US MILLIONAIRES NOT WANTED BY FOREIGN BANKS

By
Real Estate Agent with Re/Max Professional Associates 74203

Facta is the reason.  What is Facta?  Facta stands for Foreign Account Tax Compliance Act.  This is a law passed in 2010 which goes into affect on 1/1/2013.  This law is supposed to prevent tax evasion by Americans with offshore accounts.

The United States is demanding financial institutions outside of the United States to report financial information about American clients.  The are over 400 pages of proposed rules by the IRS.  The cost to comply with these rules exceeds profits.  The results make these accounts undesirable.  The purpose of the law is so that the United States will know who and how much is being held offshore.  Talk about big brother.

I am all for people and corporations paying their taxes but this seems to be so intrusive.  Most of the hedge funds in Asia won't touch US money.  Asia has the fastest growing number of people with one million is investable assets.  3.3 million people fall into that Asian category.  Bank of America is the world's largest wealth manager with 1.9 TRILLION dollars under management.

It is very scary how the government wants to know everything that we have and do.

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Rainmaker
925,962
Wayne Martin
Michael Saunders & Company - Sarasota, FL
Sales Manager - New Homes & Condominiums Division

Seen any political ads lately. If you have a swiss bank account you are guilty of shipping jobs overseas. You can see the link if you are brain dead! Enjoy your day!

May 11, 2012 03:40 AM #1
Ambassador
2,425,012
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

The road to Socialism now has a very high speed limit. 

May 11, 2012 03:41 AM #2
Rainmaker
1,007,160
James Dray
Wise Custom Realty - Bentonville, AR
AR., MO., or OK. I can find the home for you.

Morning Conrad and you best believe they (government) does know exactly what you do, how much you make etc.  There is no privacy sir

May 11, 2012 03:43 AM #3
Rainmaker
1,511,644
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Wow, I'd have to agree with Lenn.  On a lighter note, will this affect my inheritance from Uncle Baha?

May 11, 2012 03:47 AM #4
Anonymous
Anonymous
Anonymous
Great blog and great job. Keep up the good work and good luck to you this year. Thanks.
May 11, 2012 03:48 AM #5
Rainmaker
1,087,567
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

HaHa Roger * I'll be there is a small island nation in the Pacific that wants to be the NEW Switzerland.

May 11, 2012 03:51 AM #6
Rainmaker
532,093
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Conrad, you are right on with you post today. I really agree with Lenn, too!

May 11, 2012 03:52 AM #7
Rainmaker
1,093,067
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

It is scary Wayne.

How true Lenn.

There is none James.

It will Roger.  All of it goes to to the government via the death tax.

Good luck with that Wallace.

May 11, 2012 03:54 AM #8
Rainmaker
1,511,644
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Damn!  That's all I've got!

May 11, 2012 04:18 AM #9
Rainmaker
1,093,067
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Thanks David.

Sorry Roger:(

May 11, 2012 04:32 AM #10
Rainmaker
984,877
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

There has been more intrusion into our lives during this administration than any other time in our history. We need to begin the process of getting the government out of our lives.

May 11, 2012 04:59 AM #11
Rainmaker
1,407,555
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Thanks for getting  the word out, you may be surpirsed but it means a lot to people to read these short and informative post because of my busyness I read these little snippets and they go and do the research.

May 11, 2012 06:00 AM #12
Rainmaker
1,141,679
Lisa Von Domek
Lisa Von Domek & Associates LLC, Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Good morning Conrad,

Just one more step down the slippery slope...and there are still people who believe the current Administration doesn't have a Socialist agenda.  Although, in all fairness, both sides seem to be selling the US Citizens "down the river".

May 11, 2012 08:19 AM #13
Rainmaker
1,093,067
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

I agree on both points Joe.

Your welcome Charles.

Isn't that the truth Lisa.

May 11, 2012 10:19 AM #14
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1,538,300
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Conrad- maybe we should put the government on a need to know status. 

May 11, 2012 10:50 AM #15
Rainmaker
1,093,067
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Good luck with that Kathy.

May 11, 2012 12:00 PM #16
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Conrad Allen

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