FATCA

[donald bathe]

does the united states FATCA compliance rule/law apply to non u.s. citizens or someone who is not a u.s. legal resident? im only asking because of so much cybercrime taking place online. lets say that someone who was born and lives in honduras and they open up an offshore bank account, would the FATCA compliance law affect them or not? how would their offshore bank account come under scrutiny assuming that FATCA didnt apply to them then? can someone please tell me. thank you.

 

[JohnLocke]

No it does‍ not, only for US citizens. You can find much more information and details here Foreign Account Tax Compliance Act - Wikipedia, the free encyclopedia

If they get reported the bank⁠ will investigated, this could be that they start getting to many complains from customers for⁤ instant.

 

[john jackson]

i only ask because ive noticed⁠ that most online bank heists seem to occur from third world countries and the money⁤ ultimately winds up in another third world country. ive never come across a case in⁣ which hackers lived in first world nations and have stolen millions of dollars and it⁢ could be hidden somehow presumably in offshore banks or something of that nature but in︀ the third world this is common, why is that? rsvp.

 

[negon]

I say it's easier in third world countries because they have not the resources to‌ do investigation and most often corruption in the government makes any investigation difficult if not‍ impossible.

 

[john jackson]

im sorry auric but would it be possible to private message you or not? if‌ not, its ok. could we continue the conversation but only if you feel comfortable. rsvp.‍ thank you.

 

[negon]

Sure just go a head 😉

 

[happyjohn]

Why go into private chat?

 

[john jackson]

because people nowadays get easily‌ offended for some little bs!

 

[john jackson]

how do i private message‌ you then? rsvp

 

[john jackson]

should we continue with this‌ conversation or some private way instead auric? rsvp.

 

[donald bathe]

ok if i ask you‌ whatever i want to ask you will you please answer my question or not? it‍ has to do with opening an offshore bank account. how can i find out what⁠ countries will require to declare offshore bank accounts and which ones wont? im almost certain⁤ that the united states, canada, australia, new zealand, united kingdom, and ireland will all eventually⁣ know if someone has an offshore bank account but what about countries like el salvador,⁢ argentina, costa rica, panama, uruguay? where can i find such information? rsvp.

 

[donald bathe]

since i was born and‌ live in el salvador, would i have to declare an offshore bank account to the‍ government of el salvador or not, what about argentina, costa rica, panama, and uruguay? rsvp.⁠ thank you auric!

 

[Emirates]

Didn't he accept your proposal for private︀ chatrea#44!

 

[Emirates]

You may lookup what TIEAs your government has in place with the countries in question. Found⁠ something here Global Forum on Transparency and Exchange of Information for Tax Purposes Global Forum⁤ on Transparency and Exchange of Information for Tax Purposes Peer Reviews: El Salvador 2015 Phase⁣ 1: Legal and Regulatory Framework if they are really going to put this into force⁢ is some other question.

 

[happyjohn]

You may read this thread: How to start Conversation

 

[xfighter]

I read FATCA is USA only not apply for Europe for instant nor other countries!‌

 

[john jackson]

then if a country doesnt have any laws that obliges its citizens or legal residents‌ to disclose this information, what does that mean? rsvp

 

[negon]

You mean with FATCA? Since it only apply for US citizens then it does not‌ mean anything for non US citizens they can ignore it.

 

[john jackson]

so then how does canada/australia/new zealand operate differently assuming we can even call it that⁠ from the united states assuming that they force their citizens/legal permanent residents to declare offshore⁤ bank accounts then? how do these three countries do business differently from america then? may⁣ i ask that at all? rsvp

 

[negon]

There are other Tax Information Exchange Agreements in place for these countries. Also there is‌ the Automatic reporting system in place which force the banks worldwide to report citizens of‍ countries that agreed to these regulations. There is lots of information about all of this⁠ on the forum already.