[Jester] HI MODS, PEEPS, LURKER TYPE PEEPS, AND CRITTER TYPE PEEPS (BRAT).... HAHAHAHAHAH
[Jester] YOU GUYS THINKING OF ALL THIS OFFSHORE STUFF MIGHT HAVE ANOTHER THING TO THINK ABOUT NOW... LOOKS LIKE THE FOREIGN BANKS ARE GETTING EVEN LESS LIKELY TO OPEN AN ACCOUNT FOR AMERICANS...
[Betsy Ross] Jester uh oh
[Jester] REMEMBER... IF YOU CAN... A YEAR AGO WE TALKED ABOUT THIS...
[Jester] Banks lock out Americans over new tax law September 15, 2013: 11:19 PM ET
[Jester] That's what banks around the world have been telling their U.S. customers, as they try to avoid having to comply with a new tax law due to come into force next year.
[Jester] The U.S. Foreign Account Tax Compliance Act, which requires businesses to report all assets held by Americans, aims to recoup the hundreds of billions the U.S. says it loses each year from tax evasion. But it's also leading global banks big and small to dump U.S. customers rather than wrestle with the complicated law.
[Jester] NOW YOU CAN'T EVEN LEAVE... NO ONE WILL TAKE YOU... OOPS... DID I SAY THAT?
[Jester] Proper compliance -- which means reporting everything from basic savings accounts, pension funds, investments, and more -- could easily cost institutions millions each year, he estimated. And penalties are severe; businesses face a 30% tax on U.S.-sourced income if they fail to comply.
[Jester] "Many banks have taken the decision to tell U.S. customers to go away," Laures said.
[Jester] Ross Badger, a tax adviser at Satis Asset Management, estimates that half of his clients have had difficulties with their banks, and expects the trend to continue.
[Jester] ETC. ETC. ETC... REMEMBER THAT WAS A YEAR AND 3 MONTHS AGO... http://money.cnn.com/2013/09/15/news/banks-americans-lockout/
[Jester] NOW... FAST FORWARD... TO NOW...
[Jester] Hong Kong Banks Shut Down US Accounts Rather Than Deal with FATCA - See more at: http://www.china-briefing.com/news/2014/12/18/hong-kong-banks-shut-us-accounts-rather-deal-fatca.html
[Jester] THAT IS TODAY...
[Jester] Due to its geographical proximity to the mainland, modern and (until now) friendly banking system and transparent legal regime, Hong Kong has long served as a popular gateway into China for foreign businesses. Americans in particular have favored the former British colony, which retains its widespread use of the English language and Western business ideals, as a launching pad for their operations into mainland China.
[pokerbrat] Guess I need to go to Costa Rican brides.com
[Jester] However, since the Foreign Account Tax Compliance Act (FATCA) came into effect in early July, many Hong Kong based banks have been refusing to open new accounts for, and even shutting down the existing accounts of, American individuals and corporations.
[jbmeans] Jester bummer, I guess we will have to be more creative
[sivadrnor] lots of foreign banks don't want to deal with FACTA
[Jester] AND ETC. ETC... THE LINK WAS POSTED ABOVE AT THE START... BUT APPARENTLY IS GETTING WORSE OUT THERE BECAUSE OF OUR WONDERFUL GOVERNMENT LIKING TO HAVE CONTROL OF EVERYTHING...
[Jester] SO THE GOOD GUYS WILL SUFFER ALONG WITH THE BAD GUYS...
[goodtimes] Jester well glad dual citizenship is on my list of things to get done, that would help a person out wouldn't it?
[Jester] jbmeans goodtimes INTERESTINGLY ENOUGH... AND THIS IS A YEAR OLD TOO... HAVEN'T GOT A NEW ONE YET... BUT I AM LOOKING...
[Jester] Americans turn in passports as new tax law hits
[Jester] The number of Americans choosing to give up their citizenship has spiked dramatically this year as the government works to implement a new disclosure law aimed at stamping out tax evasion.
[sivadrnor] if you want to give up your US citizenship, the government has increased the fee for processing the application and increased the taxes you will pay on any assets you take with you
[Jester] sivadrnor YEAH WE REPORTED THAT BACK WHEN IT HAPPENED IN SEPTEMBER...
[mentoredlife] Jester, Jim Rickards had some interesting things to say about Russia and the US here. http://schiffgold.com/interviews/brace-collapse-world-monetary-system-2016-video/
[Jester] Some of the rush may be caused by Americans hoping to avoid the new disclosure requirements. Others living abroad say they are giving up their U.S. passport because they are tired of dealing with overly complicated tax filings.
[Jester] AND YADA YADA YADA.... READ IT HERE http://money.cnn.com/2013/09/04/news/citizenship-us-tax/index.html?iid=EL
[Jester] I DO NOT MIND PAYING MY SHARE OF TAXES FOR WHAT I AM DOING HERE... BUT IT IS A CROCK TO GO SOMEWHERE ELSE AND WORK AND NEVER SEND THE MONEY BACK AND HAVE TO PAY ON THAT TOO...
