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OK Peeps
here are 2 separate lunches I had with my attorney and 2 separate bank general managers from BCR and Banco Nacional.
My attorney does business specifically with Banks so i was able to spend a little money ( LUNCH) and extract some information.
Consider this some insider information that I am sharing just because.. 🙂 no other agenda here.
a few points;
1.) We already know that this law is one giant pain in the ass for these banks.. so much they would just rather NOT do business with Americans at this point. This has been expressed to me on various occasions.
There is a difference in the way your looked at regarding your account and this has to do if you opened up your account via passport or your cedula.
it seems this is the standard practice in which they comply to the draconian U.S.. to seemingly share information to the IRS.. with all American passport opened accounts.. so if you opened your account with your passport.. you need to understand this.
if you open up an bank account with your cedula.. then you should have no issues
UNLESS!!!!!! and this is a caveat
unless you are individually being investigated.. then all bets are off.. pure and simple.
but under normal circumstances.. your information appears to NOT be included in this FACTA compliance.
Every bank appears to have their own version of compliance..
Scott if you have any additional first hand knowledge.. please share.
What if you opened account with a US Passport, got residency and changed everything at the bank relating to identification to your cedula?
[quote=”costaricabill”]What if you opened account with a US Passport, got residency and changed everything at the bank relating to identification to your cedula?[/quote]
good question.. and only by going thru the process will this be revealed..
my suggestion.. open up new accounts with your cedula and close any accounts that you opened with a passport.
these are the little things one discovers by actually living here. for example.
with the corporation tax.. many that I had were originally opened with my passport..
then i just transferred the assets out of the S.A. and just let the corp.. wither away on its own.
[quote=”davidd”][quote=”costaricabill”]What if you opened account with a US Passport, got residency and changed everything at the bank relating to identification to your cedula?[/quote]
good question.. and only by going thru the process will this be revealed..
my suggestion.. open up new accounts with your cedula and close any accounts that you opened with a passport.
these are the little things one discovers by actually living here. for example.
with the corporation tax.. many that I had were originally opened with my passport..
then i just transferred the assets out of the S.A. and just let the corp.. wither away on its own.
[/quote]
When you use the term “wither away on its own” I hope you don’t mean just don’t pay the taxes and not close out the S.A. properly. Those type of moves tend to have a funny way of resurrecting themselves when you least expect it…. and costing more then if things had been done the right way. Perhaps not today… or next week…. or even next year…. but at some point when you leave the clock ticking on a government debt…. they come looking to collect!
And with as desperate as governments are becoming… do yourself a favor and don’t place yourself in the crosshairs!imxploring
everyone has their own thresholds and of course will do what they feel comfortable.
I trust my instinct..and it has served me well. I have lived here and done enough business here to know generally how they do things
and regarding these S.A.s if you opened one in your passport.. which I did originally many years ago.. I will take that chance of letting them wither and die on their own.
Heck I have a new passport that even has a different number.
it is my belief that they cannot possibly do anything..
so to each his own.
just because you try and do the right thing.. does not mean this actually helps you.
in fact in today’s day and age.. one needs to constantly evaluate individual circumstances
look at the luxury tax scenario.. the people who actually paid it are the ones now that are constantly targeted to pay.. pay.. pay..
your right about governments getting desperate..
[quote=”Imxploring”][quote=”davidd”][quote=”costaricabill”]What if you opened account with a US Passport, got residency and changed everything at the bank relating to identification to your cedula?[/quote]
good question.. and only by going thru the process will this be revealed..
my suggestion.. open up new accounts with your cedula and close any accounts that you opened with a passport.
these are the little things one discovers by actually living here. for example.
with the corporation tax.. many that I had were originally opened with my passport..
then i just transferred the assets out of the S.A. and just let the corp.. wither away on its own.
[/quote]
When you use the term “wither away on its own” I hope you don’t mean just don’t pay the taxes and not close out the S.A. properly. Those type of moves tend to have a funny way of resurrecting themselves when you least expect it…. and costing more then if things had been done the right way. Perhaps not today… or next week…. or even next year…. but at some point when you leave the clock ticking on a government debt…. they come looking to collect!
And with as desperate as governments are becoming… do yourself a favor and don’t place yourself in the crosshairs![/quote]I think you will find that no matter what your local bank manager in Costa Rica tells you, the Costa Rican banks and other financial institutions have have been sharing what most people considered ‘private’ financial information about U.S. citizens with the U.S tax authorities for years, especially if there ever was movement of US$10,000 or more to and from that account.
If you waited until you had your Costa Rica residency approved and opened your Costa Rica bank account with your cedula (which has to be a tiny percentage of people) then you ‘may’ be safe from prying eyes – temporarily.
But we should also remember that the cedula used to be coded by your nationality, *I honestly don’t know if that is still the case today*, I will try to find out, but if it is, they will obviously know who are U.S. citizens by your cedula…
I don’t think that “open up new accounts with your cedula and close any accounts that you opened with a passport” will help because your privacy has already compromised.
Lastly, if [url=http://www.theguardian.com/commentisfree/2014/jul/11/the-ultimate-goal-of-the-nsa-is-total-population-control]William Binney (ex-NSA)[/url] is correct when he says that: “At least 80% of fibre-optic cables globally go via the US… This is no accident and allows the US to view all communication coming in. At least 80% of all audio calls, not just metadata, are recorded and stored in the US. The NSA lies about what it stores.”
Then I would agree with Imxploring 100% when he says: “And with as desperate as governments are becoming… do yourself a favor and don’t place yourself in the crosshairs!”
PS. Ron Miller summed this out of control surveillance state up beautifully in his article: [url=http://www.computerworld.com/s/article/9247007/Ron_Miller_NSA_can_track_every_email_but_it_can_t_find_a_plane]NSA can track every email, but it can’t find a plane.[/url]
Here’s what he said:
“We are told that we can be easily tracked through our smartphones and other electronic devices. We are told that this data collection is done in the name of making us safer, by stopping a terrorist attack in real time.
We are led to believe that if we collect enough information — indeed, if we collect all of the information — we can see the connections and make the leaps and stop attacks before they happen.
That’s what we’re told. That’s the justification for all this surveillance. And yet if we can’t find a jumbo jet after nine days in a world covered by satellite cameras and radar facilities, are we supposed to believe that collecting every one of our emails and listening to every one of our phone calls and following every one of us around as we move through our lives will make us safer?”
Desperate governments…. just like desperate people will do rather strange things to survive. To think that a change in passport numbers or residency takes you off the field of battle is not a position to put yourself in when an acknowledged LEGAL means of avoiding the issue exist. If nothing else residency is something they can hold over your head when addressing a TAX liability.
Looks at the recent situation with the US government going after family members for the Social Security liabilities of deceased parents. In many cases the alleged debts were several years old with no prior collection attempts until Uncle Sam went after bank accounts. The word desperate comes to mind when a large government is going after crumbs!
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