IRS: OFFSHORE BANKS NEED TO DISCLOSE PMs HELD BY U.S. CLIENTS (plus everything else)

Full article at: http://nestmann.com/offshore-banks-must-report-precious-metals-held-by-u-s-clients/

“foreign financial institutions” (FFIs) and “non-financial foreign entities” (NFFEs) must [now] function as unpaid IRS informants.

[to avoid a 30% withholding tax.]

It’s no wonder that the IRS itself concluded that thousands of Americans have chosen to give up U.S. citizenship or long-term residence and expatriate, rather than attempt to comply with these obligations.

[Note: I find this statement to be somewhat strange, since the laws do not allow for US expatriation based on financial needs or avoidance of tax law.]