I don't speak Spanish or Portugese, what is interesting on this document?
Dollar crash to begin July 1, 2014 ? ("Year 0")
- Thread starter JGeropoulas
- Start date
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Well my husbaqnd has money in his US accounts and he is a New Zealand resident. I am curious as to what the forms mean and what they are for?
on_strike_usaexpat
Jedi
Essentially, it is forcing foreign financial institutions to play snitch for the US Gov.
The burden is on the foreign account holder to prove they are not a US Person and if they are, to file the documentation they technically should have filed with the IRS.
The USG will now connect US passport/Tax Payer ID to the National ID number of the US Person in whatever country. The USG will be able to access info on the financial (and other) activities of that US Person at will (or at least once a year) in that country.
US Person
There are many persons who were born of US parents and never lived in the States or only temporarily as a small child. Many probably do not know they technically should have been filing taxes. I recently read that there is another "generous" IRS amnesty program that will finally pull these people into the USGs radar and extortion ring.
For the rest of us grown US Citizen expats and Green Card Holders, the same info has probably already been forwarded by the foreign financial institutions where we have accounts (if you have not lost your foreign account due to being a "US Person", then they are complying with FATCA).
The burden is on the foreign account holder to prove they are not a US Person and if they are, to file the documentation they technically should have filed with the IRS.
The USG will now connect US passport/Tax Payer ID to the National ID number of the US Person in whatever country. The USG will be able to access info on the financial (and other) activities of that US Person at will (or at least once a year) in that country.
US Person
There are many persons who were born of US parents and never lived in the States or only temporarily as a small child. Many probably do not know they technically should have been filing taxes. I recently read that there is another "generous" IRS amnesty program that will finally pull these people into the USGs radar and extortion ring.
For the rest of us grown US Citizen expats and Green Card Holders, the same info has probably already been forwarded by the foreign financial institutions where we have accounts (if you have not lost your foreign account due to being a "US Person", then they are complying with FATCA).
Palinurus
The Living Force
Thank you for posting this, on_strike_usaexpat. It explains an otherwise inexplicable e-mail I received from one of my banks, recently. I live in the Netherlands BTW and I am Dutch.
In it, they explained new administrative rules and obligations for the coming year (2015), notably the necessity of explicitly confirming my identity and updating my credentials at least once every year.
machine translation said:
In a web link to further explanation they mentioned the FATCA law as main cause:
_https://translate.google.com/translate?sl=nl&tl=en&js=y&prev=_t&hl=nl&ie=UTF-8&u=http%3A%2F%2Fwww.argenta.nl%2Fnl%2Fklantenservice%2Fsparen%2FFATCA%2Fdefault.aspx&edit-text=&act=url
Yes that has come into effect in New Zealand also. The government in order to trade with the US seems like it is being bullied into complying. There has been some public debate about whether it is against New Zealands privacy laws but what does it matter our government is so pro US it's stomach turning. Gone are the days when we stood up against the big guns literally banning their Nuclear ships from our waters.
The US ex pat tax laws are quite frightening, it is a source of stress for my husband. Any info or advice from anyone would be appreciated. Perhaps a new thread on the topic? It is very difficult to get heads around it all.
The US ex pat tax laws are quite frightening, it is a source of stress for my husband. Any info or advice from anyone would be appreciated. Perhaps a new thread on the topic? It is very difficult to get heads around it all.
on_strike_usaexpat
Jedi
Assuming you were never a US person and have no tax ID or Social Security number, you want to keep it that way and remain a "NRA" (nonresident alien) spouse for USA IRS tax purposes.gottathink said:
Which means he should have been filing US taxes on his own and not "jointly". This will cost more in US taxes depending, but it protects the NRA spouse.
Another possible layer of protection is the marriage laws. You are in a common law country so it may not apply. In this Latin legalistic country, you have a choice at marriage regarding assets. The option of separate assets firewalls the spouse from any legal matters affecting the partner. This is not machismo as the spouse is still first in line for any assets if the partner dies.
Thank you usaexpat. Yes I have never been a US person and have no tax ID. It is very odd that I am considered a non resident alien just because I married a US citizen who is a permanent resident of another country. We freaked out a bit when we read that the US government wants us to file jointly! I have no other affiliation to the US. My own country of birth doesn't even require that of me. They are nasty sticky awful control freaks. We will make sure not to file jointly. He is going through the process of investigating tax filing compliance so that he can revoke his citizenship if he chooses.
on_strike_usaexpat
Jedi
I'm very happy to hear you never obtained even a just for US tax purposes ID number. SUPER GREAT!gottathink said:
When there is a NRA spouse, US taxes must be filed by paper forms via conventional mail/courier. But I've heard this is another good thing as it just makes you get lost in the electronic and paper flood. On top of that advantage is to extend the filing date.
Good luck.
