How are Americans in Panama coping with the U.S. Law requiring all banks to report all U.S. depositors banking information to the IRS (Treasury Dept.)?
According to Wikipedia, "The Foreign Account Tax Compliance Act (FATCA) is a United States federal law whose intent is to enforce the requirement for United States persons (including those living outside the U.S.) to file yearly reports on their non-U.S. financial accounts. The law requires all non-U.S. (foreign) financial institutions (FFI's) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury."
Many Americans in Panama have told me that this law prevents Panama banks from allowing them to open an account.
Please let me know how you, as an American, have coped with this harsh reporting law in Panama.
According to Wikipedia, "The Foreign Account Tax Compliance Act (FATCA) is a United States federal law whose intent is to enforce the requirement for United States persons (including those living outside the U.S.) to file yearly reports on their non-U.S. financial accounts. The law requires all non-U.S. (foreign) financial institutions (FFI's) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury."
Many Americans in Panama have told me that this law prevents Panama banks from allowing them to open an account.
Please let me know how you, as an American, have coped with this harsh reporting law in Panama.
Loading Posts
No Replies... be the first to comment.
