Give up the American Citizenship and you will be fine. Of course that does not erase what you currently owe, but all future monies are yours. Many British become American Citizens too.....The Beckham's did and one of the reasons is due to British Taxes.

being asked to fill out US tax forms because they're clients of JP Morgan Asset Management (which has a US parent company). Most of them don't have US citizenship to give up and aren't liable for US taxes in any case.

ALL THE BANKS IN THE WORLD WILL BE REPORTING THE IRS....WHAT HAS HAPPENED TO THE USA//


ALL CITIZENS IN THE WORLD ACCOUNTS WILL BE LOOKED AT. IS THIS NAZI GERMANY OR NORTH KOREA OR COMMUNIST RUSSIA.

Only rich folks don't squeal. They can hire "regular folk" to do their squealing for them.

Every time the OP peddles this shit, we seem to get some new sign ups to chime in and tell us about little old lady pensioners paying tens of thousands of dollars in onerous tax preparation fees and fines.

Never mind the generous exemptions and the simple forms that can be had from online tax preparation firms. Nope. They claim little old ladies have to pay $3-5,000 dollars in preparation fees to file a simple tax form.

It all sounds so horrible - until you do the math. Then it pans out like Joe The Non Plumber and his non-existent $250,000 dollar per year income from his no-existent business he kinda hoped one day maybe he would own.

Make no mistake, there is a lot of wealthy people with vested interests in shutting down the new reporting.

Meanwhile, tax cheats like the Beanie Baby billionaire are getting caught in the reporting trap and paying millions in fines for rolling the dice and not coming clean when given fair warning. Thanks Obama!

But he did manage to avoid prison due to his troubled upbringing.

http://www.cnn.com/2014/01/14/justice/ty-warner-beanie-babies-tax-evasion/

I hate Glen Beck

I did not know the Blaze was his.

I am finding DU is getting as wacky as him. I am so, grateful l live north of you all.. america is not what it used to be. There are no more kind and caring people, just angry people.

I was so happy when Obama became president. What an illusion.

This is not, I repeat, this is not new.

The rules have become tighter and it is not just the US.

Why don't you look up the rules for money laundering in your own country? I know, the horror.

no mutual funds... Not much money,, just mortgages.

not rich.. I know a person who has only about 15k income. Many never knew they had to file US taxes. THe fines are one and half times of what you owe. The cost of filing with a specialize tax accountant are over 1k annually. to end owing nothing.

Americans do not understand that every American indica living abroad are not rich. They are just like the average joe blow in the USA.

I am thank ful I have relinquished my US citizenship decades ago. But I value my privacy and my constitution, the Canadian one.

If you're a US citizen you pay US taxes.

My aunt did for decades while living in Mexico. You do not want to do that, you give up your citizenship

:confused:

a savings account will be looked into now mutual funds..... can you all understand this?

What am I missing here? Isn't the OP talking about British investors?

this is what the IRS is doing... Control of the world banks. all of them under threat of sanctions. 30 percent of US transactions automatically on all transactions of every customer.. that is extortion

...any foreigner that opened a US brokerage account have to fill out a W8 Ben stating that they were furrniers and not subject to US taxation...

But if I popped down to my local Lloyds bank branch to open a checking account and they said they needed me as a Brit to fill out a US tax form I'd tell them to fuck right off...

now all banks in Canada will be giving this for the Bank Customers. :

June 3, 2014 at 10:52 am
From the CRA website (FAQs– FATCA):

http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/fq-eng.html

6. Will my financial institution be asking me if I was born in the U.S.?

A financial institution complying with the Agreement will not be required to ask its account holders about their place of birth.

If a financial institution, applying the due diligence rules of the Agreement to its accounts, discovers any records connected to the account that have an unambiguous indication of a U.S. place of birth, the financial institution may treat the account as a reportable account or follow up with the account holder to obtain documentation that shows the account holder is not a U.S. resident or U.S. citizen.


RBC Direct Investing: The US Persons Round-Up:

I was helping a family member open an on-line investment account with RBC Direct Investments today. I couldn’t help but notice the many different ways RBC DI is trying to identify so-called “US Persons.”

Here are the questions asked by the on-line application:

Are you a U.S. Citizen or a U.S. resident for tax purposes?

If you answer yes, the next prompt is:
To comply with regulations, you will be presented with a W9 form with your application package.
Enter your US Social Security Number (SSN).

If you answer no, the next question is:
How many countries are you a resident of for tax purposes?

You are then asked:
Country of residence for tax purposes.

Next up is:
Enter your City of birth.

Followed by:
Enter your Country of birth.

