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US FATCA treaty to almost all countries in the world only applies to US citizens trying to open accounts in other countries. That is a one-to-many relationship.
by vmception 5y ago
US FATCA treaty to almost all countries in the world only applies to US citizens trying to open accounts in other countries. That is a one-to-many relationship.
The worldwide reality is a many-to-many relationship. Switzerland doesn't snitch on other country's citizens for two reasons:
1) Other countries don't have the resources to enforce a global tax regime. And if they tried, their diplomatic leverage was so weak that it was laughed at.
2) Other countries never even attempted to pass laws for a global tax regime, that is an almost uniquely American hubris, and even with the US's massive resources it also struggles to enforce this stretch of the jurisdiction concept.
- ckastner 5y ago> The worldwide reality is a many-to-many relationship. Switzerland doesn't snitch on other country's citizens for two reasons That is wrong, see AEOI/CRS as mentioned above. Switzerland exchanges information with dozens of countries and has been doing so since 2017. And strictly speaking, it's not about citizship, but tax residency. A Danish national living in France will have their Swiss bank account reported to France, not Denmark.
- vmception 5y ago> and has been doing so since 2017 oh that's new to me! didn't know OECD had actually gotten anywhere beyond blacklists. I've seen CRS in a variety of countries, many of those are still implemented in interesting ways, and also don't mean there is liability or tax liability for the ultimate owners.