Originally Posted by sperbonzo

If the companies or the FFI's that do business with any US person fail to comply, there are severe penalties of up to 30% of any US sourced income.



There are a lot of other aspects to FACTA that people just fucking ignored when it passed, but that bottom line is that, in an attempt to grab every bit of tax money it can, even from US people NOT living the US, the Feds are going to make US citizens, companies, or any US activity, unwelcome by any offshore bank or company. For instance, in its submission to Treasury on FATCA regulations, the Japanese Bankers Association stated: ?In the event that the implementation of FATCA is not practically feasible for the Japanese financial services industry, it would result in substantial confusion in the industry and could ultimately lead the Japanese financial institutions to withdraw their investment from U.S. financial assets.?


This is going to be worldwide. I try to tell people about this, since banking is my thing, and they just don't seem to grasp the implications. Hell, one of the things that FACTA does is force US banks to report the interest accrued by foreign nationals with US accounts. It will drive away all foreign investment and make the biggest players in the US completely relocate outside the country and renounce their citizenship. Watch the "Brain Drain" and the "Cash Drain" start happening in reverse people.



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