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)The money to be made is not through their income taxes as they usually payer a higher income tax to the country they reside in. and most never meet the limit that they would have to pay.
Many have retirement savings which FATCA is after...a mere pittance for the Rommneys but years of saving and working in their chosen countries other than the USA.
Bank Accounts will be accessed, all PRIVATE information will be handed over to IRS without the American person's permission or those APs are not allowed to have those foreign accounts, the accounts that are in the country they live and work in.
If you are really interested in knowing what is happening read this
http://www.iexpats.com/rolled-back-deadline-of-fatca-gives-critics-hope/
There is an industry who want this.. the people who would be the only real beneficiaries of FATCA: the so-called FATCA Compliance Complex (FCC) of tax lawyers, accountants, and software and technology firms, who hope to make a fortune selling compliance to FFIs.
and IRS will penalize these people for not filing their US tax returns. $10k a year.. People who did not know this account existed until 2011 .