Must Read For All Expats: You Are Under An Uneptected Threat From The Us Government

[CBinParadise]

It is generally thought that FACTA is only a problem for US citizens. That's not true. Citizens of a growing list of nations (including the UK) are now also under threat, from an unexpected quarter. Your spouses are also at risk of being pulled into this mess, even if they are Thai citizens, for example.

I have been wondering why there is not more outrage about this. There's one special and very troubling aspect that nobody is considering. The following article explains that aspect very well. If you are not a US citizen or green card holder, you should still read the URL at the end of this posting

Americans abroad, including dual citizens, as well as Green Card holders, have begun to panic about American legislation known as the Foreign Account Tax Compliance Act, or FATCA.

http://www.royalgaze...UMN07/712089999

[LongTimeLurker]

"America is alone among industrialized nations in requiring citizens to pay taxes even if they live outside the United States"

Not true, Australia also, even UK if you are not classed as non-resident, and any income arising within the country is taxed regardless.

"banks, will be asked to send annual reports on their American customers with bank accounts of more than $50,000, a measure that would be unacceptable if adopted in the United States."

Don't US banks have to report all transactions over $10,000 to the IRS?

Americans will just have to open accounts in foreign banks with no ties to US, and open several accounts of less than $50k, easy enough to work around.

[Songhua]

Don't know where this came from but, as an Australian I am required to pay tax from income derived from overseas whether I live in Australia or not. It's simply not that easy to 'become' a non-resident!

No, America is not 'alone'.

[Ulysses G.]

Thanks for this. One more thing to keep me from sleeping at night.

[Nana Cowboy]

Oh no say it aint so. I wonder if Alex Jones knows about this. YAWN

[metisdead]

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Not Thailand related.

Closed.