JULY 1 & YOUR MONEY | What is FATCA & Will It effect the DOLLAR & the ECONOMY? Look it up For Yourself | FATCA was signed into law on March 19, 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. Starting next month, participating foreign financial institutions (FFIs) are required to annually provide the Internal Revenue Service with names, addresses and account details of all American account holders with assets over $50,000. This includes U.S. citizens, those with dual citizenships and those holding American green cards. If such persons conduct any sort of financial activity in a foreign country—from banking to investing to buying insurance—they must be identified. Otherwise, the U.S. will impose a whopping 30 percent withholding tax on all U.S. securities transactions.
Posted on: Sat, 28 Jun 2014 00:52:17 +0000
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