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Discussion Starter · #1 ·
i was born and live here in EL SALVADOR. i have bought a home here in EL SALVADOR too with my wife and daughter. we all live together in the same house but the house is only under my name and no one else. i have decided to open several offshore bank accounts with different banks and the first thing that all offshore banks want is proof of address/residence from their customers like utility bill, ect....... anyway here is the part that confuses me regarding fatca. i already know that both the u.s. and canada are signed up to canada but the part that i dont understand is this. if i move to canada but keep my home in EL SALVADOR where my wife and kids live and each year submit to the banks that i still live there when in fact i have moved to canada as a legal permanent resident, how would fatca find out about this if each year the banks are getting a report like utility bills, passport issued in EL SALVADOR, proof of address, ect..........???????????????????????? how could fatca uncover this?????? as far as the banks are concerned they dont know that i have moved to canada and still live in EL SALVADOR. can someone please tell me how fatca would find out about this????? is it that offshore banks and governments around the world share some type of information that cross reference personal information about individuals everywhere who have offshore bank accounts????????????? can someone please tell me how the canadian government would find out about this regarding fatca????? if i become a permanent resident of canada but each year submit a form to the banks like utility bills and anything else that they want proving to them that i still live in EL SALVADOR, when in fact i have moved permanently to canada since my wife and kids still live there and take care of my home, then how could fatca or the canadian government find out about this bypass?????????? can someone please tell me. rsvp. thank you.
 

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FATCA is only relevant if you are a US person or greencard holder.

Canada has also signed onto the Common Reporting Standard, which supports the automatic exchange of tax and financial information on a global level between about 48 (and growing) countries.

For what its worth, El Salvador has signed neither an FATCA IGA with the US, nor has it signed the CRS.

That aside, governments around the world do support a bunch of anti-money laundering and other initiatives (both internal and international) that require proof of identity of account holders and data like ones address do play a part in that
 

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Just to add to what Moulard has said, the OECD has promoted a program of mutual exchange of data among banks and financial institutions to cut down on money laundering and international tax evasion. Mostly, this concerns "non-resident" accounts (i.e. customers who have accounts but who are resident elsewhere) but due to the US tax system, also any and all US citizens (or "persons").

Most banks these days will cover their own butts by requesting a statement from customers who are "foreigners" as to their nationalities and/or tax residence(s). If you aren't a US person, FATCA has nothing to do with it.
Cheers,
Bev
 

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Discussion Starter · #4 ·
what does this mean in my specific case, Mostly, this concerns "non-resident" accounts (i.e. customers who have accounts but who are resident elsewhere)

Most banks these days will cover their own butts by requesting a statement from customers who are "foreigners" as to their nationalities and/or tax residence(s).


im sorry but youre confusing me here. ok im married to my husband here in el salvador and not my wife, sorry for the typo. i was born and live here in el salvador and have a daughter with him. we bought a house here in el salvador. a couple of months ago i decided to open several bank accounts and all of the banks have pretty much asked me the same questions as far as being able to prove where i was born and live. they have already a copy of my passport which was issued here in el salvador and not in some foreign consulate. they have already sent me some of the debit cards to my mailing address here in el salvador and i have already sent them a utility bill of my house, ect........... if i move to canada but dont tell my banks that im moving and my husband with my daughter continue to keep living in the same house with the same address, how would the canadian government find out about this along with fatca if each year i keep submitting proof of residence in el salvador like my passport, utility bill, proof of address, when they mail new debit card from bank??? if i dont tell the canadian government or fatca, then how would they find out about it then if my husband and daughter will continue to live in that same house in el salvador even though i plan on moving to canada as a legal permanent resident only???? as far as the banks are concerned im still living in el salvador. how would fatca and canada eventually find out if i keep my mouth shut????????????? can you please explain this part to me. im really confused here. rsvp. thank you.
 

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Discussion Starter · #5 ·
canada signed onto fatca on february 5, 2014. go to wikipedia and look up fatca agreement between canada and the united states! what do you have to say to that????


fatca also applies to canadians as well. rsvp.
 

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Discussion Starter · #6 ·
who is an expert as far as offshore banking in the world that i can find online and ask very complicated questions regarding my situation???? rsvp.
 

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I think in your particular case you may do better to talk to a financial adviser - or to a tax attorney with cross-border experience - in person.

From what you've posted so far, the relevant factors will be your nationality, and if you're relocating to Canada, the basis on which you are relocating (i.e. the type of visa/residence permit) . Those will determine where your tax liabilities lie - and that's what any bank or financial institution is primarily interested in.
Cheers,
Bev
 

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Discussion Starter · #8 ·
well i wasnt trying to offend you but was trying to be as specific as possible without lying to you. i wasnt trying to be mean in any way by using foul language. how can i find a financial adviser or lawyer that can help me out in my case online? rsvp.
 

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Discussion Starter · #9 ·
basically, what im asking you is this, would there be anyway possible for me to continue this conversation with you but in private or if you gave me a private email of yours? rsvp.
 

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No offense taken. It's just that this is a public forum, where you can ask for general type information or referral to professional advice. But it is a public forum - and it's understandable that you wouldn't want to disclose personal information about your financial situation.

I'm not a professional financial adviser, so I'm not the kind of person you need to be talking to. There may be some people on the forum who can give you general information then you'll have to disclose more of your situation and define what you're trying to accomplish, but in a complicated situation you'd probably be better off finding a competent professional to guide you.
Cheers,
Bev
 
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