FATCA Explained in 4 Minutes... 

I found it insulting that 6.7 billions people in the world that is not American citizen must prove to their bank that they are not US citizen.

As a regular Canadian citizen who accidentally happens to also be a "US person", I think this explanation nails it!

My parents are European, and unfortunately I was born in the US. We moved back to Europe when I was a baby. I didn't even speak English before I was 15 or something. I moved to Asia 14 years ago (I am now 47), because of the lower income tax. So I moved away from family and friends to work hard and save up money. Now, I suddenly get a reminder from banks that I could be a US person. Looking into this, I realize I am in deep shit. Basically my 14 years in Asia could be wasted. The US ( a nation I have never lived in, or worked in), could take all my savings, and on top of that fine me. I am almost suicidal because of all this sh*t. I don't even want to be American

It's a stunning betrayal by world governments of their own citizens. In Canada, a Canadian citizen should be just that. If a foreign government claims them as citizens, too, that should not be a Canadian problem. Will Canada start to extradite Turkish-Canadian youngsters claimed by the Turkish govt as citizens for military service? The government should have limited the information to people who are not citizens, or who at least reside in the US.

Cost of compliance in the UK is now expected to far exceed 1.5 billion Dollars. That's over $750 per family. What does the UK get in return? Well, the USA is supposed to tell us about our people hiding money in the USA. The only problem with that is, like pretty much every civilised country on the planet with the exception of an African dictatorship and the USA, is we don't tax people who left the country.If ever there was a reason for the world to begin divesting itself of the USA Dollar, FATCA stands head and shoulders above any other.

This is not just about putting pressure on other countries, it is about putting all American citizens under general suspicion. For example imagine you're an American doing an internship somewhere in Europe. When you try to open a local bank account, you'll get treated like a criminal even though you're not trying to do anything wrong. You won't be able to open a bank account. As a result you probably can't rent a flat or properly register with the local government.

Nice, most Americans have no idea. Maybe they can understand this clip.

This is great! You really hit the nail on the head with this one.

This was actually surprisingly helpful for me to understand how FATCA works.

Another case, also Canadian. There may be a relatively high earnings exemption before Americans are forced to send additional taxation back to the USA, but not all income is earned.The USA is taxing the trust fund of a disabled child born and resident in Canada. A fund being added to by the parents and the Canadian government for the future care of the child when the parents can no longer do it, is being diverted to the US treasury?! To add insult to injury, the USA won't allow this Canadian born child to hand back his US passport(if he ever had one) because he is not mentally able to understand the process, and so they continue to dip in to his fund.USA, shame on you!

You would think the person that came up with Patriot Act could have worked a last T into FATCA ! what do you think?

Nice way of putting things :). I'm an american citizen living in France since 1973 (7 ears old) and I received a FATCA form to fill out from my bank! I've been reading all about this on the internet this weekend. Until today, I have never filed back an IRS form and never even new I had to. I've only lived and worked in France my whole life and until today, was always proud of being an american citizen. I don't even have an american social security number. Now, I'm just furious at such an injust, imperialistic dicatorship called Uncle Sam. I pay taxes in the country of residence where I make my money. IRS has no right whatsoever on the money I make in France. So, even if I know I won't owe them anything anyway because I just make average wages, I'm going to get naturalized French and send my passeport back to the american ambassy here in France with a denial of american citizenship immediately. And I'm not paying a penny to quit my american citizenship I can tell you that. Don't be afraid fellow citizens, just take another nationality and become free ounce again. So much for the US of A. IRS can go fly a kite on Mars as far as I'm concerned. I don't owe them anything and they have no right what so ever on my french money. God bless my father for bringing me to France and to Europe. Also, my mother is Dutch, so I feel much more of a European citizen anyway. The only result of all this, is turning abroad citizens into enemies, furious of such injustice, instead of being proud ambassadors. Now when I hear people criticize USA I'll say "You are absolutely right" instead of trying to defend america. A sad story really for USA. So be it, it will help America collapse faster

