US Offshore Tax Crackdown Opens With 30% Penalties for Banks

[Daal]

http://www.bloomberg.com/news/2014-...ckdown-opens-with-30-penalties-for-banks.html

Does anyone know if this will affect international wires from non-US citizens or non-US residents? If they want to screw with the bank, it might

 

[Zr1Trader]

http://www.bloomberg.com/news/2014-...ckdown-opens-with-30-penalties-for-banks.html

Does anyone know if this will affect international wires from non-US citizens or non-US residents? If they want to screw with the bank, it might

From my understanding, some (former)US citizens living elsewhere have given up their citizenship so that these laws don't mess with them. I don't know 100% about how wires will be affected ect.

Another link that I posted earlier from today in the tax forum.

http://americansabroad.org/issues/fatca/fatca-bad-america-why-it-should-be-repealed/

Surprised this hasn't gotten more attention.

Also, Fidelity banned overseas citizens from investing in mutual funds in US today , maybe somehow related?

Capital controls.

 

[bau250]

https://www.youtube.com/watch?v=Y-EVF7CZt_w

 

[Daal]

https://www.youtube.com/watch?v=Y-EVF7CZt_w

If it does applies to non-US citizens then a solution is to only bank with small banks that are unlikely to be targeted by the IRS. Big banks like HSBC are not good options.
But honestly, the whole thing looks like a bluff