U.S. Citizens in Canada InfoShop

2012 Jan 26 – Elias

Christopher Elias
Foreign Account Tax Compliance Act threatens investment in the U.S.
Reuters U.S. (26 Jan 2012)


This lengthy technical article delves into how “the combination of a wide definition of FFI and the scope of what is considered a U.S. ‘person’ places a substantial burden on foreign financial institutions to track, monitor and report U.S. foreign holdings.” Attention is focused on the implications of broken chains, passthru payments, derivatives, and conflicts of law. “Crossbridge, a London-based consultancy for the investment banking industry, estimated recently that compliance costs may be between US$150 million to $200 million for every medium sized bank.”

Written by usxcanada

26 January 2012 at 8:00 am