Money

New U.S. financial law could impact expats as some foreign banks say they are closing accounts of U.S. citizens

June 6th, 2014

The first effects of the U.S. Foreign Account Tax Compliance Act (FATCA), which goes into effect July 1, are beginning to felt around the world and they could have a big impact on U.S. expats. FATCA requires foreign banks to report all accounts of more than $50,000 held by U.S. citizens. Banks that do not...

An expat couple’s nightmare: Cuenca residents are jailed then detained in the U.S. under a seldom used legal rule

April 2nd, 2014

On the morning of August 8, 2013, Charles and Kathleen Barrett were preparing to leave Colorado for the return trip to Cuenca following the recent wedding of their daughter. Charles was leaving from the Denver airport while Kathleen was flying out of Grand Junction, where she had been visiting her mother. Both were heading to...

Two expat couples detained in the U.S. for tax violations

March 25th, 2014

Two Cuenca expat couples have been denied a return trip to Ecuador due to alleged tax violations in the U.S. In both cases, IRS attorneys were granted a writ of Ne Exeat Republica by the courts, an order that requires those served to turn over their passports and to remain in the U.S. until legal...

Bitcoin is optimistic about Ecuador potential

February 21st, 2014

A group of 30 locals, taking heed of global interest in Bitcoin, met in Ecuador’s capital to discuss the future of digital currencies in the region. Ecuador lags far behind the financial innovations of developed countries. According to Paul Buitink, one of the meeting’s organizers, attendees envision a modernized financial system, spearheaded by Bitcoin, to...