Tom Hunter has made the delightful choice of disabling the ability to reply to his comment. Nonetheless, I am grateful to him for taking the time to lay out the IRS's case. He's not wrong about the problems that the Cayman Islands and Switzerland presented. FATCA is the wrong way to settle the problem for the following reasons among many others: 1. There is no effect on the United States. The IGAs that are being signed have made some reference to information sharing, but reciprocity will never be implemented. As he points out Manhattan is the largest tax haven of all, and it will remain so. 2. If he thinks the Mitt Romneys and Apples of this world are effected by this he is dreaming. Any American with offshore billions dealt with their exposure as soon as the law was passed in 2010. It's the folks who have lived abroad their whole lives that now owe a portion of their pensions to the US government that are effected. 3. It is hard to lament the suffering in Switzerland or the Cayman Islands. It is a lot easier to lament what it is doing to everybody else. Writing people's laws for them is a great way to make things work out well for us in the short term. It is also tyranny. We shouldn't be "writing laws with teeth" for other countries. This is a pretty obvious statement for me, though apparently not for others. 4 "FATCA is one of the greatest things to happen in years" exclusively for American and British "too big to fail" banks. They will be able to deal with FATCA easily. Their foreign, smaller competitors will not. When the next crisis comes, FATCA will be yet another factor making it worse.

Loved the performance of you guys, want to see more of that, its funny, insightful and easy to understand Blessings...

🇪🇷 and the 🇺🇸 have the same problem - they charge income tax from their citizens where ever they are in the world.

SmokeRingsPipeDreams I agree with you. The uncritical embrace of whatever our government does can be really frustrating. I don't think we are hostages though. That's the annoying thing. We have all the tools we need to shut these jokers down, we just keep not doing it.

Canadian couple, Canadian citizenship. He's Canadian through and through, she left the USA aged 12 and took Canadian citizenship. She was told, long ago that her US citizenship would lapse. Since then the USA changed the rules and claimed her as a US citizen again. Just sold their home on which no Canadian taxes are due, USA sends them a tax bill for $100,000. They are also facing US taxes on meagre retirement income as there is no allowance on unearned income. They have not seen the USA in 40 years. This is flat out wrong.

someone linked to this vid in a breakdown of offshore banking on reddit. but i'll always remember y'all from the clap. loved the vid, btw.

Go for the mouvement "As long as FATCA lives, I’m not buying American" (companies like Apple, Dell, Ford and even Boeing would be quickly penalized :).

We keep chewing gum in our global banks. Don't get stuck.

Excellent!

Could we use this video on stop-fatca.ch?

Oh boy....

"15 fucking air craft carriers" 😂

Great acting! Well spoken.

So um? Who owns the banks???? Because that could be..........I don't know ....... important maybe???

Adding some humor to a fairly complex and dry subject....nicely done.

Join the fight, sign the petition against FATCA : fatcalegalaction.com/join-the-fight/

Oh, Tom Hunter is also very wrong about Social Security but I've already dedicated enough time to a person who doesn't have the decency to let people reply directly to his trolling.

The Alliance for the Defence of Canadian Sovereignty (ADCS), a Canadian non-profit organisation, is sponsoring a lawsuit against Canadian legislation enabling the Canada-US inter-governmental agreement (IGA) implementing FATCA in Canada. The plaintiffs are two Canadian citizens, both born in the US to Canadian parents and returned to Canada as infants. The lawsuit was filed August 11, 2014 in the Federal Court of Canada. Leading the suit is top Canadian constitutional lawyer Joseph Arvay. So far, $280,000 has been raised in support of the case. We are serious! For more information or to participate in the suit, see the ADCS website: www.adcs-adsc.ca/ If you are a Canadian citizen born in the US, or if either of your parents were born in the US, or if you have or had a green card, or if you are a "snow bird", or indeed if you are a US citizen resident in Canada, you may be a "US person" in the eyes of the US government and subject to American tax law. FATCA is intended for identifying your financial assets, so as to facilitate confiscation by the IRS. There is considerable interest in this lawsuit outside Canada (and the US), in countries which also have FATCA IGAs. Persons in these countries affected by FATCA and their own country's IGA see the Canadian case as a precedent for legal action where they live.

FuBAR and FATCAtz coincident on word play?

that woman is not funny. she has no talent. the guy is pretty okay.

She was funny

Repeal this mess called FATCA. I’m no FAT cat, I barely have 8000 in foreign account. Which is less than the 10k reporting trigger, right?

