Bypassing?

[santosg]

How exactly does the automatic exchange of information, tax information exchange agreements, and common reporting standard work when it comes to offshore banking? How do these 3 protocols uncover tax evasion loopholes assuming they do? Would there be anything that any of these 3 might miss? Case in point. Lets say a greencard holder living in the u.s. who was born in costa rica had a home in costa rica under their name and they decided to open an offshore bank account with the costa rican address. They got a debit card in costa rica via dhl or maybe tnt. They spent like maybe 3 months in costa rica flying out from costa rica to dubai and eventually their money got spread over the nordic countries, singapore, and switzerland with them being registered as living in costa rica and not the u.s. They then started using that debit card back home in the u.s., but then how would these 3 protocols uncover this tricky loophole and quite possibly report it to the u.s. authorities????

 

[Martin Everson]

A greencard holder is a US Person and subject to FATCA reporting period. You will be reported to US regardless of where you live and where the financial institution is with very few exceptions. SO AEOI is not the main thing to be concerned about.

https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers
https://www.goldinglawyers.com/form-8938-for-green-card-holders-fatca-reporting-of-foreign-accounts/
P.S Seek professional advice.

 

[santosg]

A greencard holder is a US Person and subject to FATCA reporting period. You will be reported to US regardless of where you live and where the financial institution is with very few exceptions. SO AEOI is not the main thing to be concerned about.

https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers
https://www.goldinglawyers.com/form-8938-for-green-card-holders-fatca-reporting-of-foreign-accounts/
P.S Seek professional advice.

But youre missing the point. If theyre using the address in costa rica to open an offshore account in dubai which is the gateway to nordic countries, singapore, and switzerland, how would fatca find out about it then if the banks have it registered to someone who lives in costa rica and not the u.s. when in fact its the same person???

 

[Martin Everson]

But youre missing the point. If theyre using the address in costa rica to open an offshore account in dubai which is the gateway to nordic countries, singapore, and switzerland, how would fatca find out about it then if the banks have it registered to someone who lives in costa rica and not the u.s. when in fact its the same person???

There is no point missed. Unless that U.S person plans on committing banking fraud and deliberately withholds declaring to the bank when asked the clear fact they are a U.S Person (Green Card holder) nothing is being missed.

 

[santosg]

There is no point missed. Unless that U.S person plans on committing banking fraud and deliberately withholds declaring to the bank when asked the clear fact they are a U.S Person (Green Card holder) nothing is being missed.

But how could banking fraud go undetected then???

 

[Martin Everson]

But how could banking fraud go undetected then???

Not for me to answer that.

 

[kyaky]

If you ever use the offshore bank account deal with a US financial institute, the data matching inconsistency or data leak might be exposed to the US system

 

[TheCryptoAnt]

If you ever use the offshore bank account deal with a US financial institute, the data matching inconsistency or data leak might be exposed to the US system

True but you have to have a very specific name from them to get to you, if you are some John Doe chances of this happening are low.

 

[jafo]

They then started using that debit card back home in the u.s.,

They are DEAD! So many lawyers, IT guys, and other investigative companies engage in qui tam action

I personally know several former college buddies who are making major "bank" doing this. +90% are settled out of court.

 

[burden]

But how could banking fraud go undetected then???

Why do you ask these questions? second thread with strange question from you!!

 

[jafo]

Why do you ask these questions? second thread with strange question from you!!

Exactly!
In my experience, these are questions asked by the feds or a Confidential Informant trying to shave off time via SUBSTANTIAL ASSISTANCE, 5K1.1 MOTIONS, AND RULE 35 MOTIONS.

These are textbook questions of Glowies. The Far Right’s Fear of ‘Glowies’

 

[wellington]

How exactly does the automatic exchange of information, tax information exchange agreements, and common reporting standard work when it comes to offshore banking? How do these 3 protocols uncover tax evasion loopholes assuming they do? Would there be anything that any of these 3 might miss? Case in point. Lets say a greencard holder living in the u.s. who was born in costa rica had a home in costa rica under their name and they decided to open an offshore bank account with the costa rican address. They got a debit card in costa rica via dhl or maybe tnt. They spent like maybe 3 months in costa rica flying out from costa rica to dubai and eventually their money got spread over the nordic countries, singapore, and switzerland with them being registered as living in costa rica and not the u.s. They then started using that debit card back home in the u.s., but then how would these 3 protocols uncover this tricky loophole and quite possibly report it to the u.s. authorities????

My understanding is that even non-americans are reported under FACTA, i say this as someone that has never stepped foot in the US, has no links, yet when opening an account in a country i've been resident since 2012, they filled in a FACTA form.

Basically they do it to cover their arses as they need the corresponding banking relationship, so I imagine the US gets heaps of information about non-Americans as standard.

 

[Martin Everson]

Why do you ask these questions? second thread with strange question from you!!

Noticed this also.

Seems he is trying to spam forum with illicit activity related to avoiding US taxes to try and bring forum into disrepute . His questions are very robotic and not sure on his agenda. But his gone now.

Sorry can't have a situation where U.S are looking at this forum as a place that helps U.S persons avoid taxes. That is suicide.