GATCA is the new FATCA

southern

I love Hillary!
Dec 13, 2016
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Business tax and banking compliance is not a big concern for x- pats living here. Most working here have a U.S corporate connection and they take the heat. Even for a small business owner, uncle sam is not really interested in a hundred thousand.
 

Expat13

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Jun 7, 2008
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Business tax and banking compliance is not a big concern for x- pats living here. Most working here have a U.S corporate connection and they take the heat. Even for a small business owner, uncle sam is not really interested in a hundred thousand.

The difference is this is not just about USA and Uncle Sam, its now become Global and it relates to business and personal. Example: Romanian Internet tech-guy, lives most of the year in DR and makes income from dealing with international clients by way of the internet. He has his clients pay him thru his Romanian/Swiss/German or wherever bank. That Bank now in-turn reports all incoming funds to his Country of Citizenship and his Country of residency so they can determine if he paid the proper income taxes. This is the way I understand it after reading, I could be wrong.
 

Conchman

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Jul 3, 2002
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www.oceanworld.net
The difference is this is not just about USA and Uncle Sam, its now become Global and it relates to business and personal. Example: Romanian Internet tech-guy, lives most of the year in DR and makes income from dealing with international clients by way of the internet. He has his clients pay him thru his Romanian/Swiss/German or wherever bank. That Bank now in-turn reports all incoming funds to his Country of Citizenship and his Country of residency so they can determine if he paid the proper income taxes. This is the way I understand it after reading, I could be wrong.

Sounds like a nightmare from '1984'
 

Expat13

Silver
Jun 7, 2008
3,256
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The banking industry is could really be hurting thru this. Many banks reacted negatively about FATCA because of the additional workload required to satisfy FATCA policies, because of this many banks just decided to stop dealing with Americans all together. Now they will not have that choice since it's now Global. Most of us will not be impacted by this, but the extra compliance costs are usually passed on to the customer as extra fees etc. The 15 years prior to 911 we used to receive interest from our savings accounts anywhere from a 4% low as high as 13.5%. Now lucky to get 1-2% but your transaction, activity fees etc. add up to more, therefore we get nada. Will this new Act start costing us money to use banks? Ouch!!
 

southern

I love Hillary!
Dec 13, 2016
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We were getting such high interest on savings because banks were charging 10% to borrow money. The rate will creep up and pensioners who prefer very low risk earnings will enjoy a little boost. As far as the article and tax shelters and hiding assets, that's pretty much gone. If you are hiding and fudging on taxes sooner or later one of these government oversight mechanisms is going to kick in and send you a bill. If it's significant coin you or your Corp will not recover.
 

Expat13

Silver
Jun 7, 2008
3,256
49
48
We were getting such high interest on savings because banks were charging 10% to borrow money. The rate will creep up and pensioners who prefer very low risk earnings will enjoy a little boost. As far as the article and tax shelters and hiding assets, that's pretty much gone. If you are hiding and fudging on taxes sooner or later one of these government oversight mechanisms is going to kick in and send you a bill. If it's significant coin you or your Corp will not recover.

Agreed! They better quickly legalize Cannibis worldwide and let the petty MariJane prisoners out of jail to make room for this new larger class of white collar criminals.
 

LTSteve

Gold
Jul 9, 2010
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Sounds like a nightmare from '1984'

Big Brother wants to have his cut of your hard earned dollar no matter how or where you make it! If there is an electronic trail they will find you. RUN FOREST, RUN!!!!!!!!!!!!!!
 

LTSteve

Gold
Jul 9, 2010
5,450
23
38
The difference is this is not just about USA and Uncle Sam, its now become Global and it relates to business and personal. Example: Romanian Internet tech-guy, lives most of the year in DR and makes income from dealing with international clients by way of the internet. He has his clients pay him thru his Romanian/Swiss/German or wherever bank. That Bank now in-turn reports all incoming funds to his Country of Citizenship and his Country of residency so they can determine if he paid the proper income taxes. This is the way I understand it after reading, I could be wrong.

If he is living full time in the DR he will still have final income taxes in his home country and will receive a large tax credit for living abroad. If it is reported to the DR, which is highly questionable, will DR officials be able to track this to an individual. Use of computers to track income tax in the DR is shaky. I would be more concerned reporting every year to my country of citzenship.
 

Expat13

Silver
Jun 7, 2008
3,256
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If he is living full time in the DR he will still have final income taxes in his home country and will receive a large tax credit for living abroad. If it is reported to the DR, which is highly questionable, will DR officials be able to track this to an individual. Use of computers to track income tax in the DR is shaky. I would be more concerned reporting every year to my country of citzenship.
Unless his home country has a world tax based on citizenship (like USA and maybe a couple others worldwide) in the example above, he is a DR resident, and his offshore banks would report his info to the DR. In theory, if he has a bank account in the DR, it should NOT be hard to connect the dots on him, and he should have no tax exposure to his home country as he nolonger lives there, again unless USA.
 

Expat13

Silver
Jun 7, 2008
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How odd, since they require other governments to participate with them and their quest for $.

Is this the start of a breakdown of "the constitution" in all countries? To add to the hypocrisy, this is an attack on the offshore tax havens, yet the 2nd largest haven is actually in the USA due to Nevada/Deleware/ and a couple others