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U.S. blocked from using Costa Rica as tax haven

Tuesday, December 3, 2013

Starting in January, U.S. citizens will no longer be able to use Costa Rica and the Cayman Islands as tax havens.

New agreements with the countries, announced by the U.S. Treasury Department last week, are designed to enforce the Foreign Account Tax Compliance Act, or FATCA.

The agreement with Costa Rica is reciprocal, allowing the Costa Rican government to get tax information about its citizens’ assets in the U.S.

Source: CBS News