[Jester] I DON'T THINK THE BENEFITS FOR HAVING TO DO THAT ARE THERE... IF I GET IN TROUBLE THEY ARE NOT GOING TO COME TO THE RESCUE... THAT IS FOR SURE...
[Jester] NOT SURE JUST WHAT US CITIZENSHIP GETS US ANYMORE TO TELL YOU THE TRUTH...
[June] Jester Agree
[Jester] MAYBE THE REPUBLIC WILL CHANGE SOME THINGS... IF NOT THEN WHAT IS THE POINT...
[Jester] INTERESTING... AN UPDATE FROM MAY OF THIS YEAR... More U.S. citizens turning in their passports
[sivadrnor] the republic by itself isn't enough. the people need to pay attention and become more active in what is happening in our government.
[pokerbrat] Good points Jester I do mind paying the corrupt/IRS I would not mind so much paying a republic/treasury to pay to forward the existing Republic!
[jbmeans] pokerbrat agreed
[Jester] FROM THE FIRST ARTICLE... FOR THE DATA.... at least 1,800 people to renounce U.S. citizenship or give up their green cards in the first half of 2013. In the second quarter alone, there were 1,130 renunciations according to government data -- more than the 932 recorded for all of last year (2012).
[Jester] SECOND ARTICLE.... Internal Revenue Service records show that 1,001 U.S. citizens gave up their citizenship in the first quarter of the year. That's more than the total renouncements in 2012 and about one-third of 2013's recording-breaking 2,999, according to the Tax Foundation, a Washington think tank that promotes lower taxes.
[Jester] LOOKS LIKE SOME PEOPLE ARE WELL OFF ENOUGH TO SAY SCREW IT TO THE MAN...
[Jester] SEEMED TO WORK FOR THE FACEBOOK CO-FOUNDER... GUESS HE IS LIVING IT UP SOMEWHERE... HAHAHAHAH
[Jester] When Facebook cofounder Eduardo Saverin famously renounced his U.S. citizenship, the move helped him potentially avoid a fortune in capital gains taxes. And while such renouncements are rare, a small but growing number of Americans also are trading in their citizenship for -- at least in part -- financial gain.
[Jester] OH WELL... JUST THOUGHT THAT WAS INTERESTING... CAUSE AND EFFECT... BET THEY DO NOT HAVE ANY TROUBLE GETTING A BANK ACCOUNT SOMEWHERE... HAHAHAHAH
[mentoredlife] Jester, sounds like what you've been sharing about China and Russia being on the same team is coming out in other places as well. Did you see this today?
[mentoredlife] Jester, what do you think of Jim Rickards. He had a few comments on Russia's ruble and the US http://schiffgold.com/interviews/brace-collapse-world-monetary-system-2016-video/
[Hocus Pocus] hi everyone!
[Jester] Hocus Pocus WOO HOO... GREETING TO THE LITTER... ERR.... SAND BOX... HAHAHAHHA
[Vigilance] Hocus Pocus so, what's going on in the sandbox??
[Hocus Pocus] Vigilance i had a nice chat with the barber today
[Hocus Pocus] he was tallking to his brother in iraq on skype and seems there is some interesting news being broadcast at fairly often intervals about iraq soon to have a more valuable currency
[Betsy Ross] well now that is very interesting.
[Hocus Pocus] he seemed to be pretty excited about it
[Americana] Hocus Pocus please share more of your barber visit
[Hocus Pocus] he told me last week that a lot of the vendors would like to have dinar as payment more that dollars now
[Betsy Ross] hmmm sounds like no one wants dollars anymore not even Iraq.
[Hocus Pocus] they think something is up to want the dinar more now in anticipation i suppose
[Betsy Ross] certainly would be a good thing
[Hocus Pocus] Betsy Ross well he sure is thinking that things are moving the right direction
[Betsy Ross] Hocus Pocus I think I like your barber.
[Hocus Pocus] Betsy Ross it is good to have an inside look from that angle. Up to now he has been saying yeah whatever
[Betsy Ross] Hocus Pocus so sounds like he has changed his tune
[pokerbrat] Hocus Pocus where are you from?
[Americana] pokerbrat i had heard that hocus pocus was from the land of sand
[Hocus Pocus] Americana thanks just trying to help friends hang on
[Hocus Pocus] Jester thanks for letting me tell my story tonight
[Jester] Hocus Pocus I BEEN TELLING YOU TO COME ON IN.... THEY WILL NOT LIKE TO BITE YOU OR ANYTHING...
[Jester] Hocus Pocus THANKS FOR THE INFO... AND THANKS FOR LETTING ME KNOW EARLIER... I WAS GOING TO TELL THEM IF YOU DIDN'T COME IN... YA BIG FRAIDY CAT.... HAHAHAHAH
[ [Hocus Pocus] good night to everyone
[Jester] OH ME... NICE TO SEE YOU ALL... THANKS FOR STOPPING BY....
[Jester] Hocus Pocus THANKS FOR THE INFORMATION..