General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsU.S. Millionaires Told Go Away as Tax Evasion Rule Looms
(Bloomberg) Go away, American millionaires.
Thats what some of the worlds largest wealth-management firms are saying ahead of Washingtons implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business.
I dont open U.S. accounts, period, said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asias largest lender, who described regulatory attitudes toward U.S. clients as Draconian.
The 2010 law, to be phased in starting Jan. 1, 2013, requires financial institutions based outside the U.S. to obtain and report information about income and interest payments accrued to the accounts of American clients. It means additional compliance costs for banks and fewer investment options and advisers for all U.S. citizens living abroad, which could affect their ability to generate returns. .............(more)
The complete piece is at: http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html
southernyankeebelle
(11,304 posts)ProSense
(116,464 posts)check Michele Bachmann's pockets.
By Steve Benen
When I saw reports bouncing around this morning that Rep. Michele Bachmann (R-Minn.) had become a Swiss citizen, I thought it was some kind of joke with an odd punch line. As it turns out, it's legit.
"Congresswoman Bachmann's husband is of Swiss descent so she has been eligible for dual-citizenship since they got married in 1978," spokeswoman Becky Rogness said in a statement. "However, recently some of their children wanted to exercise their eligibility for dual-citizenship so they went through the process as a family."
Here's video of the right-wing lawmaker, commenting on her eligibility to seek public office in the European country.
<...>
As a practical matter, this apparently won't have much of an impact on Bachmann's political career -- she will continue to seek re-election -- but it is a rather odd turn of events, not only for a member of Congress to maintain dual citizenship, but for this member of Congress to maintain dual citizenship.
Doug Mataconis noted, "Perhaps it has happened before, and I don't necessarily have a problem with it, but one has to wonder how Bachmann and her fellow Republicans would react if a Democrat did something like this."
http://maddowblog.msnbc.msn.com/_news/2012/05/09/11617122-michele-bachmann-swiss-citizen
ProgressiveEconomist
(5,818 posts)Wouldn't it be hysterical if a 2012 candidate for President renounced her US citizenship in 2013?
As ABSCAM criminal Rep Ozzie Myers famously said, "Money talks, and bull**** walks".
As a former IRS tax attorney, Bachmann knows what just might happen after January 1st, and apparently she's ready with a packed bag. just in case. I wonder whether shel'll cut back on her big=mouth national TV appearances, just in case some reporter asks her about the timing of her dual citizenship application.
ProSense
(116,464 posts)joeybee12
(56,177 posts)KNR
Heywood J
(2,515 posts)Zalatix
(8,994 posts)n2doc
(47,953 posts)Don't go away mad, just go away.
sendero
(28,552 posts).. about why we cannot enforce reasonable laws designed to catch the lawless.
hifiguy
(33,688 posts)but only if they promise to never, ever come back.
socialist_n_TN
(11,481 posts)Just go ahead and get the fuck out. HOWEVER you've got to leave to be expropriated your fixed assets by and for the people of the country that you're leaving. NO ABSENTEE LANDLORDS!
ProSense
(116,464 posts)Eduardo Saverin, the billionaire 30-year-old co-founder of Facebook who was pushed out of the company under the guidance of his friend and fellow co-founder Mark Zuckerberg, has renounced his U.S. citizenship, Saverins spokesperson confirmed to Bloomberg Businessweek:
Bloomberg Businessweek notes that Saverin is part of a trend of U.S. billionaires giving up their citizenship to avoid capital gains taxes in the U.S. Still, hell have to pay a hefty exit fee.
http://livewire.talkingpointsmemo.com/entries/facebook-co-founder-eduardo-saverin-renounces-us-citizenship
Proof that regulations are bad and taxing the rich is mean.