Sweden will vote to make the USA FATCA law applicable in Sweden–on Feb 18.
Riksdag’s premises for this law is supposedly that people in America are sending their money to Sweden in order to avoid taxation!
The next premise that Riksdag holds is that people have moved from America to Sweden–in order to avoid taxation!
Despite these ridiculous premises, there is no opposition in the Riksdag nor in Regeringen before or after the election.
There is no representation of the 50,00-100,000 Swedish Citizens to be affected by implementation of this US law in Sweden. (The law is being secretly passed in broad daylight).
Implementation of this law in any country in banks costs $20-$26 per capita. The additional costs for the Swedish government on top of this are not stated. The implementation costs in Sweden are not made available to Swedish people–they are hidden behind closed-door discussions between Svenskabankförening and Regeringen and Riksdag.
The objective of this law is to locate persons living in Sweden (including Swedish citizens) for whom the US can collect taxes. However, they cannot collect taxes, the US can only impose fines and cause Swedish people to spend thousands of dollars purchasing US accountant services.
Most countries are paying $6000 -$9000 for each US person to be located in each country.
This law implements the US law in Sweden immediately and retroactively to 1 July 2014.
Sweden is implementing this law because the former economic-ally US has threatened 30% sanctions upon all US-related transactions in Sweden. Instead of protesting these sanctions in unison with other affected countries–Sweden has decided to welcome FATCA.
Swedish implementation of FATCA is immediate and required in Sweden. Riksdag and the captive Swedish media will tell you that USA is providing reciprocal information. What USA actually delivers is an empty promise from powerless President Obama. Here is the text from the agreement (psst: it’s doublespeak):
“acknowledges the need” Means: The agreement with Sweden is NOT a treaty. It is not authorized by Congress and never will be. There will not be legislation enacted in USA to implement FATCA reciprocity.
A Swedish citizen living in Sweden cannot open a bank account in Sweden without proving to the bank that the Swedish citizen is not American.
The above information should have shown you that Sweden pays everything to implement FATCA and receives nothing in return. Another page will explain how FATCA effects individuals
Have you realized that the Swedish Royal family can get FATCA’d?