Discover and read the best of Twitter Threads about #fatca

Most recents (14)

@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice HR 5799 absolutely does NOT ease access to checking accounts for US citizens. Two points: 1. The Bill clearly states the banks can opt out. 2. The current #FATCA have exactly the same provision for depository accounts that do NOT exceed $50,000. See why:
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice The most that HR 5799 could do is: 1. Potentially (if the banks will go along with it) for #Americansabroad to have depository accounts in excess of $50,000 USD and 2. To NOT be required to report those depository accounts on their individual #FATCA form 8938.
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice Whoever drafted H.R. 5799 clearly does not understand how it fits into the existing #FATCA IGAs. Bc it applies only to "depository accounts" it doesn't even meet the original standard of FATCA SCE which (as originally proposed) would exempt all accounts in country of residence.
Read 5 tweets
Podcast: @Amy_From_Sydney and @Expatriationlaw discuss the dwindling prospects of a political solution to @citizenshiptax and the indifference @Demsabroad showed for #Americansabroad by failing to consider the @Demsabroadtax proposal for #FATCA repeal.
Good news: @Demsabroadtax had the courage to propose #FATCA repeal/resolution to @Demsabroad as a whole. Bad news: At their May 22/22 meeting DA failed to consider the issue demonstrating total indifference to the plight of #Americansabroad.
The name @Demsabroad causes #Americansabroad to think DA is an organization to represent the interests of individuals abroad. The purpose of DA is to attract votes from abroad to support @TheDemocrats who are the party of #FATCA and @citizenshiptax.
Read 11 tweets
From @HelenBurggraf - taken to it's conclusion means that US citizens should renounce in order to avail themselves of the benefits of being a #nonresidentalien which include parking money in the USA away from the prying eyes of the rest of #CRS world. americanexpatfinance.com/news/item/971-…
Q. How can nonresident aliens (not US citizens or residents) use the USA as a privacy jurisdiction? Why does @TaxHavenUSA exist? A. Because, as noted by @TaxJusticNet, the USA as refused to join the Common Reporting Standard which requires reciprocal exchange of information.
While refusing to join the CRS and provide information to the rest of the world, the USA employs #FATCA to require information from the rest of the world. It's the American Way: You will give us everything and we will give you nothing. "Heads I win and tails you lose."
Read 12 tweets
Interesting message from @EWarren indicates a "carve out" from @TheDemocrats core values for #Americansabroad (who actually are "working people" not mini-multinationals). Perhaps @DemsAbroadTax could educate @SenWarren about @CitizenshipTax and #FATCA. nytimes.com/2022/04/18/opi…
Exhibit A: "Standing up for the inherent dignity of everyone is a core American value, and Democrats are proud to do that every day."
Exhibit B: "Democrats win elections when we show we understand the painful economic realities facing American families and convince voters we will deliver meaningful change."
Read 11 tweets
Senators @RonWyden and Rob Portman propose legislation that (among other things) suspends the exchange of #FATCA information (which the US doesn't provide anyway) with Russia. finance.senate.gov/imo/media/doc/…
An interesting example of the US tax code being used as a method of @Sanctionslaw. With respect to US taxpayers subject to taxation by Russia: 1. No FTCs allowed 2. If not a CFC, income subject to tax by Russia is deemed to be CFC/Subpart F income - ensuring tax at high US rate.
Proposed legislation also includes a laundry list of specific denials of tax benefits to specific individuals. In all cases - specific provision intended to tax treaties.
Read 9 tweets
In 21st century the most interesting thing about a person is his/her @TaxResidency. For UK residents "non-dom status means #territorialtax! For UK doms there is #worldwidetax and #RBT. For US citizens there is #worldwidetax, @CitizenshipTax and #FATCA. theguardian.com/politics/2022/…
.@TaxResidency is often confusing and often has a huge impact on ones life. In simple terms, you are a #taxresident of a country which has the right to impose the full force of its tax rules on you. This is different from HOW and on WHAT sources of income tax residents are taxed.
What income is subject to taxation: Terms like "worldwide taxation" (wherever the income is earned) and "territorial taxation" (income earned only in the country) describe HOW and ON WHAT income #taxresidents are taxed. These terms do NOT describe @TaxResidency (who is taxed).
Read 35 tweets
Let's start with the "self evident truth" that US citizenship - conferred mostly by birth and the US constitution - has attributes making it superior to other citizenships. What are those attributes? What obligations/rights do they imply? Voting? Taxation? Military service? ???
Recent discussions have identified voting and taxation as inseparably linked with US citizenship. Many have suggested that voting, taxation and the rights and obligations of citizenship are somehow linked. Is this true? Was it ever true? What is the source of a right/obligation?
A constitutional right is different from a right created by statute. A constitutional right exists to put the right beyond the reach of governments. In other words, the right exists, no matter what the gov of the day says. Statutory rights: created by and can be changed by gov.
Read 16 tweets
The @ACDSovereignty #FATCA appeal has started and in the early moments. The plaintiff/Appellant's lawyer Greg D. is off to a good start ...
Three arguments: 1. Standard Of Review 2. Confusing the S. 8 test of unreasonable search with S. 1 "reasonable limits" 3. Question of whether the Appeal court can conduct a hearing on the S. 1 issue.
Is the ITA of Canada a regulatory statute or a criminal statute? #FATCA info can be sent to the USA for the purposes of a criminal prosecution. Judge seems to be suggesting that the criminal aspect was not raised at trial ...
Read 78 tweets
I committed an expatriating act by acquiring Czech citizenship in May 2021 with the intention of relinquishing U.S. citizenship. I obtained this naturalization in a foreign state voluntarily & upon my own application. #FATCA
As far as I or the Immigration & Nationality Act is concerned, I ceased to be a U.S. citizen the day I became Czech. I am now, however, caught in a very dangerous and paradoxical precedent in which my Loss of U.S. nationality is retroactive but I have no CLN to confirm it. #FATCA
I am essentially a U.S. citizen because I don't have a CLN, but not really because I already have committed my expatriating act with intent and a CLN would be backdated to this date should the U.S. Embassies and Consulate ever bother to recognize it. #FATCA
Read 12 tweets
#Aadhaar is a merely a number that is assigned to demographic and biometric data that is never certified, verified, or audited by anyone.

