International Moving Quotes
Expat Tax & Finance,Expat Trends,Living Abroad — Joshua Wood @ 12:09 pm

U.S. Passport

Expats are more willing to renounce their citizenship than in the past. Although the actual number of people remains small, this continuing trend is alarming:

The main trigger for cutting ties with U.S., several lawyers say, is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

There have been reports that American expats have been pushed out of business deals due to FATCA, and have encouraged expats to do their research so that they fully understand their available options that exist to help preserve capital without running afoul of the law.

1 Comment »

  1. FATCA is not only pushing US citizens out of business deals. It blocks them from simply trying to live a normal life in a foreign country. Simple tasks such as having a bank account to pay bills out of has become nearly impossible.

    Comment by Jimmy Sexton — August 31, 2013 @ 6:34 pm

RSS feed for comments on this post. TrackBack URI

Leave a comment

Our Story | Our Team | Contact Us | Submit an Article | Advertising | Travel Warnings