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Leaving America? Get your banking in order by Jan. 2013.

by Joe Mobley
7 replies
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If you plan on moving you and your businesses out of the US you may want to get your act together before the end of 2012. New banking regulations that take effect Jan. 1, 2013 that may make it difficult to move your money to other countries.

I'm only talking about finances that are on the up-and-up and not about hiding money or anything illegal.

If you have any other information that may be of benefit to people who are thinking about expatriating, please let us know.


Hope this helps.

Joe Mobley

Note: I am NOT an attorney, accounting or tax professional.
#america #banking #expat
  • Profile picture of the author Roaddog
    Foreign Account Tax Compliance Act Reuters

    Not real popular...
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  • Profile picture of the author Joe Mobley
    Greg,

    Thanks for asking. The reason I didn't go into a bunch of detail is because I didn't know if there would be any interest. Also, everybody's situation may be different from mine.

    This is part of the H.I.R.E act. It was to take effect on Jan 1, 2012 but there was a lot of pushback from worldwide banks. It has been delayed by 1 year.

    One unintended consequence is that some foreign governments are refusing to deal with Americans. Some do not allow Americans to become employed. In Switzerland, an American can not open a personal bank account. To much trouble dealing with US regulations.

    Joe Mobley


    Originally Posted by Greg Wildermuth View Post

    What changes? More specifics please!
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  • Profile picture of the author Roaddog
    If they ever have a trial for the Foreign Account Tax Compliance Act.

    The acronym would be FATCAT...

    Eerie
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  • Profile picture of the author HeySal
    I foresee FATCA being answered with FOAD (f*** off and die).

    Our leaders embarrass the hell out of me.
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    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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