I feel for ya. I've been expecting something like this since around 2008 and your idea of a deep slumber isn't untrue, but its nothing like it was back around 08 and 09. Can you imagine telling people we were going to end up where we are now since then and the reactions you would get? You'd be surprised how many have woken up compared to back then. Don't give up hope and take care of your family the best you can.
I started becoming aware of this exactly ten years ago when I was working on renewing my passport. A couple of statements on the application compelled me to research what they were all about and I learned there is an entire universal of controls the US put upon us that were not there when I renewed my passport ten years prior to that. Some of these control were in place, but unknowable unless you know to look for them but many were in fact new. FATCA/FBAR are the two biggies for me. And yes, no one, not a single soul wanted to hear anything of what I was learning. They even refused to read the statements on the passport application, the Tax Pay Advocate’s statements on the issue nor the FATCA letter from one of my banks. All we are experiencing with covid I have experienced with FATCA/FBAR and CBT. People have their believes and they hate anyone who challenges them in any way and when they get burned, they blame us who tried to warn them for not warning them.
However, as I have over 25 years experience sending and receiving money to and from abroad I have experienced first hand the tightening of the screws of financial control. The new requirement in the States to report Venmo payments exceeding $600 is nothing compared to what we who live abroad deal with. We who live in Japan have been having each and every transaction through our local accounts in Japan reported to the US since at least as early as June 2014. Most of us here are still unaware of this, as are many experts, including those who are supposedly on “our” side. Oh, the arguments and name calling.
Then I have my students who work in FinTech and on the IoT. I think it is much later than we think. I do not think we have time if we started really fighting this at this very minute.
And just about every nation on the planet. All have signed on to FATCA, except possibly N. Korea. China and Russia have. The OECD came after FATCA and is at present, less intrusive, but still more than ugly enough. What most do not know, this is the “Finacial Transparency” they are clamoring for. In reality, it means every single transaction we little people is 100% transparent for any who wish to see what we spend our money on, when and where. And most know nothing about any of it. I myself, know of some of it but have bits and pieces here and there that leads me to believe that what I know is just a small fraction a of what is already in place with more and worse to follow.
FATCA, no as that is mainly a requirement for financial institutions. Not filling FBARs, which would be discovered by their banks abroad filing FATCA reports would get you and I in big trouble but not them, nor the Clintons, nor Obama nor Romney nor any other swamp dweller.
FBAR deficiencies are part of what got Paul Manafort in trouble.
I feel for ya. I've been expecting something like this since around 2008 and your idea of a deep slumber isn't untrue, but its nothing like it was back around 08 and 09. Can you imagine telling people we were going to end up where we are now since then and the reactions you would get? You'd be surprised how many have woken up compared to back then. Don't give up hope and take care of your family the best you can.
I started becoming aware of this exactly ten years ago when I was working on renewing my passport. A couple of statements on the application compelled me to research what they were all about and I learned there is an entire universal of controls the US put upon us that were not there when I renewed my passport ten years prior to that. Some of these control were in place, but unknowable unless you know to look for them but many were in fact new. FATCA/FBAR are the two biggies for me. And yes, no one, not a single soul wanted to hear anything of what I was learning. They even refused to read the statements on the passport application, the Tax Pay Advocate’s statements on the issue nor the FATCA letter from one of my banks. All we are experiencing with covid I have experienced with FATCA/FBAR and CBT. People have their believes and they hate anyone who challenges them in any way and when they get burned, they blame us who tried to warn them for not warning them.
However, as I have over 25 years experience sending and receiving money to and from abroad I have experienced first hand the tightening of the screws of financial control. The new requirement in the States to report Venmo payments exceeding $600 is nothing compared to what we who live abroad deal with. We who live in Japan have been having each and every transaction through our local accounts in Japan reported to the US since at least as early as June 2014. Most of us here are still unaware of this, as are many experts, including those who are supposedly on “our” side. Oh, the arguments and name calling.
Then I have my students who work in FinTech and on the IoT. I think it is much later than we think. I do not think we have time if we started really fighting this at this very minute.
"I think it is much later than we think. I do not think we have time if we started really fighting this at this very minute. "
and there it is. that's why i'm trying to run to the afterwards part in my head.
We can go out with a roar or a whimper. I prefer with a roar.
Ditto for Costa Rica. Much has changed in the last 10 years, none of it good.
And just about every nation on the planet. All have signed on to FATCA, except possibly N. Korea. China and Russia have. The OECD came after FATCA and is at present, less intrusive, but still more than ugly enough. What most do not know, this is the “Finacial Transparency” they are clamoring for. In reality, it means every single transaction we little people is 100% transparent for any who wish to see what we spend our money on, when and where. And most know nothing about any of it. I myself, know of some of it but have bits and pieces here and there that leads me to believe that what I know is just a small fraction a of what is already in place with more and worse to follow.
Remember that the Feds got to Al Capone on tax evasion.
Do you think that the Biden family might be taken down on FATCA evasion?
FATCA, no as that is mainly a requirement for financial institutions. Not filling FBARs, which would be discovered by their banks abroad filing FATCA reports would get you and I in big trouble but not them, nor the Clintons, nor Obama nor Romney nor any other swamp dweller.
FBAR deficiencies are part of what got Paul Manafort in trouble.