Resentment against a law on passports bank drive

passportsResentment against a law on passports bank drive

Few were aware of its approval and even the media published opinion columns which analyze, in depth, the issue, however, the Law on Incentives to Restore Employment Contract, known by its acronym in English, Hire Act, actually seems like another extreme regulation of financial institutions by U.S. authorities and has led many banks to seek passports through other citizenships. 
The explanation of the increased interest in obtaining passports bank is in the content of the law, passed by the Obama administration in March this year. With the Hire Act, U.S. banks find it difficult to establish negotiations with offshore banks that do not provide account information of its users. Thus, any transfer of money from the United States to other foreign financial institutions that have agreed to provide all the information on the accounts of the U.S. government would be subject to a tax of up to 30% of the total sent. 
Creating trouble to the U.S. banks that will have to investigate with great care and depth each of the transactions, to determine with certainty the reasons for the transaction, which sends you and the bank receiving the money. In the event that the offshore bank is not bending to the will of the Hire Act, for example by not providing information on the accounts and its users, then the U.S. bank would have the duty to withhold 30% tax. 
It is no secret that the U.S. tax system is based on the concept of "nationality" and not territorial, so even living abroad, Americans have to pay their taxes. Therefore, the IRS has sought new ways to control the incomes of citizens and the Hire Act, even when there was a legal mechanism for renewing that seeks to create jobs and offer tax incentives to companies to hire more employees, actually violate the banking secrecy, however, considered experts, this part has been little known. 
For offshore banks, the Act Hire is also a problem because they would be forced to send regular information to the U.S. tax authorities on any transaction of a citizen of that country or make withholding taxes directly. In case of refusal to violate banking secrecy, would risk being labeled as unreliable banks. Then it has become a trend as offshore banks are increasingly reluctant to accept U.S. accounts for fear of the consequences of Hire Act, as they would be losing one of their most important arguments when a user selects: the secret financial activities carried out there. 
Given these changes in the law that could seriously affect their business, not a few Americans would be looking to obtain passports bank by other citizenships, allowing them to open their accounts in offshore banks without having to worry about Hire Act, as this institution should not provide information about a transaction made by someone who appears registered as a citizen of any country other than the United States. 
The Act Hire a deadline to take effect in 2013, but probably the voices against multiply at about the same rate as the acquisition of passports growing bank. If the Patriot Act in 2001 worried many of the open violations of civil liberties, the Act proposes Hire increasingly extreme regulation of global financial institutions and the costs of all these changes would have to pay for all citizens.