FACTA Affects Only Foreign Accounts
On July 1st of this year, Title V of the Obama Administrationâ€™s HR Bill #2847, known as FATCA, goes into effect.
What will this mean to me, an average citizen, age 62… living on retirement and social security. I have heard so many diffent stories. What do I do? How do I prepare? Is there anyway that I can keep what little money I have safe?? Help!
FATCA stands for Foreign Account Tax Compliance Act. It requires offshore financial institutions — banks, investment houses, insurers, etc. — to report to the IRS most U.S. citizen accounts held overseas. If you are a U.S. resident and all of your money is in U.S. holding companies (banks, etc.), you will not be affected by FATCA.
Keeping your U.S. money safe is another matter. I cannot give advice specific to your situation for legal reasons and because you have not provided enough information. However, I have often written in generic terms how to protect your wealth.
Bob Livingston founder of Personal Liberty Digestâ„¢, is an ultra-conservative American author and editor of The Bob Livingston Letterâ„¢, in circulation since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.
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