We already live in a global economy.  Global tax enforcement will merely become another aspect of it.

Besides, the (scary) implication that we will "carry" all of this info on/in our bodies soon, leaves little chance to fly under the radar.  Certainly I'm not the only one curious (and aprehensive) about the hand-scan apparatus which began appearing on Bradesco's ATM machines approx. two years ago.  Here in Floripa they are not activated, but they are omnipresent.

When you look at the design, it's intended to "read" something which will be located in the middle of your hand.  RFID technology is just a step away from being utilized on the masses.  I understand many high-ranking officials in the Mexican gov't are already "chipped" (to assist in their rescue, if kidnapped).

So when Esprit and Sven decide to make a visit back to their home country, while passing though Immigration Control, do they not think their data, which will include bank accounts, ALL accounts, everywhere and anywhere, will not be displayed for the immigration official to see???

Frankly, when this FATCA plan goes into effect in 2013, it just might be time to withdraw it all, buy a coconut plantation, and begin to barter for my needs and vices....

Thanks for that article 2a, I had not yet heard about this FATCA thing. 




Edited by Gringo.Floripa - 29 June 2011 at 08:55

CBE
"... declarações de Capitais Brasileiros no Exterior dos residentes no País detentores de bens e valores fora do território nacional, ..."

It has been discussed before on this forum.

He's baaaacck….

Yes, fellow Yankee gringos, I hate to be the bearer of bad tidings, but it's that time of year again… tax filing!

Part of filing a US tax return is checking that pesky box which asks for a simple Yes or No… if you have any foreign bank accounts, or signing authority for any, during the tax year you're filing for, which had an aggregate value of ten thousand US dollars or more, anytime during that tax year.  If so, then you not only check Yes on your 1040, but you're also supposed to file separately, what is called an FBAR (Foreign Bank Account Report)  The FBAR is not due until June, and is sent to the Treasury Dept, not the IRS.  BTW, if you file for an extension, the FBAR is still due in June.  A real PITA you say?  Wait… it get's better!

As has been discussed here on the forum the past several months, effective 2013, the US gov't is coming out with an "enhancement" to this reporting procedure.  Tio Sam will no longer rely on expats to declare any accounts they might have, but Tio is now going to lean on the foreign banks themselves, to cough up names (and I assume account values too) of any US citizen that has an account with their bank.  Should a foreign bank not comply, and they have a US presence (which virtually all foreign banks do), then they face a 30% withholding of any US earned income/assets.

For those of you who previously decided to file an FBAR, even if reluctantly, parabens.  If you haven't filed one (and fall within the parameters of needing to), then this is probably your last opportunity to 'come clean', and file an FBAR.  Once FACTA goes into effect next year, and the banks themselves (or even assorted foreign governments themselves) begin supplying the IRS and Treasury Dept names of expats with accounts… well, it's not yet determined what will happen.  But with all the lists being complied out there, I think this is one you want to avoid having your name on!

As I went to the IRS site to print off my FBAR form to send in, I learned something new.  As of July last year, it became possible to e-file your FBAR.  This is certainly a lot more convenient and secure way of sending your form.  Go to this link to learn how to file an FBAR electronically:  http://bsaefiling.fincen.treas.gov/Enroll_Individual.html
(Don't you just love the name of the site, "Financial Crimes Enforcement Network"?!?)   

BTW, Euros, Brits, and other non-US Gringos… your peanut gallery comments about this subject have already been duly noted in earlier posts.  I think it's just a matter of time before your own 'homeland' governments begin to do similar, especially considering the insolvency of several EU member nations.  When, not if that happens, let's see if your attitudes are as cavalier as now.... 



"The taxpayer - that's someone who works for the federal government but doesn't have to take the civil service examination."  ~ Ronald Reagan ~




Edited by Gringo.Floripa - 12 March 2012 at 13:33

wow.. I think this topic started BEFORE I was ever even aware of the FATCA and FBAR. On Dunga's link,

CBE - Capitais brasileiros no exterior

I'm not a Brazilian citizen yet. I'll talk to my accountant about this because I read that you have to file quarterly. What a PITA....

Originally posted by Gringo.Floripa ...BTW, Euros, Brits, and other non-US Gringos… your peanut gallery comments about this subject have already been duly noted in earlier posts.  I think it's just a matter of time before your own 'homeland' governments begin to do similar, especially considering the insolvency of several EU member nations.  When, not if that happens, let's see if your attitudes are as cavalier as now....

Of course you have a legitimate point and those of us in the peanut gallery, whose home country’s outreach is not yet as nasty as that of the US, continue to enjoy our own hard earned money. However it should be borne in mind that not all of us organize our financial affairs in a naïve manner by keeping our wealth on a pedestal in full view; honest men are always the first to fall victim. The old adage informs us that we must set a thief to catch a thief. We are therefore forced to think like thieves if we are to avoid this ‘legal’ theft. “Out of my dead hand…”