FATCA

[donald bathe]

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.

 

[JohnLocke]

does the united states FATCA compliance rule/law apply to non u.s. citizens or someone who is not a u.s. legal resident?

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.

 

[john jackson]

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.

 

[negon]

I say it's easier in third world countries because they have not the resources to do investigation and most often corruption in the government makes any investigation difficult if not impossible.

 

[john jackson]

im sorry auric but would it be possible to private message you or not? if not, its ok. could we continue the conversation but only if you feel comfortable. rsvp. thank you.

 

[negon]

Sure just go a head

 

[happyjohn]

Why go into private chat?

 

[john jackson]

Why go into private chat?

because people nowadays get easily offended for some little bs!

 

[john jackson]

Sure just go a head

how do i private message you then? rsvp

 

[john jackson]

Sure just go a head

should we continue with this conversation or some private way instead auric? rsvp.

 

[donald bathe]

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.

 

[donald bathe]

Sure just go a head

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!

 

[Emirates]

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 chat

 

[Emirates]

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.

 

[happyjohn]

how do i private message you then? rsvp

You may read this thread: How to start Conversation

 

[bountymounty]

Great thread.. reading through the posts I realize it is for US citizens relevant to know about it now fro people outside the US correct! ?

 

[negon]

Yes correct US only!

 

[thegazelle]

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.

 

[Houdini]

Fatca is a joke, they shame on them! They opened up their own offshore tax haven within the USA but require all US citizens to be reported

 

[Jay Jay]

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?