FATCA - Reporting Non-US Residents

It is not safe to keep a bank account in US to avoid CRS.

FATCA is clearly bilateral. A quick read of the agreement pertaining to your country will confirm this.

The OECD clearly are aware that the uninformed will run to open accounts in US...lol. This makes their job easier as they now have all evaders in a single cage. We have had the wealthy using AMEX cards with some tied to US accounts to try and escape CRS and guess what one EU country did recently? They got agreement from US government for AMEX to handover all names of clients with AMEX cards belonging to that country. They can now discover bank accounts and transactions without alerting suspicion of clients or bureaucracy of bank request directly. btw Visa and MasterCard are already handing over information. Seriously DO NOT listen to anyone trying to explain US tax or how banking in US protects you from CRS - they are either trying to sell you something or are ignorant of the 2018 facts. i.e literally every week in US expert Tax Preparer's the so called experts are either shutdown or jailed.

Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts

Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts
Justice Department Requested Authorization to Issue Summons Pursuant to Tax Treaty between United States and the Netherlands
A federal court in Texas authorized the Internal Revenue Service (IRS) to serve a John Doe Summons on American Express Travel Related Services Company, the Justice Department announced. The IRS John Doe summons seeks information about persons residing in the Netherlands that have American Express debit or credit cards linked to bank accounts located outside of the Netherlands. The summons is referred to as “John Doe” summonses because the IRS does not know the identity of the person being investigated.

The United States petitioned the U.S. District Court in the Western District of Texas to authorize the summons at the request of the government of the Netherlands under a treaty between the Netherlands and the United States. The treaty allows the two countries to cooperate in exchanging information that is helpful in enforcing each country's tax laws. The IRS summons seeks the identities of Dutch residents who have debit or credit cards linked to bank accounts located outside of the Netherlands so the Dutch government can determine if those persons have complied with Dutch tax laws. request is based on the Netherlands Tax and Customs Administration's (NTCA) Payment Card Project, in which information on the use of payment cards (debit or credit) issued by financial institutions outside of the Netherlands can be used to identify non-compliant Dutch taxpayers. NTCA's project has made similar requests, and already obtained similar information, from other financial institutions outside the United States resulting in several million euros in additional tax, interest and penalties from the non-compliant Dutch taxpayers, according to evidence submitted with the petition. American Express informed the NTCA that the transaction information sought is exclusively available in the United States, according to the evidence submitted with the petition. filing does not allege that American Express violated any U.S. or Dutch laws with respect to these accounts.

btw. The US may soon be blacklisted by EU if it does not accept automatic exchange of information i.e CRS standard of reporting. Like I said stay well away from US....lol.

EU puts US on the clock for tax blacklist

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If the US does not comply with the OECD Common Reporting Standard by June next year it faces being placed on the EU blacklist for non-cooperative jurisdictions, an EU top official has warned.

The EU requested that the reforms be reviewed as it is considering whether the US should be placed on the EU tax haven blacklist, according to a confidential letter seen by Bloomberg Tax.

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USA get blacklisted.. I wonder for how long if this really happens.. ;)

blueweb said:

USA get blacklisted.. I wonder for how long if this really happens.. ;)

WW3 anyone?

It's worrying times ahead. EU/US trade relations are looking rocky. US accuses EU of taking advantage of US and EU accuses US of harmful tax practices. I've got my popcorn and want to see how this plays out from the sidelines.

ntfs said:

My situation doesn't allow me to setup an EMI or use darks as a result is it game over now if I want privacy from my government?

Privacy from government is still possible. The rich continue to do it without losing any sleep. They just got more advanced ;-)

ntfs said:

Are you able to point me in the right direction?

Depends what you want to do. The idea of keeping money in a financial institution in your name is old school now. There is trillions of dollars of undeclared money kept offshore. Much of it is pumped into the stock markets.

Unless you consider moving abroad to a territorial tax country in EU you really need to reconsider your strategy. I mean the following EU countries all have territorial tax programs you can join as as a new resident. Hence you will not be taxed on overseas income that is not remitted.

Ireland
France
Netherlands
Malta
United Kingdom
Ireland
Italy

If you plan on staying put where you are but being able to access undeclared funds then it all depends on the amount of money you plan on keeping this way. There are compliant solutions for larger amounts of money (7 digits) that the wealthy use. However these won't be suitable for you.

I think you need to bring your goals into 2018. Quick access can be done but not on a bank account like basis. You maybe able to transact but the party you are transacting with may have to report and you may ultimately be discovered this way.

Which country are you a resident in?