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Rescooped by Ronald Marini from FATCA
onto Americans Renouncing U.S. Citizenship Increased 6X so far in 2013!
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FATCA affects Goldman Sachs Cayman Islands? GS reports $100 million a day in trading profits 10 times

FATCA  affects  Goldman Sachs Cayman Islands? GS reports $100 million a day in trading profits 10 times | Americans Renouncing U.S. Citizenship Increased 6X so far in 2013! | Scoop.it
Goldman Sachs Group Inc., which generated about half its revenue from trading last quarter, posted losses from that business on six days in the second quarter, unchanged from a year earlier.

Via Investors Europe Stock Brokers
Ronald Marini's insight:

Factors causing U.S. Citizens to renounce: 

 

1.  Since 2011, Americans, who disclose their non-U.S. bank accounts to the IRS, must file the more expansive 8938 form that asks for all foreign financial assets, including insurance contracts, loans and shareholdings in non-U.S. companies as well as the traditional FBAR Form TD 90.22.1.2.  Failure to file the 8938 form can result in a fine of as much as $50,000.3.  Clients can also be penalized 50% of the amount in an undeclared foreign bank account under the Banks Secrecy Act of 1970 for failure to file and report their account(s) on the FBAR form.4.  It is estimated that the additional compliance costs for companies that employ Americans abroad and want to ensure that they are filing the correct U.S. tax returns and asset-declaration forms are at least $5,000 per person annually.5. The resulting increased U.S. accounting costs alone are around $2,000 per year for a U.S. citizen residing abroad. and6.  They are shunned by Foreign Banks and cannot open nor maintain their accounts with foreign banks that are facing tougher reporting rule under FATCA. Ronald A. Marini, Esq.
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Rescooped by Ronald Marini from FATCA
Scoop.it!

FATCA affects Goldman Sachs Cayman Islands? GS reports $100 million a day in trading profits 10 times

FATCA  affects  Goldman Sachs Cayman Islands? GS reports $100 million a day in trading profits 10 times | Americans Renouncing U.S. Citizenship Increased 6X so far in 2013! | Scoop.it
Goldman Sachs Group Inc., which generated about half its revenue from trading last quarter, posted losses from that business on six days in the second quarter, unchanged from a year earlier.

Via Investors Europe Stock Brokers
Ronald Marini's insight:

Factors causing U.S. Citizens to renounce: 

 

1.  Since 2011, Americans, who disclose their non-U.S. bank accounts to the IRS, must file the more expansive 8938 form that asks for all foreign financial assets, including insurance contracts, loans and shareholdings in non-U.S. companies as well as the traditional FBAR Form TD 90.22.1.2.  Failure to file the 8938 form can result in a fine of as much as $50,000.3.  Clients can also be penalized 50% of the amount in an undeclared foreign bank account under the Banks Secrecy Act of 1970 for failure to file and report their account(s) on the FBAR form.4.  It is estimated that the additional compliance costs for companies that employ Americans abroad and want to ensure that they are filing the correct U.S. tax returns and asset-declaration forms are at least $5,000 per person annually.5. The resulting increased U.S. accounting costs alone are around $2,000 per year for a U.S. citizen residing abroad. and6.  They are shunned by Foreign Banks and cannot open nor maintain their accounts with foreign banks that are facing tougher reporting rule under FATCA. Ronald A. Marini, Esq.
more...