"FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients who are U.S. Persons. Starting January 1, 2013 (later delayed to 2014), FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person. If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities." http://en.wikipedia.org/wiki/Tax_haven#cite_note-53
It's already going into affect in the Caymen Islands, Panama, Costa Rica and pretty much every tax haven country that used to exist.
It's already going into affect in the Caymen Islands, Panama, Costa Rica and pretty much every tax haven country that used to exist.
Great find! Honestly after that i wouldn't want to keep my Coins at any U.S based company such as Coinbase etc, they're going to be labeled as financial institutions eventually and will have to comply with all that rubbish. Too much invasion of privacy no thanks.
