Sharing my thoughts about FATCA on Newsmax
This afternoon I was interviewed by influential American news organisation, Newsmax, which has a reach of approximately 8 million, on the highly polemic issue of the Foreign Account Tax Compliance Act, better known as ‘FATCA’.
The presenter, David Nelson, asked me about my support of Senator Rand Paul’s efforts to repeal parts of FATCA. I told him that FATCA is a law that will do little, if anything, to curb tax evasion – supposedly its principle objective – and that it will slash foreign investment in the US due to the threat of the IRS withholding 30 per cent of investors’ funds, and that this massive investment reduction will, naturally, threaten American jobs.
I also highlighted how FATCA will impose unnecessary costs and burdens on domestic US and foreign financial institutions, contravene some local foreign laws and potentially damage some international relations, and how it will turn financially hinder American citizens living outside the US and American firms operating globally.
Rand Paul’s bill, suggested the news anchor, seemed to have little chance in a democratic controlled Senate. I responded that I believed that as FATCA becomes better known to Americans and US senators, there will be growing support for Paul’s stand against it, plus that there’s also a companion bill underway in the Republican-controlled House.
Besides FATCA, Nelson asked me about investment trends and how deVere, as the world’s largest independent financial advisory firm, differentiates itself in an increasingly competitive environment.
On the latter point, I said that, unlike some who focus on ‘fast money’, our advisors encourage their clients to think about their longer-term financial goals and then devise with them a tailor-made financial plan to meet – even exceed – those objectives. As an International IFA will able to focus on international issues not just local issues.
Nigel Green deVere Group
Blog written 14th May
I’d like to thank the team at Newsmax for inviting me to share my thoughts on FATCA and to talk about the deVere Group. It’s a great platform to reach out to millions of Americans as it’s a highly respected and trusted organisation. In the recent past, Newsmax has interviewed all the presidential candidates, Bill Clinton, House Speaker John Boehner, media mogul Steve Forbes, investor Jim Rogers, Sarah Palin, and Donald Trump, to name a few.
I will post a link to the interview once it airs.