Next up is:
Are you, the co-applicant, a U.S. Citizen or a U.S. resident for tax purposes?
If you answer yes, you are prompted to enter your US Social Security Number (SSN).
You also get the statement, “To comply with regulations, you will be presented with a W9 form with your application package.”

If you answer no, the next prompt is:
How many countries is the co-applicant a resident of for tax purposes?

This is followed by:
Co-applicant’s country of residence for tax purposes.
Co-applicant’s city of birth.
Co-applicant’s country of birth
Are you married or do you have a common-law spouse?
Is your spouse the joint applicant?

I think we can consider this a sign of things to come from Canadian banks and investment firms in the coming months. Forewarned is forearmed.

One more thing. A W-8BEN for is a part of the package. RBC-DI requires completion of the W-8BEN form so that Canadian citizens are given the more favourable 15% tax withholding by the US on their dividends (versus the standard 30% I believe if a W-8BEN is not completed). New on the W-8BEN are two questions:
City of Birth
Country of Birth
I have banked with RBC-DI since 2007. Prior W-8BEN forms did not ask city and country of birth.

The net has been cast!

My questions for today:
Why is RBC DI asking for country of birth if this information is not required by CRA?
If this information is not required, is it illegal for RBC DI to ask for it?
The questions about city of birth and country of birth on the W-8BEN appear to have been added by RBC DI. I don’t see these questions on the official IRS version of the W-8BEN. Again, if this information is not required, is it legal for RBC-DI to ask?

which may include investment funds (OEICs, which used to be unit trusts). I used to have an OEIC with them - invested in UK shares. When I put money into it it was managed by a British company, but they were bought by what is now JP Morgan. It would have surprised the hell out of me to get a form for the IRS for that.

Though globally the standard where things need to be reported is 10K local coin. So you transfer, put in, or withdraw 10K pounds, it will be reported.

I just went with my mother to authorize a signature at a Mexican bank. By law, they needed my passport...they asked for an fm-2, equivalent to the green card. I do not have it, but they needed to firm up who I am. It is money laundering and terrorism legislation...it is that simple.

Easy.

I am not a Canadian citizen. OUTRAGE!

(That's Potash Corp. of Saskatchewan!)

The Canadian taxes I paid a few years back.

and paid taxes on them to other countries. Why should I not?

I realize trying to convey information to Americans is like talking a brick wall

Good luck America when your dollar falls..

What do you think the USD/CAD rate will be three months hence?

Ask Russia and China.

You made the claim of the dollar being affected - take your pick on a currency at 9/3 and let's see who guesses closest. raw numbers or percentage is fine.

Or just spouting without knowledge?

LOL LOL

in my wonderful good health .

Have a wonderful day. you wonderful DUrs.

This is not the reason.

These regulations you keep pointing to are part of a world wide effort to stop money laundering. They started taking shape over two generations ago, and US persons have paid taxes while living abroad for longer than you have lived am afraid.

This global effort, incidentally, includes Canada, as I pointed above.

The exchange of information is mutual, not just one way. There is a reason the investment class hates these now quite global agreements as banking has become global so have the rules that govern it, and there are less places to hide money, or worst case launder it.

As to the US dollar, this country is a power in decline. I expect it to lose reserve currency status, or best case become part of a basket, but that has none to do with these quite global regulations. By the way, do you want links to Hacienda's regulations? That be the Mexican IRS. By the way, that change in reserve status is a medium to long term event, nowhere in the next 24 months, for example.

Oh hell's bells here you go...a link to the Mexican IRS

http://shcp.gob.mx/LASHCP/MARCOJURIDICO/INTELIGENCIAFINANCIERA/Paginas/leyes_reglamento.aspx

Not money laundering. Time will prove me right.

Mention both terrorism and money laundering somewhere in them.

Do you want me to provide links to European regulations? Regardless, all these regulations started to take shape over 40 years ago. It accelerated in the 80s and went into hyperdrive after 911.

I can also get you South American, Israeli and even Swiss bank regulations that dragged their feet like forever.

You do not like them, trust me, neither does the CEO of Citibank, or his high power clients. It is getting harder to hide, and they literally hate it. I admit, for different reasons than you do, but damn, they cannot hide funds in Switzerland any more...let me bring out the damn violin section.

And if you think *this* of all things is going to collapse the U.S. dollar, then I don't know what else to say...

For a variety of reasons people have begged congress for years to properly revise and streamline what has evolved into a bloated and confusing tax code...But we all know the only thing congress wants to do when they're not sitting on their asses is grandstand on the cable news shows...