4 ms·
Yeah, I was surprised the article completely glossed over why nobody outside the US wants to deal with FATCA, because on face value it sounded like a good tool
by clawoo 6y ago
Yeah, I was surprised the article completely glossed over why nobody outside the US wants to deal with FATCA, because on face value it sounded like a good tool to prevent money laundering and tax haven stashing.
But based on FATCA, only the other countries have a responsibility of reporting wealth information about US citizens, while if you are a Russian or a Brit or whatever you can safely stash all your wealth in the US if the tax regime is more lenient than your own country.
- KLexpat 6y agoThis is generally correct. One of the main effects of CRS being separate to FATCA is that a person from a CRS country like anywhere in the EU, UK, Aus, Canada, NZ... many countries... can hold assets in the US itself which is not a CRS signatory.