Are you American?

[skid]

Ive got friends who settled here over 30 yrs ago after backpacking around 3rd world countries for 5 yrs.
They are dual citizens USA-NZ and have always paid taxes here but never realized they were suppose to be filing US tax returns as well(Its the only country that does this)
They are now in a pretty sticky situation as the USA is getting a bit heavy.
If you know anyone in this situation theres more info here

http://www.cbc.ca/news/canada/u-s-fa...airs-1.2493864

[skid]

When I say Heavy ,I mean in general,not with them personally. They have been off the radar since the 70s and hope to stay that way but feel a bit at risk now--Gotta feel sorry for those that dont even know they are American citizens,like in the aticle.

[Branca]

What a ridiculous situation - totally unfair. Bureaucracy gone mad.

[skid]

What a ridiculous situation - totally unfair. Bureaucracy gone mad.

And whats amazing is that they are forcing all other country's banks to spend millions of dollars on software to find and report any Americans on their books.
Its an amazing example of economic bullying ,not to mention a violation of privacy issues and sovereign rights

And these are the lovely people National wants to sign a free trade agreement with????

[Leftette]

Isn't a problem if they renounce their American citizenship I believe, but that probably only applies from this point on. And in doing so, they've announced their existence for backwards checking. Tricky.

[skid]

Yes its a tricky situation for them,but what gets up my nose it that we are all going to pay in increased bank fees of less shareholders profit.
The American IRS is basically saying ''you find all those born in US and report them to us''forcing the banks to be policemen and at the same time violating privacy issues.
They really are finding new ways to get ''in our faces''every day--as if tapping phones and intercepting emails wasnt enough--guess thats the problem with having only one superpower. scarey

[elguapo]

Yes its a tricky situation for them,but what gets up my nose it that we are all going to pay in increased bank fees of less shareholders profit.
The American IRS is basically saying ''you find all those born in US and report them to us''forcing the banks to be policemen and at the same time violating privacy issues.
They really are finding new ways to get ''in our faces''every day--as if tapping phones and intercepting emails wasnt enough--guess thats the problem with having only one superpower. scarey

An increasing number of banks simply won't open accounts for American's now, because of the accounting requirements. UBS being one. Eduardo Saverin had the right idea IMO.

[skid]

Yes i would imagine that smaller banks would pretty much have to go that route.--But what do they do ,ask to see passport? Ive never had them do that -maybe its changed,although I just asked our bank about our daughter opening up an account and they said drivers license and credit or efpost card--(shes true blue Kiwi but still--If and when she opens it ,it will be interesting to see)

[speights boy]

And whats amazing is that they are forcing all other country's banks to spend millions of dollars on software to find and report any Americans on their books.
Its an amazing example of economic bullying ,not to mention a violation of privacy issues and sovereign rights

What is amazing is that this long term tax evasion has been ignored for so long.

Tax Amnesty Program Draws 106 Swiss Banks, U.S. Prosecutor Says

The top U.S. tax prosecutor said that 106 Swiss banks are seeking U.S. amnesty for helping American clients evade taxes, according to three lawyers who heard her speak at a conference in Phoenix.

U.S. prosecutors gave more than 300 Swiss banks until Dec. 31 to seek non-prosecution agreements if they have “reason to believe” they violated tax laws.
Banks must disclose how they helped Americans hide assets, hand over data on undeclared accounts and pay penalties.

[skid]

I dont think your getting the full picture here SB.
Going after Swiss banks and tax havens is fair enough.
This is usually a case of Americans hiding the money they have made(by any means) in USA,in foreign banks.
This law is going after any Americans who have made anything in the country where they now live and have paid taxes on fairly.
Most are settled and havent been back to the USA for ages.
In doing this the US tax dept is strong arming all foreign banks to spend millions on software to help them find anyone who has US citizenship and report them(acting as police for the US)
This will cost all KIWIS as our banks are forced to comply.
YOU will pay in increased bank fees or reduced profits for your bank.

If you found out today that you had US citizenship because one of your parents was in a previous relationship ,You would suddenly be up for major fines and maybe even jail time.

They are the only country in the world that does this (except for one obscure little country Ive never heard of)
(as a footnote Condalisa Rice gave the diplomat from this country a major blasting for this policy) It turned out to be an embarrassment when she was informed that the US does the same thing-- whoops

[speights boy]

I don't have a problem with paying higher bank fees, if it helps lift the rock on some of the murky financial transactions worldwide.
My taxes already support the increased surveillance of institutions under the revised AML legislation brought in last year.
I see that as a good thing.

The fact that US citizens have to file a return with the IRS is hardly a secret is it?
Did your friends pay for expert advise when they made their decision to become joint US-NZ citizens?

[Orkibi]

I Totally don't understand your post and the points you are trying to make SB ?

do you mind explaining ?

[skid]

The way i look at it SB is that it gets up my nose when a country like the States impose their most of the time hypocritical policies on another country.
It looks like a case of economic bullying to me.
Would you like to be a part of a country(or maybe you are) that uses the kind of tactics that make it necessary to get expert advice when you settle in a country like NZ.
No one else uses draconian rules like that--they seem to be big on intimidation .
That intimidation most of the time falls on the little guys because the big Mafia-Corporate and other big guys are lawyered up and mostly escape the net.(Look at some of the Corporate Theifs like the big guys in Enron who made off with tons of mom and pop cash)
I can understand why you want to support anti money laundering--Thats what the legislation here in NZ is for--but NZ(and the rest of the world, tax on a residential bases,not a citizen bases) Its basically taxation without representation which is just the opposite of what it says in the US constitution.

Did you read the article in the first post?

This link is a bit of a change of topic but it gives a bit of insight into the agenda over there

http://www.truthdig.com/report/item/...ignty_20131119

[speights boy]

For Orkibi.

1. There are costs involved with increasing the regulatory oversight of the finance industry around the world.
I am ok with that.

2. I am somewhat surprised that US citizens were not aware of their requirement to file a return each year with the IRS.

[speights boy]

Skid
You should join Kim Dotcom's political party if you want any changes made.