4 ms·
Realty check: US forced FACTA on many countries but never offered reciprocity. Tax haven status apply to all non US citizen, so this leverage exists for many of
by mahkeiro 5y ago
Realty check: US forced FACTA on many countries but never offered reciprocity. Tax haven status apply to all non US citizen, so this leverage exists for many of the US "allies" (btw as a European î don’t believe that such a concept exists) like all OECD countries that have to fight against complex tax evasion schema thanks to the US.
What the world want is reciprocity.
- danuker 5y ago> "allies" (btw as a European î don’t believe that such a concept exists) I believe in "scratch my back and I'll scratch yours". What may be illegal for one government to do might be off-shore-able. Therefore, "allies" are useful in such arrangements.
- raverbashing 5y agoThere's CRS now, between OECD countries. (and it's FATCA, which made the US more interesting as a money destination)
- greatpatton 5y agoThe USA are the only country not part of CRS. Have a look here: https://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/exchange-relationships/ https://www.oecd.org/tax/automatic-exchange/international-fr... The USA is always "do as I say not as I do" and they have zero credibility regarding tax evasion : ```the IRS is still not obligated to share information pertaining to: * Cash accounts held by entities, including those that are resident in the FATCA partner jurisdiction; * Non-cash accounts, whether held by individuals or entities, unless the accounts earn U.S.-sourced income; and * ‘‘Controlling persons’’ of any entities that have accounts in U.S. financial institutions, regardless of whether those entities are from the partnering country, even if those entities are owned and controlled by residents of the partner jurisdiction. ```