It’s Getting Harder And Harder To Find A Good Tax Haven These Days. Because FATCA…

Used to be, if you wanted to hide assets from US tax authorities, you’d open a Swiss bank account and be done with it. Not anymore: last year, more than 100 of Switzerland’s banks agreed to disclose all American-held accounts to the IRS last year to avoid accusations of aiding tax evaders (and the hefty fines that go with them). And Switzerland was just the start: recent countries agreeing to implement the US Foreign Account Tax Compliance Act (FATCA) include Hungary, Italy, Mauritius, the Cayman Islands, and Costa Rica.

For your reference, here’s a roundup of what experts on JD Supra are saying about FATCA:

Read more on the Foreign Account Tax Compliance Act at JD Supra Business Advisor>>