Silk Road forums

Discussion => Newbie discussion => Topic started by: OhMiah on April 18, 2013, 12:43 pm

Title: For anyone that uses a an OFFSHORE BANKING ACCOUNT
Post by: OhMiah on April 18, 2013, 12:43 pm
I stumbled upon this while doing some research on Asset forfeiture from police seizures:

http://www.acfcs.org/new-irs-form-for-foreign-entities-creates-fatca-responsible-officer-compliance-job/

"On April 1, the IRS released a proposed new reporting form, the IRS Form 8957, called the “FATCA Registration Form for Foreign Financial Institutions.” The form will identify the financial institutions outside the United States that are registering as FATCA participants to report accounts of US persons. Under FATCA, non-US financial institutions are required to report to the IRS information on the accounts they house for US persons, including such information as the accountholder’s name, address and account balance. FATCA thus effectively creates a vast global dragnet to identify US tax evaders."

Basically by July 1,2013 all out of country financial instuitions have to comply by providing them with information of a US citzen that has an offshore account with money in it. So if you got money there now would be a good time to implement an exit strategy doesn't seem like a safe bet to me.