opinion on the u.s. taxing on d.r properties on u.s citizen and residents

[Criss Colon]

I want you ALL to pay as high taxes to the USA that you can!!!!!
Somebody has to keep my "Free Cheese" coming every month!!!!!
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[windeguy]

I hold mine still that way Windy

They say its easier to probate wills via corporate ownership....

I won't be around to find out

It appears that probate or selling the house with the corporation are the only advantages left to have a company hold your house.

 

[jimmythegreek]

It should be clear that all the above regarding a reporting threshold of $10,000 is theory, as least in the the DR. Banks in this country will be reporting EVERYTHING for US account holders. According to bankers, they are doing this to make sure nothing falls through the cracks and no mistakes are made. Banks locally are planning to over report since they've already went to trouble and expense to be complaint.

I suggest you read a Model 1A IGA. You will see that all pre-existing and new accounts that remain under $50,000 annually (Since June 30, 2014) will have no review-identification or reporting requirements. Moreover, pre-existing entities no review-identification and reporting requirements if under $250,000 on June 30, 2014 and also maintain under $1 Million thereafter.

Note that a Model 1A IGA requires banks and financial institutions to report the required information to their tax authority only and then that it is transmitted to the tax authority per Model 1A FATCA IGA to the United States.

This is uniquely different from the Model 2 IGA-Armenia, Austria, Bermuda, Chile, Hong Kong, Iraq, Nicaragua, Moldova, Japan, Paraguay, San Marino, Switzerland and Taiwan-where the banks and financial institutions will be reporting data directly to the tax authority in the United States.

 

[jimmythegreek]

It appears that probate or selling the house with the corporation are the only advantages left to have a company hold your house.

There is very little benefit to have foreign real estate in a corporation that is majority controlled by a U.S. Citizen or Resident as that will be reportable on Form 8938.


"Q3. Does foreign real estate need to be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
If the real estate is held through a foreign entity, such as a corporation, partnership, trust or estate, then the interest in the entity is a specified foreign financial asset that is reported on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you. The value of the real estate held by the entity is taken into account in determining the value of the interest in the entity to be reported on Form 8938, but the real estate itself is not separately reported on Form 8938."

 

[jimmythegreek]

IGA treated as ‘in effect’ by US Treasury

A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and the Dominican Republic have reached an agreement in substance and the Dominican Republic has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the Dominican Republic are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.

 

[Expat13]

if they are going to do it with d.r i hope they do it to the rest of latin america..or are they already doing it? or anywere else

The USA has imposed its will through "FATCA" to the world. The compliance, reporting and software involved (paid by bank not usa) is estimated to be billions. Banks even though breaking their own laws by such reporting are handcuffed as if they domnt comply they will have a 30% holdback on any "swift" international payments made. This has forced banks to do one of two things;
1) Report
2) Cancelling and no more acceptance of American citizens.

Number 2 I am seeing a lot lately, especially in Switz and Caribe. Below is an excerpt of the details;
" FATCA requires foreign financial institutions (FFI) of broad scope - banks, stock brokers, hedge funds, pension funds, insurance companies, trusts - to report directly to the IRS all clients? accounts owned by U.S. Citizens and U.S. persons (Green Card holders).

Starting July 1, 2014, FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person.

If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities.

In addition, FATCA requires any foreign company not listed on a stock exchange or any foreign partnership which has 10% U.S. ownership to report to the IRS the names and tax I.D. number (TIN) of any U.S. owner.

FATCA also requires U.S. citizens and green card holders who have foreign financial assets in excess of $50,000 (higher for those who are bona-fide residents abroad) to complete a new Form 8938 to be filed with the 1040 tax return, starting with fiscal year 2011."

 

[Expat13]

Some say the economic loss of internationally investments in USA funds, banking even typical OTC BB trading could cost the USA billions in lost rev opportunities. They will however gain back a fraction of that in this egregious effort. Land of the free-aint so free really!

 

[william webster]

My assumption and I stand corrected since you had mentioned NY in a number of other posts.

.....And my philosophy is that we all die with zero....because upon death, its all gone and directed elsewhere lol.


Respectfully,
Playacaribe2

Yes, not easy to follow at times
I spend my non - RD time on the Great lakes and in Philadelphia and NYC..... not much NYC any more.

Lived in both Canada and the US at various times..... turned in the Green Card....

I am an RD resident, Cdn citizen
I like the combination

 

[jimmythegreek]

Some say the economic loss of internationally investments in USA funds, banking even typical OTC BB trading could cost the USA billions in lost rev opportunities. They will however gain back a fraction of that in this egregious effort. Land of the free-aint so free really!

Google Superlawyer Jim Bopp and FATCA

"Mr. Bopp told The Times that he plans to attack the act on three legal grounds: that it violates the Senate’s sole possession of foreign treaty power, the Eighth Amendment’s ban on cruel or unusual punishment and the Fourth Amendment’s personal privacy guarantee."