And you have really hinted at why FATCA is so distructive to overseas Americans..
Only Americans? AEOI was inspired by FATCA and has started going into effect.
(Automatic Exchange of Information).
E.g. I have a bank account in Europe somewhere and automatically details of the account, its balance, etc get forwarded to my local tax authority. The scope of what gets forwarded is maybe a bit limited right now but these things have a tendency to only increase in scope.
If you think you’re not affected as a citizen of a European or other developed country such as Australia/Canada, think again. All OECD countries are taking part, and at least a few non-OECD countries.
Re:How to disappear from the internet
by squiggleblaz on Monday May 21, 2018 @12:38AM
(#17116166)
If you think you're not affected because you're in Australia, you're just deluded.
Re:How to disappear from the internet
by itronitron on Sunday May 20, 2018 @09:30AM
(#17112593)
can you elaborate on that, i.e. destructive to privacy or financial, or suggest reference material? thx
Re:How to disappear from the internet
by toomanybeersies on Sunday May 20, 2018 @11:17AM
(#17113089)
I presume GP is referring to the fact that FATCA requires foreign (to the USA) banks to share information on all their customers that could possibly be US citizens or residents.
P.S. If I could afford it, I would have started putting everything I do behind shell companies, years ago.
Not because I resent taxes. I still believe "you get what you pay for" -- as long as you are also paying some attention and care to what is being purchased. (You can't "outsource" your care and involvement.)
But because I value my privacy and autonomy. And a fair playing field -- everyone gets e.g. insurance protection and banking services. And you don't get dinged for being friends with someone with a less than stellar social metric (e.g. past conviction, done their time, being a decent person, now).
I wouldn't feel the need for the shell companies, except in response to the way "business" and data mining have been going.