Americans Turn In Passports as New Tax Law Hits

Quote from gwb-trading:

That's strange - I spent the last two years as a IT consultant helping banks comply with FATCA. Sberbank is our customer and is ready to comply with FATCA. Sberbank has also put out multiple press releases about their compliance and has further urged the Russian government to to speed-up accession to FATCA by January 2014

http://www.1prime.biz/news/_Russias.../0/{132C4AF9-4F54-4E3E-9AE9-26FAD3BEE844}.uif

Bottom line: Every major bank world-wide is currently positioned to comply with FATCA. As a customer it will be difficult to avoid it unless you only use non-traditional banking.
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That's surprising. Well they certainly don't seem to be asking any American depositors to do anything special, nor are they asking any information outside of the norm for american depositors. No special forms, etc. I just pinged a friend of mine in Moscow on the subject, let's see what he comes back with.
 
Quote from Tsing Tao:

Well they certainly don't seem to be asking any American depositors to do anything special, nor are they asking any information outside of the norm for american depositors. No special forms, etc. I just pinged a friend of mine in Moscow on the subject, let's see what he comes back with.
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Wait till January 2014 when FATCA goes into effect.
 
Quote from gwb-trading:

Wait till January 2014 when FATCA goes into effect.
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I wonder if that'll just mean people will spend the 25k it costs to get a Russian passport dual citizenship, and then use that info. Either way, important American clients won't get reported, even if the banks sign it.
 
Quote from Tsing Tao:

I wonder if that'll just mean people will spend the 25k it costs to get a Russian passport dual citizenship, and then use that info.
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:confused: :confused: :confused:
 
ok,you got your dual citizenship(which i have)-now what?
you still have to FILE and pay your taxes regardless. in US,using US tax brackets. living in russia doesn't give you any advantage(besides nice exemption(which is what? 70-80K a year?). unless you living using some different name on your russian passport(then you have to file and report your taxes over there. and in meanwhile-you are committing very serious crime by US standards.
i'm talking about tax evasion + conspiracy etc
 
Quote from Bob111:

ok,you got your dual citizenship(which i have)-now what?
you still have to FILE and pay your taxes regardless. in US,using US tax brackets. living in russia doesn't give you any advantage(besides nice exemption(which is what? 70-80K a year?). unless you living using some different name on your russian passport(then you have to file and report your taxes over there. and in meanwhile-you are committing very serious crime by US standards.
i'm talking about tax evasion + conspiracy etc
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PM me and I'll be happy to explain.
 
Quote from Bob111:

ok,you got your dual citizenship(which i have)-now what?
you still have to FILE and pay your taxes regardless. in US,using US tax brackets. living in russia doesn't give you any advantage(besides nice exemption(which is what? 70-80K a year?). unless you living using some different name on your russian passport(then you have to file and report your taxes over there. and in meanwhile-you are committing very serious crime by US standards.
i'm talking about tax evasion + conspiracy etc
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You have dual Russian and US citizenship? ; )
 
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