AmbergrisCaye.com Home Forums About Belize Nation Laws & Taxes NEW US TAX LAW FATCA "VERY AMBITIOUS"

I see the terms "accounts" and "assets" used. Do all assets have to be reported or just money in bank accounts. For example am I supposed to be reporting the value of my condo also?

No, I don't believe so.

I amend that to state that if it is used for investment (rental) purposes then income would have to be reported by law. I'll be interested in what others have to say. This only has to do with what Banks have to report.

http://www.irs.gov/Businesses/Small...reign-Bank-and-Financial-Accounts-(FBAR)

This is the IRS info on reporting foreign bank accounts for individuals. Some here are confusing FACTA with FBAR.

To comply as a US citizen, if you have a foreign bank account over 10K, you must report.

This should help also.

http://taxes.about.com/ gi/o.htm?zi...rison-of-Form-8938-and-FBAR-Requirements

Exactly Bywarren..
The information I put on here is not incorrect as you state. I will try to explain this is in its simplest terms.
FBAR
Q. Who must file an FBAR?
A. Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. See also Notice 2010-23.

If you have 10000 file...

FATCA...is a law put in by the US to try to get a handle on foreign income that they believe they are entitled to the tax. They have now put the responsibility on the banks of all countries to tell them what you have. If the banks dont comply, they will no longer do business with those banks. This is why Belize has to comply and China doesnt. FATCA is truly after the people who have alot of money and are trying to hide it..not the average person.

I am not trying to argue with you, but telling people if they do not have more than 50K in a foreign bank then not to worry, is bad advice from what little I know. Of course anyone who relies on tax advice on a message board probably needs advice from someone who knows more than me.

Bywarren ..not arguing...unfortunately chat typing does not get the point across how it was intended. I tell them based on FATCA if they have less than 50000..dont worry...
FATCA add a t at the end..was set up so the govt could have control of other countries banks. Period. The bank complies or its screwed, if it is in a country as small as Belize who relies on
US funds or its funding.

The original post was regarding FATCA.

Unfortunately the US Treasury in an attempt to somehow control both the flow of money and the evasion of taxes has implemented many draconian regulations. These regulations obviously only hurt the honest people that get caught because the thieves are smarter than the bureaucrats. I have had to close at least six bank accounts outside the US (including two in Belize) because of the hassles of reporting to the Treasury and the IRS virtually everything that requires. I note that the only thing to come out of the recent G8 meeting (other than Putin embarrassing Obama) was to try and figure out more ways to make smaller countries help the big high tax countries collect their blood money. This is eventually going to lead to armed revolt. The politicians running governments in the West are hooked on tax revenues to use to buy votes and there is only one way off their addiction - 'Cold Turkey'. It can't happen soon enough for me.

Capt. Very good way to put it and right on. I see this at local and state levels also. There are thousands of people out there trying to figure how to get more money from anyone who has it, to feed the BEAST. This can not go on much longer, I say. But you know what, there are more and more people with a vested interest in making this continue.

I worked one year for the US Gov, Defense Logistics Agency, quit in disgust.
There were 5,000 paper-pushers in this office, at any given time 3,000 were asleep at their desks.
No lie, literally out like a light.
Once you get 1 year in you cannot be terminated.
The first thing you do is get an assistant, and then they get an assistant, etc., etc.
Rule number 1 is spend every dime so you can ask for more the next year and expand the budget.
It grows like a cancer, and is historically always terminal.

Our government is entering the same phase as one sipping the last bit from a milkshake thru a straw. I hate that sound!