1. pemiki1 says:

    Delaware does not provide beneficial ownership information for investors in Delaware LLCs.
    Brazil recently put the state of Delaware on a blacklist and then removed it by a ruling

  2. pemiki1 says:

    GATCA was scheduled to be born 2 weeks ago in Berlin but based on questions posed to German Finance Minister Wolfgang Schäuble at the OECD Global Forum press conference , the United States did NOT sign the “commitment” to GATCA signed by some 90-odd other countries at the meeting !!
    Looks like the US policy will be to enforce FATCA for its own benefit and let GATCA and its OECD mother(s) fend for themselves. As usual the US looks out for the US and the rest of the world can go to you know where.

    Interesting note: neither the OECD nor German Finance Ministry website appears to have published the actual text of the “commitment” that the forum delegates actually signed – or refused to sign – .

  3. pemiki1 says:

    The current disagreement is with Panama, which, on a Latin American scale, is the local Switzerland with a (relatively) thriving financial center”… Sorry Jack but your comparison is off.
    You can compare “on a relative Latin America scale” Panama to DELAWARE but CH is at least 2 shoe sizes bigger and still has a thriving financial center (see Q3 earnings reports from $CS and $UBS) ! Btw. Latin American countries mostly don’t sign treaties with the United States, and for good reason. They don’t like giving up tax jurisdiction over the affiliates of American multinationals that would do business in their countries even without tax treaties. TIEAs were designed not to work. TIEAs do not force any country to do anything it does not want to do. TIEAs do not force any country to collect information or turn it over in a timely fashion even if it does bother to go get it. The OECD model TIEA was designed in cooperation with tax havens. If it were at all effective, tax havens wouldn’t sign it !!
    Until recently, the terms of the TIEA model permitted tax havens to hide behind bank secrecy laws to refuse to provide information. That is what the continuing dispute between Switzerland and the United States was about — and is still about since the protocol reversing it has not been ratified.

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