FATCA repeal introduced to the house of reps

Chile Investment, how to invest in Chile, what to watch out for when investing, economic issues, currency exchange in Chile, and more.
User avatar
admin
Site Admin
Posts: 17375
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: FATCA repeal introduced to the house of reps

Post by admin » Mon Oct 30, 2017 12:14 pm

ohhhh, they are totally FATCA and FBARED!!!

half the indictments are related to the foreign bank accounts:
https://www.justice.gov/file/1007271/download

What do you want to bet, given the crazy sprawl of Trump's holdings around the World and the complexity of just keeping up with the regulations, they get Trump or his family on FBAR and FATCA charges too?
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

Rhodolite
Rank: Chile Forum Citizen
Posts: 313
Joined: Fri Mar 30, 2012 6:28 pm

Re: FATCA repeal introduced to the house of reps

Post by Rhodolite » Mon Oct 30, 2017 5:54 pm

Wow! Somehow reading the indictment itself is more dramatic and damning than the news articles.

User avatar
admin
Site Admin
Posts: 17375
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: FATCA repeal introduced to the house of reps

Post by admin » Mon Oct 30, 2017 7:24 pm

Well, unfortunately, the democrats are going to jump on this and say, "see, this why we need FATCA".

Or, perhaps it goes the other way. The republicans now scramble to slip in a FATCA repeal in the middle of the night to some bill, because all their buddies are next.

Someone on CNN had a great point. Interestingly missing from the indictment is any claim of tax evasion. Perhaps it is still on the way.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

Rhodolite
Rank: Chile Forum Citizen
Posts: 313
Joined: Fri Mar 30, 2012 6:28 pm

Re: FATCA repeal introduced to the house of reps

Post by Rhodolite » Mon Oct 30, 2017 9:06 pm

No specific count in the indictment for tax evasion, but many relevant statements.
"without paying taxes on that income"
"income that he concealed from the U.S. Treasury"
"conspired to defraud the United States...namely the DOJ and the Department of the Treasury"

Rhodolite
Rank: Chile Forum Citizen
Posts: 313
Joined: Fri Mar 30, 2012 6:28 pm

Re: FATCA repeal introduced to the house of reps

Post by Rhodolite » Fri Nov 03, 2017 7:37 pm

Via Slate, a professional opinion about the omission of tax fraud charges on Manafort's Indictment.

http://www.slate.com/articles/news_and_ ... rdons.html

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7395
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: FATCA repeal introduced to the house of reps

Post by eeuunikkeiexpat » Sun Nov 19, 2017 9:13 pm

Keep dreaming, it was all an illusion.

Americans keep setting new records for renouncing citizenship, and GOP's proposed tax reform may make it worse
Matt Welch
Reason.com
Tue, 07 Nov 2017 19:31 UTC

http://reason.com/blog/2017/11/07/ameri ... ords-for-r
why on earth does the Republican Party's opening bid for tax-code overhaul not include the end of worldwide income taxation on U.S. citizens (even if they live and earn their money abroad), nor repeal of the odious Foreign Account Tax Compliance Act? After all, both promises are right there in the 2016 Republican Party Platform
FATCA-repeal bills were introduced in both chambers of Congress back in April by Freedom Caucus Chair Rep. Mark Meadows (R-N.C.) and Sen. Rand Paul (R-Ky.), but both have yet to move beyond committee. The Republican Party has controlled Congress since January 2015, yet can't screw up the courage to deliver a simple repeal of a lousy law.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

User avatar
admin
Site Admin
Posts: 17375
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: FATCA repeal introduced to the house of reps

Post by admin » Mon Nov 20, 2017 2:15 pm

yea, I did not really expect them to anything of substance on this.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

papageno
Rank: Chile Forum Citizen
Posts: 559
Joined: Wed Jul 22, 2015 6:46 pm
Location: Colorado & Puerto Varas

Re: FATCA repeal introduced to the house of reps

Post by papageno » Wed Nov 22, 2017 6:07 pm

admin wrote:
Mon Nov 20, 2017 2:15 pm
yea, I did not really expect them to anything of substance on this.
Why would they, with S. 1241 now introduced? If we think FATCA and FBAR are bad, this one's much worse. Or so says everything I've seen. Count your change when traveling, to make sure you're under the $10K threshold.

User avatar
admin
Site Admin
Posts: 17375
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: FATCA repeal introduced to the house of reps

Post by admin » Thu Nov 23, 2017 9:17 am

Weeee that law is off the rails. Looks like they are angling to include bitcoin.

They are also after bapnk records of any account in the world. Almost every major bank in the world has a correspindance account in the u.s. that would easily say put records of every account in chile in the hands of the u.s., and it would all be secret.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

lost gringo
Rank: Chile Forum Citizen
Posts: 353
Joined: Fri Jul 25, 2014 4:12 pm
Location: South Park, Patagonia

Re: FATCA repeal introduced to the house of reps

Post by lost gringo » Thu Nov 23, 2017 9:31 am

admin wrote:
Thu Nov 23, 2017 9:17 am
Weeee that law is off the rails. Looks like they are angling to include bitcoin.

They are also after bapnk records of any account in the world. Almost every major bank in the world has a correspindance account in the u.s. that would easily say put records of every account in chile in the hands of the u.s., and it would all be secret.
Almost every major bank in the world is involved in money laundering but of course the law doesn't apply to them only us peons.
Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.
allegedly said by Mark Twain

papageno
Rank: Chile Forum Citizen
Posts: 559
Joined: Wed Jul 22, 2015 6:46 pm
Location: Colorado & Puerto Varas

Re: FATCA repeal introduced to the house of reps

Post by papageno » Fri Nov 24, 2017 12:20 pm

admin wrote:
Thu Nov 23, 2017 9:17 am
Weeee that law is off the rails. Looks like they are angling to include bitcoin.

They are also after bapnk records of any account in the world. Almost every major bank in the world has a correspindance account in the u.s. that would easily say put records of every account in chile in the hands of the u.s., and it would all be secret.
If the analyses I've read are correct, the most heinous part of this monstrosity is that it expands Federal civil asset forfeiture to, potentially, take everything you own.

Andres
Rank: Chile Forum Citizen
Posts: 2696
Joined: Mon May 30, 2011 3:09 am
Location: in transit

Re: FATCA repeal introduced to the house of reps

Post by Andres » Mon Jan 29, 2018 5:51 am

Just to put it "on the record":
I am being harrassed about FATCA reporting by an Australian bank despite providing evidence I ceased being a US citizen six years ago.
Chile: My expectations are low. Very low.
I accept chaos. I'm not sure whether it accepts me.

Post Reply