Exactly. FATCA is the enforcement mechanism for FBAR, which is FUBAR and I usually call it such. I have gotten into arguments with those who know of these when I said that FATCA enforces FBAR. They some believed the two are unconnected.
One point we must understand is that FBAR is from 1970 but had no penalty for not filing until 2009 when a retro active fine was applied. Unenforceable against those of us who live abroad, FATCA was passed to force the countries we live in to force their financial institutions to spy on us at their expense. That last sentence of yours is 100% true.
Thank you I am a British expat living abroad more than 10 years, but I have many friends Expats who do have many assets in the UK
I will pass this information on thank you
We all survived them trying to kill us through the scamdemic so I guess the UK government wants us to help pay for the influx of our intended replacements and they have to get the money from somewhere
Glad to help. You are rare in that you didn’t heap insults at me and then tell me how wrong I am, that our respective countries follow the rule of law and would never consider such.
I have zero assets in the States, yet they demand to know all I about all of my financial dealings in Japan, where I live. I believe the Brits will eventually have similar problems as will everyone.
Never! That’s what I usually get when I try to warn people of what’s coming down the pike, a barrage of insults and Ad homonym… as I have said before I am no longer a clue “conspiracy theorist” I’m a conspiracy counsellor now
Yank problems. I imagine it must look like that. But if supposedly the "beacon of freedom" of the world has their thumb on you, what does that mean for the rest of the world?
That is one of the points I tried to convey, but as you say, no one likes being poked awake.
At the very least, every non US Citizen is indirectly funding their countries spying operation against US persons as well as those undertaken by the lands they choose to live in.
Now, they get to be spied upon too. They were warned.
Man, they just don't give up on your money that they want to take. Same here in the US, I have already lost my homestead exemption because I sold some old camera equipment on the internet. Now I might have made money on 1 or 2 pieces, but I mostly lost money on what I did sell.
Ebay didn't have a form for me to fill out and submit, because the presumably knew about my losses. Tell this to the county!
Talking with those I know from China, Korea, Canada, GB, Spain, Germany, Hong Kong, Taiwan, New Zealand and East Germany with koalas, no one comes close to the US on tax compliance complexity. Not even in the same universe.
And the world is following. After the US extorted the world into changing their privacy and financial laws to all their own financial institutions to share information with third parties, the OECD came up with and has begun implementing its Common Reporting Standards. Not as complete of information on individuals shared as FATCA demands (yet!), it is or will be shared with all OECD member States.
One of my friends, who lived in California but did a lot of business in Asia said this about FBAR:
The US Government, putting u into FuBAR for over 200 years.
Government employees look at us as tax farms, not fellow citizens. One way of the other, you are going to give them their crop of cash.
Exactly. FATCA is the enforcement mechanism for FBAR, which is FUBAR and I usually call it such. I have gotten into arguments with those who know of these when I said that FATCA enforces FBAR. They some believed the two are unconnected.
One point we must understand is that FBAR is from 1970 but had no penalty for not filing until 2009 when a retro active fine was applied. Unenforceable against those of us who live abroad, FATCA was passed to force the countries we live in to force their financial institutions to spy on us at their expense. That last sentence of yours is 100% true.
Thank you I am a British expat living abroad more than 10 years, but I have many friends Expats who do have many assets in the UK
I will pass this information on thank you
We all survived them trying to kill us through the scamdemic so I guess the UK government wants us to help pay for the influx of our intended replacements and they have to get the money from somewhere
Glad to help. You are rare in that you didn’t heap insults at me and then tell me how wrong I am, that our respective countries follow the rule of law and would never consider such.
I have zero assets in the States, yet they demand to know all I about all of my financial dealings in Japan, where I live. I believe the Brits will eventually have similar problems as will everyone.
Never! That’s what I usually get when I try to warn people of what’s coming down the pike, a barrage of insults and Ad homonym… as I have said before I am no longer a clue “conspiracy theorist” I’m a conspiracy counsellor now
As a read said, people do not like being poked awake.
No one likes being poked awake.
Yank problems. I imagine it must look like that. But if supposedly the "beacon of freedom" of the world has their thumb on you, what does that mean for the rest of the world?
That is one of the points I tried to convey, but as you say, no one likes being poked awake.
At the very least, every non US Citizen is indirectly funding their countries spying operation against US persons as well as those undertaken by the lands they choose to live in.
Now, they get to be spied upon too. They were warned.
Man, they just don't give up on your money that they want to take. Same here in the US, I have already lost my homestead exemption because I sold some old camera equipment on the internet. Now I might have made money on 1 or 2 pieces, but I mostly lost money on what I did sell.
Ebay didn't have a form for me to fill out and submit, because the presumably knew about my losses. Tell this to the county!
Another reason for the elimination of cash.
Talking with those I know from China, Korea, Canada, GB, Spain, Germany, Hong Kong, Taiwan, New Zealand and East Germany with koalas, no one comes close to the US on tax compliance complexity. Not even in the same universe.
But the US will lead the way! The new World Government will copy the US ideas completely, just as we copied the German ones on firearms (1928=1968).
And the world is following. After the US extorted the world into changing their privacy and financial laws to all their own financial institutions to share information with third parties, the OECD came up with and has begun implementing its Common Reporting Standards. Not as complete of information on individuals shared as FATCA demands (yet!), it is or will be shared with all OECD member States.
https://www.firearmstalk.com/threads/origins-of-the-gun-control-act-of-1968-warning-long.26881/
Origins of the Gun Control Act of 1968(Warning:LONG)
Saved and shared, thanks.