Why then is everyone being coerced to get an Aadhaar and link it to a PAN that already provides verified tax history?

This thread reports: Thread explaining the curious case of the PAN-Aadhaar LinkagAadhaar is not unique, is not certified, verified, or audite
In 2017 there were only 1,544 fake #PAN numbers according Minister of State for Finance, Santosh Kumar Gangwar, then @FinMinIndia, http://164.100.24.220/loksabhaquestions/annex/12/AU980.pdf
When Former Supreme Court Justice, P.B. Sawant had already highlighted that there are at least 580 million (58 crore) suspect #Aadhaar cards why would @finminIndia and @cbdt want to link #PAN to Aadhaar which increases the chance of fake PANs?
indianexpress.com/article/opinio… At least 58 crore Aadhaar numbers are suspected fakes and ha
Read 43 tweets
There are a lot of people currently afraid of the impending regulatory clarity from @USOCC Brian Brooks and the Office of the Comptroller of the Currency (OCC). #cryptocurrency = wild west since 2009, we've witnessed extraordinary growth, and extraordinary amounts of fraud.
#Cryptsy #MtGox exchanges closed down, stole individuals account balances, and employees fled countries only for the individuals to have little recourse under local and international laws. 11 years later, many individuals losing it all we're getting clarity, and that is exciting.
You see like many people I've talked Crypto to family, friends, colleagues, and strangers since 2009. Every year brought exciting innovation #Ethereum, #Bitcoin #SegWit, #XRP, #Ripple. It also brought fraud #PinCoin #iFan #Bitconnect, and moral impediments #SilkRoad stopping any
Read 15 tweets
#EPWConversations: Today, @AnupamSaraph and @sanjana_krishn will be talking about their work on PAN and Aadhaar linkage from epw_in’s handle. We invite you to join the conversation and ask questions. They will present their paper in this #thread.
Also, you can view their responses to questions and comments in this thread:
Why is it curious that Ministry of Finances insists to link #Aadhaar with #PAN? The ministry has not made public any information leading to the decision to introduce #139AA that mandates quoting #Aadhaar to obtain a #PAN or to file return of income incometaxindia.gov.in/Acts/Finance%2…
Read 48 tweets
@dan_azzi was so successful in servicing #Iranian customers in #Dubai dodging sanctions, @StanChart promoted him for their #Hezbollah customers in #Lebanon. This is why Dan has never criticized #Hezbollah or the #Taliban. He's a #terrorist banker for hire.
buzzfeednews.com/amphtml/richho… ImageImageImageImage
Further evidence @dan_azzi was complicit in #moneylaundering for #terrorists. The reason he sold @StanChart in #Lebanon is because of @BDL_Lebanon compliance in #FATCA which prevented CEO Dan in washing #Hezbollah money. Now you know why he hates @RiadSalemeh so much.
#FinCEN ImageImageImageImage
Read 7 tweets
In light of recent news about Bibi teaming up with the far-right. I give you this article from October 2017, about Tal Silberstein.
Why should we care about Tal Silberstein right now?
Because, my dears. Manafort sentencing doc hath reminded me of the "Hapsburg Group." And thus I was reminded of Alfred Gusenbauer. This is from Feb 2018:
washingtonpost.com/news/worldview…
And thus I was reminded of who all is connected to Alfred Gusenbauer: one Tal Silberstein.
offshoreleaks.icij.org/stories/alfred…
Read 38 tweets

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