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FATCA

donald bathe

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Jun 19, 2016
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does the united states FATCA compliance rule/law apply to non u.s. citizens or someone who is not a u.s. legal resident? im only asking because of so much cybercrime taking place online. lets say that someone who was born and lives in honduras and they open up an offshore bank account, would the FATCA compliance law affect them or not? how would their offshore bank account come under scrutiny assuming that FATCA didnt apply to them then? can someone please tell me. thank you.
 
No it does not, only for US citizens. You can find much more information and details here Foreign Account Tax Compliance Act - Wikipedia, the free encyclopedia

If they get reported the bank will investigated, this could be that they start getting to many complains from customers for instant.
i only ask because ive noticed that most online bank heists seem to occur from third world countries and the money ultimately winds up in another third world country. ive never come across a case in which hackers lived in first world nations and have stolen millions of dollars and it could be hidden somehow presumably in offshore banks or something of that nature but in the third world this is common, why is that? rsvp.
 
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Sure just go a head ;)
ok if i ask you whatever i want to ask you will you please answer my question or not? it has to do with opening an offshore bank account. how can i find out what countries will require to declare offshore bank accounts and which ones wont? im almost certain that the united states, canada, australia, new zealand, united kingdom, and ireland will all eventually know if someone has an offshore bank account but what about countries like el salvador, argentina, costa rica, panama, uruguay? where can i find such information? rsvp.
 
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ok if i ask you whatever i want to ask you will you please answer my question or not? it has to do with opening an offshore bank account. how can i find out what countries will require to declare offshore bank accounts and which ones wont? im almost certain that the united states, canada, australia, new zealand, united kingdom, and ireland will all eventually know if someone has an offshore bank account but what about countries like el salvador, argentina, costa rica, panama, uruguay? where can i find such information? rsvp.
Didn't he accept your proposal for private chatrea#44!
 
since i was born and live in el salvador, would i have to declare an offshore bank account to the government of el salvador or not, what about argentina, costa rica, panama, and uruguay? rsvp. thank you auric!
You may lookup what TIEAs your government has in place with the countries in question. Found something here Global Forum on Transparency and Exchange of Information for Tax Purposes Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: El Salvador 2015 Phase 1: Legal and Regulatory Framework if they are really going to put this into force is some other question.
 
FATCA is US based and targets US citizens. Unlike the rest of the world which taxes by residency, the US taxes by citizenship, so you could be a citizen of the US but have not been in the US for 40 years, but guess what - due to FATCA, any money you make in any part of the world in which you live now gets reported to the IRS, who will expect you to pay taxes. If you are not a US citizen, FATCA doesn't apply to you; however, CRS does, in most jurisdictions that have signed up for it.
 
Okay, what about this:

What if you are NOT a USA resident, but the country you are from is under the fatca list (Brazil for example) and you open a Bank account in Switzerland and Seen that Switzerland will report to the USA, will the US in turn report to Brazil?

Or Switzerland will only report US citizens holding an account with them to the US?
 

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