FATCA- Gov't desperation, tyranny, or just standard business...

[sailor]

If I were knowledgeable I would probably agree.

[Desert_Nomad]

@Richard_Parker

It imposes burdens on them only if they have US citizen clients, right?

Not really, but the solution to that part of it is for foreign banks to get rid of their American clients. I have lived overseas since 2002 and was kicked out of my local bank recently for being an American.

[Really_Not_All_That_Bright]

@Iggy

No.

It also imposes requirements on foreign financial institutions if any of their international transactions transfer through a US clearing bank.

The US government can seize 30% of those payments even if the transaction is not involving US citizens unless the foreign financial institution provides FATCA filings. FATCA filings may be direct to the IRS or in a consolidated manner through a local financial authority.

So don’t use US clearing banks. “Overseas power grab” solved.

[sailor]

@Really_Not_All_That_Bright

So don’t use US clearing banks. “Overseas power grab” solved.

Really not all that bright.

[Patty_O_Furniture]

Update: RNC members tackle Foreign Account Tax Compliance Act, or FATCA

Solomon Yue, an RNC committee member from Oregon, has distributed the first draft of his resolution to repeal the Foreign Account Tax Compliance Act, or FATCA, among fellow RNC members.

/snip/

The number of Americans who’ve dropped their citizenship has increased from 742 in 2009 to more than 1,854 thus far in 2013, according to the U.S. State Department. Some tax experts and expats believe the number is higher.