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FATCA kicks in this year


senseless

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senseless

Foreign Account Tax Compliance Act

 

http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

 

If some of you guys have multiple foreign accounts with different banks; do not be surprised if you are contacted by your bank and told that your accounts are going to be closed. As I understand it many SG, HK, AU, NZ institutions are considering non-compliance, while others are considering just not doing business with americans.

Edited by senseless
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I don't understand international law so this may be a stupid question, but how can the US pass a law forcing foreign companies to do anything, much less report private information to them?

 

Seems an overreach to me.  If that bank has branches in the US I could see it wanting to follow to make things easier and keep the gov happy, but if the bank has no direct ties to us why would they do it?

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senseless

I don't understand international law so this may be a stupid question, but how can the US pass a law forcing foreign companies to do anything, much less report private information to them?

 

Seems an overreach to me.  If that bank has branches in the US I could see it wanting to follow to make things easier and keep the gov happy, but if the bank has no direct ties to us why would they do it?

 

Because we have a lot of drones and bombs (not sarcastic.)

Edited by senseless
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USMC-Retired

If those banks want to keep relations with US banks and banking industry they must comply.  Many said they will not comply and close accounts however that is compliance.  Thus not hurting the banking they do with the US.  

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