US MILLIONAIRES NOT WANTED BY FOREIGN BANKS

By
Real Estate Agent with Re/Max Professional Asociates 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
1,239,528
Charles Stallions
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.
Charles Stallions Real Estate Services

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
Rainmaker
926,164
Lisa Von Domek
....Experience Isn't Expensive.... It's Priceless!
Lisa Von Domek & Associates LLC, Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com

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
Rainmaker
920,845
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Asociates

I agree on both points Joe.

Your welcome Charles.

Isn't that the truth Lisa.

May 11, 2012 10:19 AM
Ambassador
1,354,891
Kathy Streib
Home Stager - Palm Beach County,FL -561-914-6224
Room Service Home Staging

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

May 11, 2012 10:50 AM
Rainmaker
920,845
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Asociates

Good luck with that Kathy.

May 11, 2012 12:00 PM
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Rainmaker
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Conrad Allen

Webster, Ma, Realtor
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