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I just finished [url=https://www.welovecostarica.com/members/3730.cfm]your article on FATCA[/url] and I am … well not astonished – this government will do anything it can to make it worse. Not scared, yet.
I think we need a to set up an all-day conference with a couple of US tax specialists, financial planners, a tax lawyer, and a representative or two from the IRS. I see the day as the IRS in the morning. Then we kick his butt out and settle down to figuring out what to do about this. That includes filing an international suit against the IRS, somehow, someway.
I live near Nuevo Arenal (and only got here 4 months ago) so I won’t be much help if we do something in SJ. But there are enough of you big brains in the Central Valley to get this started. Then perhaps connect with other xpats in other nations. This is repulsive, repugnant, and ridiculous. LETS FIGHT!
Well, Victoria, this is on your initiative, so let’s hold this conference in Nuevo Arenal and use local resources. Can we meet at your house?
In addition to a couple of U.S. tax specialists (whom we may have to import), some local financial planners, and a tax attorney, we’ll also need a constitutional attorney (if we’re to fight this, we’ll need an entire law firm, actually), an international attorney who can represent us before the World Court, and an international financier to help with the funding unless you’re prepared to carry that ball yourself.
Once our team is assembled, we can forge ahead and, with any luck, the U.S. Supreme Court will hear our case after it’s wended its way through the lower courts and the World Court will consider it. Given the speed at which these things move, we should have some definitive results as soon as 2030.
Of course, if after all that we lose, then we’ll all be liable for whatever penalties are provided by the Act which will resolve any remaining question of what will become of your estate.
Or, as an alternative, we could all agree that there may (may) be some merit in the law and that our own compliance may serve to right a much greater wrong — maybe.
There are 6 million U.S. citizens living abroad and they may not live on U.S. soil, but they still have the right to vote. Yes, every U.S. citizen wherever he or she is on this planet has the right to vote in the upcoming presidential election. 2012 will be a close race and overseas Americans can make a difference and send a message.
you forgot to add, david, that the penalties will be retroactive and accruing interest at the rate of 18% p/a — jajajaja didn’t they just say they wouldn’t impose this heinous requirement until 2014? lots can happen between now and then. i don’t know anyone who has just rolled over and agreed to comply without some level of protest, and there are expat groups who are voicing very loud opinions against this.
Hey, didn’t say don’t file the form. Just fight it as we file.
David, where did you get the 6 million figure? I have been trying to figure that out myself.
And loud opinions are one thing, legal action is another 🙂
I’ll bring the beer!!
quote=”VictoriaLST”]I just finished [url=https://www.welovecostarica.com/members/3730.cfm]your article on FATCA[/url] and I am … well not astonished – this government will do anything it can to make it worse. Not scared, yet.
I think we need a to set up an all-day conference with a couple of US tax specialists, financial planners, a tax lawyer, and a representative or two from the IRS. I see the day as the IRS in the morning. Then we kick his butt out and settle down to figuring out what to do about this. That includes filing an international suit against the IRS, somehow, someway.
I live near Nuevo Arenal (and only got here 4 months ago) so I won’t be much help if we do something in SJ. But there are enough of you big brains in the Central Valley to get this started. Then perhaps connect with other xpats in other nations. This is repulsive, repugnant, and ridiculous. LETS FIGHT![/quote]
[b]”Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
However, if a taxpayer holds foreign real estate through a foreign entity, such as a corporation, partnership, trust or estate, then the interest in the entity is a specified foreign financial asset that is reported on Form 8938.”[/b]
This really sucks. The only asset I have is the property on which we live and as with, probably, all other expats in Costa Rica it is registered in the name of a corporation in order to protect our home.
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