Cayman Islands and Costa Rica agree to share bank account details with US

by Reuters
November 30, 2013

The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries’ banks comply with an anti-tax evasion law starting next year, the Treasury Department said on Friday.

The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans’ offshore accounts worth more than $50,000. It was enacted after a Swiss banking scandal showed that 17,000 US taxpayers had hidden substantial fortunes overseas. On Thursday a former UBS banker, Raoul Weil, agreed to be extradited to the US to face charges arising from that scandal.

With these two deals, both signed this week, the Treasury has now finished 12 FATCA “intergovernmental agreements” (IGAs), which help countries’ financial institutions comply with the law.

The FATCA agreement with the Cayman Islands was initially agreed to in August. The island territory of 53,000 people has no income tax and is frequently labelled as a tax haven by critics. It is one of the world’s most popular destinations for investment funds to organise for tax purposes.

Costa Rica was one of three Central American countries the Organisation for Economic Development and Co-operation (OECD) has tagged as a tax haven. Panama and Belize were the other two. Significantly, the Costa Rica deal is reciprocal, meaning the Costa Rican government can get tax information about its citizens with assets in the United States.

6 Comments - what are your thoughts?

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  • Jim says:

    I wonder how much obama paid these countries for this?

  • nbamron says:

    as for one world government — read Confessions of an Economic Hit-Man. Our government and its fat-cat sponsors coerce other countries to do our bidding. They are no more willing to do it than we would be but when the USG threatens, you listen. Right?

  • nbamron says:

    My doctor says you get a huge financial penalty if you dare try to give up US citizenship and move elsewhere; we’re the drones that slave to support the lifestyle of slugs like the Obamas. Welcome to Amerika!

  • msbets says:

    YA, ALL BUT THE BIG SHOTS BANK ACCOUNT……….OVOMIT WILL GIVE A FEW EXEMPTION ACCOUNTS, FOR IT’S SLEAZY SCUM BAG FRIENDS!!

  • Charles Kimberl says:

    The march to one world government will not be impeded by anything or anyone.

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