Is Fatca causing problems for non US residents?
Our tiny little Island has created accommodation for local residents to shop in the USA on line, the reason being most US businesses require a US billing address, so our clever post office created a Miami forwarding address, so we can shop online and have our purchases shipped at the same time.
Along comes Fatca and is creating complications.
If you have an online business and uses paypal; Fatca surfaces, you cannot verify your account when the form requires a USA social security number, we cannot fill that requirement.
It's seems logical that if your billing address is in the USA, you would have a social security number. But not so in this case.
A popular credit card company lost badly because of Fatca, they withheld 30% from local businesses until they could prove they were not US citizens or residents, not the reverse, obviously most businesses stopped taking the credid card.
Another issue is forms on USA websites that require a State and a zipcode, the forms call for 5 numbers; Anguilla's zipcode is 2 letters and 4 numbers and we have no states; problems again.
The world is now a global village and online business is the norm today; When will the powers that be get together and help to satisfy a smooth sailing.
Has Fatca created problems in your neck of the woods?
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I have not encountered it yet. However, you brought up some very good points about how processes can create problems for people like you.
I hope that everything can be corrected soon.
There needs to be an international conference with chambers of commerce from around the globe; stamping out corruption is no easy task.
Very true. I'm glad that you have not given up hope that things can be improved. Educating people about the issues is the one of the first steps.
Best wishes!
I am constantly prompting government agents to be proactive and dialogue with global institutions.
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Hi Courtney, I have not had the problem yet for my site because it is still in the early stages. Living abroad ( Hong Kong) I have had to abide by its rules and regulations. I tried avoiding it but my bank ( HSBC) kept insisting I complete all the forms or they would have to cancel my accounts.
I see where this would be quite a headache for online busineses, especially where you live.
Wayne
It would appear financial institutions are running scared,I understand the penalties are pretty steep; this is also an attempt to kill offshore businesses in the interest of tax collections; but it is also creating headaches for legitimate businesses.
I certainly agree, Courtney. The long arm of our US IRS is reaching out across the world and they are unfortunately pretty powerful. They now have the legal authority to revoke a US citizen's passport if there is an IRS issue or dispute. So for me, for example, living in Hong Kong and if I had a problem with the IRS and they revoked my passport I would not be able to go back to the US or leave HK. Too much power.
Thanks,
Wayne