This is incorrect-the Swiss banks in question never released details to accounts and instead payed a record fine. They were informed by the Swiss Gvt. that they will lose their banking license and face criminal charges, if they intended on releasing information about any accounts.
- Thread starter manny20
- Start date
opinion on the u.s. taxing on d.r properties on u.s citizen and residents
This is incorrect-the Swiss banks in question never released details to accounts and instead payed a record fine. They were informed by the Swiss Gvt. that they will lose their banking license and face criminal charges, if they intended on releasing information about any accounts.
nonetheless... the names/accounts got out..... hence the gov't involvement
UK just did the same thing... but broadcasted it beforehand
the chicks flew the nest before the fox arrived
UK just did the same thing... but broadcasted it beforehand
the chicks flew the nest before the fox arrived
subsequently.......... who would go to a Swiss Bank any more?
business is off a bit -- they say
perception is reality
Actually, UBS did pay a record fine AND released details. They had to if they wanted to continue banking in the US. What came of that was a period of amnesty for taxpayers as long as they came forward voluntarily.
Respectfully,
Playacaribe2
not worth the argument PC2
it happened...... everybody has a different take....
you bet they released the accounts..... they went public
it happened...... everybody has a different take....
you bet they released the accounts..... they went public
The Swiss Banking Industry will be a long time recovering.
can you imagine the flight of capital??
Switzerland... formerly the safest haven
can you imagine the flight of capital??
Switzerland... formerly the safest haven
That is correct in terms of UBS because of action taken by Swiss Lawmakers and also Wegelin. That was not the case with the recent Credit Suisse settlement.
You can say that again. What a complete clusterf' for U.S. Citizens having to reside under a tax system based on citizenship. The only other country in the world that has such a system is a military dictatorship in E. Africa (Eritrea).
without laying any blame....let's just look at facts.
several / various accounts of Swiss banks became public knowledge.... somehow, somebody 'gave them up'
punitive responses ensued.... directed at Swiss banks
we can assume that capital fled the Swiss Banks.... reported to have happened
Recent Swiss settlement has nothing to do with the prior settlement
All those with Offshore Accounts..... raise your hands
the rest of you just read the news........... as reported -- with passing interest.
Credit Suisse did turn over about 238 names, but most of those people were already dead. CS wanted to hand over 7,500 names, but Swiss Gvt. told the bank if they do so then they will be facing time in Swiss prison. So irregardless, I think you can see the Swiss laws for banking confidentiality are still a serious matter and other than their IGA 2 FATCA arrangement, I don't think you will see any further extraordinary cooperation from Switzerland going forward.
Yes, it is pretty small and is a military dictatorship that is the only country in the world that has in common with the United States citizenship based taxation. Try to wrap that around your head.
owning property in d.r. with a revenue stream from the u.s. (cash) was the way to go...might this be soon over? friends would send all adults(family) with under10kus once or twice ayear. depending on streams in the n.y. area.
i dont think that this is going to stop...ive been stopped and "almost"strip searched by u.s. customs looking for cash...but alls we
ll and i told the truth....
i dont think that this is going to stop...ive been stopped and "almost"strip searched by u.s. customs looking for cash...but alls we
ll and i told the truth....
You are worried that the DR will report "Transactions, banking activities, etc., to the IRS??????
They can't locate anyone's property title, etc, let alone report it to the USA!!!
CCCCCCCCCCCCCCCCCCCCCCC
They can't locate anyone's property title, etc, let alone report it to the USA!!!
CCCCCCCCCCCCCCCCCCCCCCC
To answer your question, FACTA does not relate to foreign real estate. In fact, foreign real estate is one of the last areas of financial privacy for US citizens.
thats understandable,how about if you have a small business over there like any income