[Dr. Howard]

http://dealbook.nytimes.com/2013/08/30/t...cans/?_r=0

Switzerland has now joined the list of countries that turn over bank account information held by US citizens to the USA.

Most of the commonwealth countries do this already (Canada, UK, Australia) and their agreement goes so far that they will remove witholding taxes from those accounts if it is suspected to be US source income.

[Vicious]

Wow, as long as you're a US citizen you can't run anywhere. The state owns you.

Now that's fine if you adhere to the "I don't mind draconic laws as I'm a lawful citizen" principle, but with women making men criminals on arbitrary causes that's somewhat concerning.

[Aliblahba]

I've been telling you guys. America is preparing to keep the chickens in the roost. When shit hits the fan there will be nowhere to run unless you have already "buried" assets off the grid. I also think the U.S. will have backroom deals with countries to return citizens. Just accept the fact that when this boat goes down, no one will get to jump ship.

[Cattle Rustler]

It doesn't surprise me, talks have been going on for years. 9/11 only accelerated them. Every country wants the most it can lawfully get. It follows the "if you got nothing to hide then you have nothing to be scared of " principle. The regime has been the same through 237 years, only the name changes.

Ali: The U.S. already has such deals. The country can expel the person or remove him on a technicality. Remember, you're only there as a guest. Cambodia expelled the The Pirate Bay founder in exchange for "development aid" from Sweden.

As a person who spends more time trying to game the system than playing along, I'm a sad panda. It's almost impossible to open a bank account with a US passport due to financial regulations created by 9/11. Time to visit the consulate for my second passport.

[durangotang]

[jimukr104]

That applies to taxes . You can still hide assets there from creditors, wives etc.

[Dr. Howard]

A little more on this. Here's some more details on what the limits are, from an article on how foreign banks are having a hard time dealing with new FATCA laws. Also, see that the US has agreed to share information the other way.

Edit: forgot the article link http://dealbook.nytimes.com/2013/09/16/c...anks/?_r=0

Quote:

The law, known informally as Fatca, effectively makes all foreign banks and foreign financial institutions arms of the I.R.S. by requiring them to disclose data on American clients with accounts containing at least $50,000, or to withhold 30 percent of the dividend, interest and other payments due those clients and to send that money to the I.R.S. The law applies to banks and financial institutions even if their home countries have secrecy laws. Those that do not comply could face significant fines or be locked out of doing business with American clients.

Also, seems like business has also gotten a free pass on this one.

Quote:

Mr. Ugeux also questioned the fact that the law addresses only tax evasion by individuals and not by corporations.

It looks like being 'location independent' is still going to mean paying US taxes.

[RexImperator]

If you acquire a second citizenship, can you simply not tell the Swiss banks about your US Citizenship?

[Parlay44]

That's it. I'm moving to Iceland, where men are men and bitches flow like wine

[Que enspastic]

Americans are renouncing their citizenship in record numbers.

[Enigma]

(09-17-2013 02:16 PM)Que enspastic Wrote:  

Americans are renouncing their citizenship in record numbers.

Yeah, for a $450 fee.

[MrXY]

The elites know what's coming and they're setting up a system to squeeze enough tax money out to try keep the whole rotten edifice from collapsing as long as possible.Taxes are going to get much heavier and tax enforcement is going to get far more draconian

It reminds me of the late Roman Empire and the problem the Roman state had with "agri deserti (abandoned farms). Small farmers were so heavily taxed their farms were no longer worth working so they simply moved away. Even then the state tried to chase them down on the ground they owed the taxes even though the farm produced no income (imputed income). Some went on state welfare, some joined the army, some became tenant farmers for powerful landowners who could protect them. This led to lower food production, lower tax revenue and mass immigration allowed by the state in order to try to get the lands back into production with non Romans working them, all of which contributed to the final collapse. Sounds familiar doesn't it?

American citizenship used to be an asset, now it's a huge liability for a highly productive person and it's going to get much worse in the future. Lots of smart people are planning ways to escape what's coming. Any of you who are planning to have children, I hope you will seriously consider taking steps to make sure that they are not born American citizens

[GameTheory]

IIRC, Swiss banks will rat you out for accounts in excess of $50 Grand

[Aliblahba]

(08-30-2013 03:07 PM)Vicious Wrote:  

Wow, as long as you're a US citizen you can't run anywhere. The state owns you.

For now. Its like a big game of chess. Everyone is making small, slow, calculated moves. The rich are easing out little at time, middle class quietly buying land and ammo. The guv is chinking away bit by bit, smiling and lying. No one group wants to scream 'check' cause shit will hit the fan. Instead all are getting ready for the showdown.

In the end we'll have our rights back. Check mate.

[Dr. Howard]

(09-17-2013 06:10 PM)GameTheory Wrote:  

IIRC, Swiss banks will rat you out for accounts in excess of $50 Grand

any bank participating in FATCA will rat you out for $50 grand, or if they suspect you are receiving dividends or other passive income for which witholding is required.

[GameTheory]

^^^ so... open multiple accounts in various countries but keep each under $50 K ???

[blackglasses]

That could be hundreds of accounts

[Dr. Howard]

(09-17-2013 08:55 PM)GameTheory Wrote:  

^^^ so... open multiple accounts in various countries but keep each under $50 K ???

that only covers the $50k side, the other side is suspected income coming into that account that may be subject to withholding.

[vinman]

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