Repeal Fatca please

Basically, the United States has the privilege of printing their own money and living beyond their means (they can't afford to pay back the trillions of debt they're in, since printing more money means using more resources to work the machines to print that money in the first place). Other countries around the world don't like the fact that the U.S. has this privilege, so they're using their own currency instead (Capital flight, I think it was called). Since those countries will have a huge reserve of USD in their banks, this bill will COERCE those countries to comply and have their banks linked to the IRS or something like that. It'll be too late to exchange your USD into another currency because those very same foreign banks will deny access to US citizens.

Here's what you want to know about the collapse of the dollar : Project Prophecy 2.0 with Jim Rickards

Truth in advertising: FATCA is actually more correctly FATCAT.

A Call to Action: A Heads Up for Americans Living Overseas

this is fummy that girl is feisty

AS OF RIGHT NOW,ALL OF YOU ARE BROKE AND DON'T EVEN KNOW IT,IF YOU HAVE MONEY[DIGITS] IN THEIR VAULTS,YOU WILL SOON LEARN THE WEIGHT AND EXTENT OF THE WORD TRUST,TRUST IS A VERY EXPENSIVE WORD,SILVER AND GOLD AND FOOD,NOW THATS WEALTH

Hi Robert! Could I have your permission to add French/German subtitles and add "STOP FATCA" at the end of the video? We'd like to put your great video up on this website: stop-fatca.ch, and with your permission, we'd like to have the name of our website at the end of the video. You do a really great job of explaining FATCA, and it would be a great help to the stop FATCA campaign in Switzerland.

Is this still a thing?

I know this is supposed to be satire, but as an expat it is more of a documentary.

oh Obama, you were such a great president. What a legacy!

Hello Internet. If you have a couple minutes in between cat videos, please take a look at this White House petition asking the WH to oppose double taxation of American ex-pats. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-L2YaIOtJddA.html

ITS ALL REDISTRUBTION OF WEALTH.........THAT IS WHAT IT IS........

i liked last word... awesome piece. thank you.

how come i haven't seen this videos before?

Mithlesh

Bravo! That was the best info on this damn law.

Disparity by design.

I am having a terrible time filling out the FBAR on line and the Submit button, after clicking it, says could not connect to server. I have written emails with reply and I think I have tried sending the " only online " form 17 times. I tried different computers and tried turning off firewall and I probably need to call and say WTF you F n F. No, I am sad. I had no problems previous but I do remember I might have called and I was talked through opening up my computer to hackers or fishing. I would not have a problem mailing it in but really, this is too much stress about a bank account that I saved, rode my bike and really try to cut back. I enjoyed the video

Great parody love the end with china. Maybe we should learn chinese?

is that a latina?

MFF, any updates to this video?

Who cares about the 15 carriers, Drones seem to turn obambars' trick.

What?????

Wow, well played! Well played indeed!!!

I am busting my gut laughing, but then crying because even though they're cracking jokes about it the agenda they've outlined that the IRS has is very real.

So then tax havens are cool then?

Complain all you want. Nothing will change.

Yea the girl screaming foul language got me to hit pause and i'll be heading to another video... not bad though.

Can you please remove the f****** "bip" sounds when you curse ? We're on youtube, you're explaining a complex subjet to adults, not babies. Apart from that, great video, very informative. In result : don't take any american account.

i did enjoy this video it was funny. but i can see that war may happen because of this

All your bank are belong to us.

i thought that was pretty funny,didnt think the pretty girl was gonna go all phyco n shit.hahaall this means is that since the very rich wont get there way they will just take it out on there employees,no more benifets (if any) no raises cut this and cut back on that so they dont have to give up one of there vacation homes.

FATCA ,

nice video..

for now... lol

IAMGOD712007 Thanks for watching! I would suggest you do a little more research. Most people who start off lıke you end up agreeing with me once they stop listening to what they are told and get educated.

funny

My 12 yr old niece can do a better job at this than these two did, without all the nonsense that went on in this one.

great ending OMG I hope not!

Shit,,,

The woman is very annoying

😁😂🤣😃😄😅😆

Could we use this video on stop-fatca.ch?