Tags » FBAR

FATCA Update: Brazil Signs IGA with U.S. and Treasury Releases More Guidance

On September 24, 2014, the government of Brazil announced it had signed an intergovernmental agreement with the United States as part of its adoption of the requirements of the Foreign Account Tax Compliance Act (FATCA). 297 more words


Thinking of abandoning green card without a formal surrender? Think again!

In a recent court case, the taxpayer who argued that by living in Germany for many years and selling his US properties a long time back, he had relinquished his Lawful Permanent Residence (LPR) or a green card and hence should not be subject to US taxes on his income. 251 more words


Charles Adams "For Good And Evil" - The Impact of Taxes On The Course Of Civilization

I accidentally came across an incredible book by Charles Adams called:

For Good and Evil – The Impact of Taxes on the Course of Civilization. 111 more words

Lebanese bankers expect European version of FATCA

Lebanon is host to a large financial sector, and is ranked 7th on the Financial Secrecy Index.

On August 27th the Daily Star, which often covers financial news, … 249 more words

jackbassteam reblogged this on THE Tax Haven System and commented:

Plan Ahead Bankers have said that European states are expected to follow the example of the United States and ask their citizens abroad to disclose their bank accounts to European financial authorities in a bid to combat tax evasion. “It’s not official yet but we expect some European countries to adopt similar measures to the United States concerning the bank accounts of their citizens abroad and if this happens then Lebanese banks will fully comply with these measures,” the banker told The Daily Star on condition of anonymity. On the first of July of this year, Lebanon became one of the first countries in the world to fully comply with the Foreign Account Tax Compliance Act, which requires American citizens, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to give the Internal Revenue Service information about their U.S. clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations. Other bankers said they had not received any notification from the Central Bank that the European Union was about to hammer out their own version of FATCA. Lebanese banks, which are the backbone of the Lebanese economy, have also fully cooperated with Lebanon’s Central Bank and Special Investigation Commission to crack down on money laundering and terrorist funding. Observers believe that banks have no interest in defying or challenging any U.S. and European financial resolutions, because they realize the price for not complying is too high and could seriously damage the thriving banking sector. The chairman and general manager of Jammal Trust Bank Anwar Jammal believes that the Europeans or some of the European countries are assessing the FATCA and Internal Revenue Service legislation in order to come up with their own version of the law. “I expect the European version to be more draconian than FATCA. We have not been informed when the Europeans will take this step but I expect it could be at the end of this year or 2015. The Europeans are studying all the loopholes in FATCA so they can produce their own version,” Jammal said. There are no official figures on the number of citizens who are holding American and European passports in Lebanon, but some independent sources estimate that there may be tens of thousands. Local banks in general, and the Central Bank in particular, are keen to preserve the cherished banking secrecy law. Bankers vehemently denied some media reports that FATCA and other similar measures would eventually lead to the removal of the banking secrecy law. “FATCA and other measures have no impact on the banking secrecy in Lebanon. Only those who have American passports will have to report to the U.S. Treasury or IRS if the latter requested the Lebanese banks to send their files,” one banker said. Bankers stressed that FATCA is not optional, because the price Lebanese banks would pay for failure to comply is too high and no one is willing to take this risk. “The whole world is complying. The cost of FATCA worldwide is between $4 and $5 billion. We have allocated the funds and mobilized the resources for this purpose alone,” a banker said. “The Europeans will come on board as well, this is only a matter of time.”

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Who Must File a Report of Foreign Bank and Financial Accounts (FBAR)?

An International Law FAQ with Mary E. Vandenack.

Anyone who has a signatory on an account in a foreign country should take a look at whether they are subject to the rules concerning the foreign bank financial account reporting rules. 78 more words

International Tax

New, Friendlier Option for Foreign Bank Account Disclosure

Originally published in the Cedar Street Times

August 8, 2014

In July, a few new and more attractive options became available for taxpayers that have accounts in foreign countries that they have not reported.   721 more words

Foreign Reporting