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in the era of banking secrecy the thinking was if nobody knew about the bank account then the bank account wasnamp;#39;t taxable but in 2007 everything changed UBS got busted helping Americans evade taxes with Anonymous accounts not surprisingly the US government was not very happy it took them a few years but then in 2010 the US retaliated and rolled out information sharing through the foreign account tax compliance act or what we commonly refer to as fatka fatka essentially forces every Bank in the world to report back to the US government and provide information about financial accounts held by us persons the rest of the world introduced the common reporting standards and the automatic exchange of information in 2014 which was then expedited by the Panama papers leak in 2016 basically changed the landscape of international banking completely it resulted in tons of bureaucracy and mountains of paperwork being required in order to open accounts as foreign non-residents and today we h
