ML-Implode News - FATCA: Big Brother Goes Global

A global FATCA could provide an international framework obliging any company anywhere in the world that performs any type of financial service for anyone to serve as a tax collector for every government signing on to the agreement. Indeed, when FATCA came into law in 2010, the U.S. Treasury expected exactly this outcome. Of course, it could also mean sharing your most intimate personal and financial details not only with the U.S. government, but also with every other government signing on to the deal. And of course, if this data is not kept completely secure, it will also be used for criminal purposes, including kidnapping, identity theft, etc.
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If you live in a country that taxes your worldwide income, count on something like FATCA coming your way. Soon.

And if you don't want to join in the fun? Then set up residence in a country that doesn't tax worldwide income and that also doesn't face an imminent financial crisis that might force it to change this policy. Countries that come to mind include Hong Kong, Panama, and Singapore.

Relevant:

FATCA: Big Brother Goes Global