I saw this article in my Google news feed, and the title; “Managers prepare to Fatca-proof wealthy” caught my eye. This might be the next big development on the FATCA front.
Sure, my idea to buy the assets of US person’s prior to FATCA for $1.00 in order to allow them to renounce their US citizenship, pay the IRS 1/3rd of their worldwide income ($0.33) and then once complete for $1.00 plus .001% of their income still needed some work, but I thought this might be it.
Then I read the article…
http://www.efinancialnews.com/story/2012-06-25/vestra-coutts-fatca-wealth
It’s not at all what the headline claims it is, and I had to read it twice in case I was mistaken.
It talks about helping US persons comply with FATCA. Yawn.
How do you see US persons in foreign countries, ie/ Canada, coping with FATCA?
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Author: Warren Orlans
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inTAXicating has been published since 2008 to provide clarity around Canadian taxation issues, primarily related to the Canada Revenue Agency.
As the primary author, Warren Orlans, has over 20-year's experience in the taxation industry, 11 of them working for the Canada Revenue Agency (CRA), and 7-years working in the private sector Managing the tax departments for large financial institutions.
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