After spending some months studying how things related to offshore works, FATCA is one of the things I still can't quite figure out the consequences of.
While now FATCA is being implemented between the US and 5 European countries who will then automatically share information. Does that mean that Germany will only share info with the US and vice versa or does it also mean that it will automatically share information with the UK and France?
Also, if you live in a country that has no FATCA agreement, are you safe, for now?
And third, if worst comes, what's an option out of this? Would it be to have an account in, say, Hong Kong or Panama and have no transactions to/from a country that is in the FATCA deal?
While now FATCA is being implemented between the US and 5 European countries who will then automatically share information. Does that mean that Germany will only share info with the US and vice versa or does it also mean that it will automatically share information with the UK and France?
Also, if you live in a country that has no FATCA agreement, are you safe, for now?
And third, if worst comes, what's an option out of this? Would it be to have an account in, say, Hong Kong or Panama and have no transactions to/from a country that is in the FATCA deal?
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