U.S. Millionaires Told Go Away as Tax Evasion Rule Looms

[marmar]

(Bloomberg) Go away, American millionaires.

That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business.

“I don’t open U.S. accounts, period,” said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asia’s largest lender, who described regulatory attitudes toward U.S. clients as “Draconian.”

The 2010 law, to be phased in starting Jan. 1, 2013, requires financial institutions based outside the U.S. to obtain and report information about income and interest payments accrued to the accounts of American clients. It means additional compliance costs for banks and fewer investment options and advisers for all U.S. citizens living abroad, which could affect their ability to generate returns. .............(more)

The complete piece is at: http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

[southernyankeebelle]

1. It's about time.

[ProSense]

2. Someone needs to

check Michele Bachmann's pockets.

Michele Bachmann, Swiss citizen

By Steve Benen

When I saw reports bouncing around this morning that Rep. Michele Bachmann (R-Minn.) had become a Swiss citizen, I thought it was some kind of joke with an odd punch line. As it turns out, it's legit.

The Minnesota congresswoman and former Republican presidential candidate was recently granted dual citizenship, Bachmann's office confirmed Tuesday night, according to CNN.

"Congresswoman Bachmann's husband is of Swiss descent so she has been eligible for dual-citizenship since they got married in 1978," spokeswoman Becky Rogness said in a statement. "However, recently some of their children wanted to exercise their eligibility for dual-citizenship so they went through the process as a family."

Here's video of the right-wing lawmaker, commenting on her eligibility to seek public office in the European country.

<...>

As a practical matter, this apparently won't have much of an impact on Bachmann's political career -- she will continue to seek re-election -- but it is a rather odd turn of events, not only for a member of Congress to maintain dual citizenship, but for this member of Congress to maintain dual citizenship.

Doug Mataconis noted, "Perhaps it has happened before, and I don't necessarily have a problem with it, but one has to wonder how Bachmann and her fellow Republicans would react if a Democrat did something like this."

http://maddowblog.msnbc.msn.com/_news/2012/05/09/11617122-michele-bachmann-swiss-citizen

[ProgressiveEconomist]

6. "Eligible for dual citizenship since ... 1978" The timing IS noteworthy

Wouldn't it be hysterical if a 2012 candidate for President renounced her US citizenship in 2013?

As ABSCAM criminal Rep Ozzie Myers famously said, "Money talks, and bull**** walks".

As a former IRS tax attorney, Bachmann knows what just might happen after January 1st, and apparently she's ready with a packed bag. just in case. I wonder whether shel'll cut back on her big=mouth national TV appearances, just in case some reporter asks her about the timing of her dual citizenship application.

[ProSense]

7. Yup, timing suggests she knows. n/t

[joeybee12]

3. Boo-fucking-hoo Su Shan Tan

KNR

[Heywood J]

4. Perhaps it should be renamed to include Mitt Romney's name somehow. (NT)

[Zalatix]

5. Then make Plutocrats go away. Go find some other country to fuck up.

[n2doc]

8. Don't let the door hit ya on the way out

Don't go away mad, just go away.

[sendero]

9. More waaaahhhhhh..

.. about why we cannot enforce reasonable laws designed to catch the lawless.

[hifiguy]

10. I'll be happy to help the parasites pack

but only if they promise to never, ever come back.

[socialist_n_TN]

11. I echo the majority sentiment in this thread..........

Just go ahead and get the fuck out. HOWEVER you've got to leave to be expropriated your fixed assets by and for the people of the country that you're leaving. NO ABSENTEE LANDLORDS!

[ProSense]

12. Facebook Co-Founder Eduardo Saverin Renounces US Citizenship

Facebook Co-Founder Eduardo Saverin Renounces US Citizenship

Eduardo Saverin, the billionaire 30-year-old co-founder of Facebook who was pushed out of the company under the guidance of his friend and fellow co-founder Mark Zuckerberg, has renounced his U.S. citizenship, Saverin’s spokesperson confirmed to Bloomberg Businessweek:

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.

Bloomberg Businessweek notes that Saverin is part of a trend of U.S. billionaires giving up their citizenship to avoid capital gains taxes in the U.S. Still, he’ll have to pay a hefty exit fee.

http://livewire.talkingpointsmemo.com/entries/facebook-co-founder-eduardo-saverin-renounces-us-citizenship

Proof that regulations are bad and taxing the rich is mean.