1) As I have said many times: the important thing is not whether this agreement is finally signed or not, but to be prepared for when that happens because, eventually, the agreement is going to materialize and it is better to be clear about what to do in such a case. sleep peacefully
2) What information is exchanged? If an IGA is signed -as this treaty is known- Argentina would begin to receive the following information: account holder (not final beneficiary), account number and gross amount of interest, dividends and other US source income received by persons with domicile in Argentina.
3) How could the exchange be avoided? There is a way to do it and it is by opening accounts with addresses outside of Argentina. This, however, can become a better measure if we make sure not to open them in the name of human persons, but in the name of companies or trusts, for example. In this case, don’t forget to close the personal account you have been using up to now!
If this treaty came to fruition, it would be signed within the framework of the American Foreign Account Tax Compliance Act (FACTA). The United States has already signed this type of agreement with 113 countries. The strange thing, in fact, is not that he eventually signs it with Argentina, but that it has not been done before.
In Latin America alone, there are treaties of this type (IGAs) in force with Brazil, Colombia, Costa Rica, the Dominican Republic, Honduras, Jamaica, Mexico, Panama, and Trinidad and Tobago. In addition, there are agreements signed with Chile and advanced negotiations with Haiti, Paraguay and Peru.
So is it a myth that the United States does not share financial information with anyone? Yes. It’s a myth. And should it call our attention that this agreement with Argentina is finalized? Not.
Argentina and the United States are necessarily going to sign an information exchange treaty. Tomorrow, next week, in a few months. At some point it will happen because it is the worldwide standard in the matter. Therefore, the best and the only thing we can do -as always- is prepare to sleep peacefully.
Founder and CEO of @UntitledLegal
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
