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Expats Suffer More Collateral Damage

One Response to "Expats Suffer More Collateral Damage"

  • Ruth Anne Freeborn
    July 8, 2014 - 5:41 pm

    Cosmopolitan lifestyle? Most Americans abroad are out of the U.S. due to family or marriage abroad. Someone low or middle income does not suddenly become “cosmopolitan” because they crossed a border. The U.S. needs better stats on expats. This meme of the rich who are all overseas is old, tired and inaccurate. The irony of this is that it is the lower and middle income expat families hardest hit by FATCA. Some cannot keep their citizenship as even Nina Olsen has pointed out repeatedly to congress. So some cannot just “live with it” It’s against the law in the U.S. to force someone to give up their citizenship but, FATCA as rightly pointed out has indeed caused some to have to do so want to or not. Can’t bank with your foreign spouse? Bank won’t renew your mortgage on your home which is your families nest egg? Foreign spouse makes all of your income and they don’t want their bank data going to the U.S.? So many negative outcomes for people who would owe zero tax to the U.S. it’s mind boggling. FATCA needs amending. Badly. “Off shore” needs to be re defined as any account held where you do not reside.