Us Expats And Fatca Act?

[robert k]

 

Yup, a hiccup with fines from failure to disclose. The bet is that the odds favor the US government never finds out about the account(s) that don't have your name on them and therefore don't get reported by the bank.

 

:hystery:  Yeah but Knowing Banks & having a Little distrust in someof them, a foreign name of a Pinay may just set the ball Rolling.

You know coffee time Tsismis, Look, another US Foreigner Account. Should we Report this?

I would hope all is well with those at do this but I know my Luck in things like this.  The UK Inland Revenue just have a Dislike.jpg of many of us as I am sure many can feel the same about their own Countries.

Anyway I will not take this any further of Topic, just wanted to ask things really. :thumbsup:

Having said that, I am pleased we don't get the problem this issue seems to be. The UK look at this way, as it was taxed at source, what you have in the bank is Yours, we just want the Tax Payable on the Interest or is this ,what it is all about? :)  

 

I am sure the regulation will normally never bring in more than it costs to implement. I believe they just want to register the money so they know where it is and once they know where all of it is, in the future they may impose a confiscatory tax, which they could not effectively do if they didn't know exactly where your money was.

[Tukaram (Tim)]

Since I will never have enough money for the reporting to be an issue, and all my money comes from the US, once I retire it will be taxed in the US (currently I am tax free), I suppose I could put the accounts in her name and no one would ever know, or care.  :tiphat:

[gerrysanders]

On 10/02/2016 at 11:02 AM, intrepid said:

I believe income is the main word.  Taxable income.  Accounts with transfered monies will have to be reported but I don't think they will tax them if it was say, retirement savings which were transfered.  JMHO

They will tax the income i.e., bank interest, dividends etc. This tax is offset against any local tax paid in the Philippines on said interest, dividends etc.

If you open simple mutual fund here, the IRS will not let you treat it as such. They will consider it a PFIC and with that comes the worse possible tax treatment and a multi page, complicated set of forms that only a CPA in most cases can handle. Yes, all that just because you want to put your savings in a Philippine mutual fund. You must be punished.