It is getting harder and harder to hide bank deposits in other countries.
Recently, 51 nations agreed to automatically exchange tax information in 2017. This agreement was led by Europe’s five biggest economies and appears to be like the United States version of FATCA on steroids.
Most European Union nations, tax havens like Liechtenstein, the British Virgin Islands and the Cayman Islands, and more. The U.S. and Canada aren’t yet signatories, but it’s clear that the U.S. will share your data as part of the bilateral deals under FATCA.
FATCA was quietly enacted in 2010, and after a four-year ramp up, is in effect. Never before has an American tax law attempted such an astounding reach. FATCA requires foreign banks to reveal Americans with accounts over $50,000.
More detail can be found below:
NY Times article – http://nyti.ms/1qz1n3V
Forbes article – http://onforb.es/1xFoFc0
Call us to learn more about how these changes may impact your business at 305-728-5109 and ask for Andy Brody. Canner Brody and Yan CPAs has been operating for over 65 years in South Florida. Our International Taxation services can help you operate in our rapidly changing global market.