Under FATCA, all non-U.S financial institutions worldwide are required to report U.S clients holding more than $50,000 to the IRS.
The Israeli High Court has issued a temporary injunction against the enforcement of the controversial American global tax law: FATCA (Foreign Account Tax Compliance Act).
The Israeli government planned to start actively implementing the law in the country on September 20, which requires all non-U.S. financial institutions worldwide to report the financial information of American clients and U.S. green card holders who have accounts holding more than $50,000 directly and routinely to U.S. authorities, as well as proving that they don’t have American clients who don’t report earnings to the IRS.
Not limited to banks, FATCA compliance was specifically demanded from online forex and CFD brokers in Israel in order to not be disqualified from receiving a 'Trading Arena' license. However on Wednesday, just days before this process was due to go into operation in Israel, Justice Hanan Meltzer ordered officials to stop the preparatory work. An emergency hearing is to be held on the matter before September 15.
Critics Rally
Nigel Green, longtime vocal critic of FATCA and the founder and CEO of deVere Group - an independent financial advisory organization with more than $10 billion of funds under its advice and administration, and over 80,000 clients around the world - commented on the move saying it “should serve as a wake-up call for other countries to rethink enforcing this toxic, flawed, imperialistic legislation.”
Green explained: “Justice Meltzer’s action should be championed. His wise caution should serve as a wake-up call for other countries to rethink enforcing this toxic, flawed, damaging legislation that is being imposed on sovereign states around the world by the U.S. There are important questions to be asked about the imperialistic nature of FATCA. Countries and FFIs have been coerced into complying with FATCA’s sovereignty-violating, expensive, burdensome, privacy-infringing regulations by the U.S. – or face heavy penalties. In effect, these countries and FFIs are now working as de facto agents of America’s tax authority.
It is claimed by its proponents that this law is designed to catch tax evaders who illegally shelter money offshore. This is a noble aim. But FATCA cannot possibly tackle this extremely important global issue effectively due to its dragnet, untargeted approach. Instead what it does – because of its plethora of serious unintended adverse consequences – is to brand the 7 million Americans who choose to live and/or work overseas, including many of the 300,000 in Israel for example, as financial pariahs.
U.S. expats are now routinely rejected from foreign financial institutions (FFIs), such as banks in their country of residence, because FATCA’s costly and onerous regulations mean Americans are now typically deemed more trouble than they are worth. Similarly, American businesses working in international markets are now often branded with a leprosy-like status. Clearly, this can only be detrimental to their global competitiveness and could, in turn, hit American jobs and the long-term growth of the U.S. economy – which would then, of course, have far-reaching consequences beyond the U.S.”
Green concludes: “I hope that Justice Hanan Meltzer’s bold action will encourage other people of influence worldwide to reconsider FATCA. This could be a landmark moment in the fight to have this controversial and damaging law resigned to the history books.”
The Israeli High Court has issued a temporary injunction against the enforcement of the controversial American global tax law: FATCA (Foreign Account Tax Compliance Act).
The Israeli government planned to start actively implementing the law in the country on September 20, which requires all non-U.S. financial institutions worldwide to report the financial information of American clients and U.S. green card holders who have accounts holding more than $50,000 directly and routinely to U.S. authorities, as well as proving that they don’t have American clients who don’t report earnings to the IRS.
Not limited to banks, FATCA compliance was specifically demanded from online forex and CFD brokers in Israel in order to not be disqualified from receiving a 'Trading Arena' license. However on Wednesday, just days before this process was due to go into operation in Israel, Justice Hanan Meltzer ordered officials to stop the preparatory work. An emergency hearing is to be held on the matter before September 15.
Critics Rally
Nigel Green, longtime vocal critic of FATCA and the founder and CEO of deVere Group - an independent financial advisory organization with more than $10 billion of funds under its advice and administration, and over 80,000 clients around the world - commented on the move saying it “should serve as a wake-up call for other countries to rethink enforcing this toxic, flawed, imperialistic legislation.”
Green explained: “Justice Meltzer’s action should be championed. His wise caution should serve as a wake-up call for other countries to rethink enforcing this toxic, flawed, damaging legislation that is being imposed on sovereign states around the world by the U.S. There are important questions to be asked about the imperialistic nature of FATCA. Countries and FFIs have been coerced into complying with FATCA’s sovereignty-violating, expensive, burdensome, privacy-infringing regulations by the U.S. – or face heavy penalties. In effect, these countries and FFIs are now working as de facto agents of America’s tax authority.
It is claimed by its proponents that this law is designed to catch tax evaders who illegally shelter money offshore. This is a noble aim. But FATCA cannot possibly tackle this extremely important global issue effectively due to its dragnet, untargeted approach. Instead what it does – because of its plethora of serious unintended adverse consequences – is to brand the 7 million Americans who choose to live and/or work overseas, including many of the 300,000 in Israel for example, as financial pariahs.
U.S. expats are now routinely rejected from foreign financial institutions (FFIs), such as banks in their country of residence, because FATCA’s costly and onerous regulations mean Americans are now typically deemed more trouble than they are worth. Similarly, American businesses working in international markets are now often branded with a leprosy-like status. Clearly, this can only be detrimental to their global competitiveness and could, in turn, hit American jobs and the long-term growth of the U.S. economy – which would then, of course, have far-reaching consequences beyond the U.S.”
Green concludes: “I hope that Justice Hanan Meltzer’s bold action will encourage other people of influence worldwide to reconsider FATCA. This could be a landmark moment in the fight to have this controversial and damaging law resigned to the history books.”
BGC Group Secures Backing from Global Banks for New $600M Trading Platform
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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