
297
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Breathe a little, Lando. Repeat.

The US has been short on cash for a couple years now. The shake-down is coming down hard on everyone except where it need to happen; Congress.

This government ****es away so much money on bullsh1t, it's not even funny. How does a government need a budget "sequestration" to force itself to cut spending?

But this has also become a Welfare nation. Nowhere else in the world can any immigrant come here and successfully get their hands on food stamps and housing assistance.

I often feel foolish and stupid for paying rent and bills. It's pointless when the next Joe isn't worried about anything except getting their hands on that EBT card.... yes.... Electronic Benefits Transfer... What they use to buy cigarettes and beer here... or what's supposed to buy needy families food and necessities.

But maybe that's the point after all..... A nation of lazy crooks, by lazy crooks, and for lazy crooks.... Sort of how it seems to work in DR.... except all that wealth isn't trickling down to the bottom of the food chain.

God help us all....
 

greydread

Platinum
Jan 3, 2007
17,477
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Everyone relax. It's just another tool to rout out suspected terrorists and narco-traffickers.

If you're not committing crimes you have nothing to worry about. Big Brother is your friend.

As you were.
 

reilleyp

Well-known member
Dec 12, 2006
1,190
663
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Breathe a little, Lando. Repeat.

The US has been short on cash for a couple years now. The shake-down is coming down hard on everyone except where it need to happen; Congress.

This government ****es away so much money on bullsh1t, it's not even funny. How does a government need a budget "sequestration" to force itself to cut spending?

But this has also become a Welfare nation. Nowhere else in the world can any immigrant come here and successfully get their hands on food stamps and housing assistance.

I often feel foolish and stupid for paying rent and bills. It's pointless when the next Joe isn't worried about anything except getting their hands on that EBT card.... yes.... Electronic Benefits Transfer... What they use to buy cigarettes and beer here... or what's supposed to buy needy families food and necessities.

But maybe that's the point after all..... A nation of lazy crooks, by lazy crooks, and for lazy crooks.... Sort of how it seems to work in DR.... except all that wealth isn't trickling down to the bottom of the food chain.

God help us all....

You summed that up perfectly Omar. The tipping point was when governments began to make more on the business transaction than the business, as in the DR, where they make 18% per transaction. Here in the US they make the corportate tax, plus the FICA, plus the tariff, plus the workers comp, unemployment, disability, 19% on the phone bill, 20% on a gallon of gas, etc etc etc. . .
 
Sep 4, 2012
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You got that right.

Might be time to put together a list of FATCA non-compliant banks in the DR.

The real ugliness is when the IRS finds out you have/had a foreign bank account and never filed a FBAR for it. BAM! $10K-$50K fine for each and every year you didn't file. And for you Canadians with dual US citizenship FATCA also applies to you. I talked with the compliance officer for Banco Santa Cruz for example and was told they are complying with FATCA.
And of course your foreign bank is obligated to give your account a 30% haircut on all interest earned if the IRS tells them to do so. And that's just for starters.

Now you might ask why would foreign banks be willing to rat out their US customers? Because if they don't, they get slammed with a 30% penalty on every US transaction they do. Oh, it's ugly.

Anyway, now is a good time to get that list together. They're going to milk the cows.

FBAR no needed if below 10K threshold available funds, no need to exaggerate. The account itself, however must be reported on taxes every year regardless of amount in it.
 
Sep 4, 2012
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Thus my point. What used to be an afterthought of a savings account now is wide open to IRS scrutiny and subject to large fines. With FATCA, DR banks are now obligated to report to the IRS the mere existence of the account. That is no "exaggeration."

It doesn't matter if the account has 1 peso in it or 10 million pesos.

The same requirements have been in place for years regarding the account reporting to IRS on individual taxes. I called exaggeration to the mentioning of the FBAR. No need to file one unless 10K or beyond.
 

Expat13

Silver
Jun 7, 2008
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USA needs it remittances also!!! How else do you expect them to continue with such a high level of social assistance to those who don't work, when they are trillions in debt, and wars still need to be funded... The government needs to grow and that costs money my dear Expats! Being American comes with privileges!
 

SKY

Gold
Apr 11, 2004
13,470
3,604
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I'd gladly sell my US citizenship for $5,000 pesos and the guarantee not to be tracked by the IRS.

Unfortunately you cannot get rid of your US Citizenship. The US won't let you. Slavery was supposed to end with the Civil War, but it is still alive and prospering, but now instead of one race it is all colors and race. The joy of "The Land of the Free."
 

Expat13

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Jun 7, 2008
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I'd gladly sell my US citizenship for $5,000 pesos and the guarantee not to be tracked by the IRS.

Im sure there are many Dominicans who will take you up on that. If you renounce your citizenship (becoming far more properly these days) they will EVENTUALLY leave you alone. It does however take years to wash off-like being sprayed by a skunk!
 

JohnnyBoy

Bronze
Jun 17, 2012
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In twenty years the US will be like the DR. Thats what we get for thirty years of inviting the flotsam and jetsam of the world to join our welfare rolls..
suprisingly enough the Hasidics and the Russians are the largest recipients of SSI housing assistance medicare fraud and the like.
 

Expat13

Silver
Jun 7, 2008
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I was being sarcastic, I know i can't sell it. And to renounce it requires a audit by the IRS before your money is deemed "safe" from the US government. You can't just waltz into the nearest consulate and do a "Lo siento, Bye." We are the only nation on earth that taxes based on citizenship, not on residency. Pretty sick.

I agree, the once, most desirable passport in the world (considered by some) has now become the most egregious. The decades of living the "American Dream" now is just one of the many other bills that must be paid. The "territorial tax system" which most systems have is a fair system. If you work and live abroad, cancel all and do not draw benefits from your home country, you should not have a tax bill.
 

Expat13

Silver
Jun 7, 2008
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The IRS has spy cams in the colonial zone watching gringos trade $$$ for pesos with the street moneychangers