General Discussion
In reply to the discussion: If you know any American persons living in another country than America than please let them know [View all]riverbendviewgal
(4,252 posts)Like getting married. They stay in their new country, pay taxes, become citizens. The USA wants all foreign banks to report the banking info of these APs and their non-American spouses, their children, even not born in the USA.
What is wrong is that the US government is making the foreign banks report on APs and telling the foreign governments they be reciprocal and report on their citizens who have bank accounts and investments in the USA . House rep Posey from Florida wrote treasury dept that republicans will not allow reciprocity, in fear that many foreign companies and individuals will take their money out of the USA. So foreign countries are being strong armed if they do not report APs bank accounts, even if the money was earned only in the country the AP lives.
Remember this FATCA is a new law. This is new many APs are just becoming aware.
Some banks in europe are closing bank accounts, even joint bank accounts shared with non American spouse. Mortgages are getting canceled, APs are losing their jobs. Many are dual citizens. It does not matter. There is no US in most cases. It is quite a dilemma. These people are not the 1 percent invading taxes.