... FATCA was passed because it was slipped into the 2010 HIRE Act at the 11th hour as a way to fund the bill, without any cost/benefit analysis or congressional review. Almost none of the representatives who voted for the HIRE Act had any idea that it contained FATCA. To date, there are many politicians in Washington who have never heard of FATCA.
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FATCA is in the processing of destroying the lives of 7 million hard-working, lower or middle class Americans trying to live and work overseas. These are people who are the ‘face’ of America overseas and sell or promote US products and services. At the moment, every American overseas that I know is trying to decide whether to give up and go home, or give up their citizenship over this. It’s that bad. When you can’t get a local bank account or a mortgage to buy a home because your local (but ‘foreign’ to the US) financial institution has shoved you out the door over FATCA then you don’t have many choices.
The US needs to come up with a better method than FATCA. FATCA was poorly conceived, never underwent any sort of scrutiny in committee, or had a cost/benefit analysis to see if it was viable. Now it is hurting a community that, quite frankly, the US needs in order to work on a global basis, and making enemies of our friends.
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As an expat living in Europe this FATCA has already started ruining my life. I cannot open a decent bank account. I am going to be thrown out by my bank. cannot get a decent lpension, saving plan motgage etc. We Americans have become the pariahs of the world. No one wants to have anything to do with us. Is this normal? The congressmen don’t careas we do not represent a significant voting block. This is the real taxation without representation. We don’t belong to US or benefit from the US but we have to comply and pay taxes etc.
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my wife & I have lived and worked overseas for decades, and have been working very hard year after year. All along, we have been filing and paying taxes every single year, yet we find ourselves getting rewarded by the US government with a big slap on the face.
I was recently promoted to General Manager, and was offered a 10% partnership with rights to buy another 10% (mid size company).
When the major partner (the company is mostly owned by a foreign financial institution as an investor only… they do not interfere in the management of the company) found about that:
- giving me signatory powers on the company’s bank accounts; and
- giving me ownership of 10% or more in the company
will expose the company to certain IRS requirements and filing…. they pulled the plug on me.
My wife & I are sadly considering renouncing our US citizenship. This is easier said than done; the pain and stress that come from simply having to consider this option are intolerable.
What else can we do? We have kids to provide for, and a lifestyle that we love and will defend. We have come to realize that being successful, honest and law abiding american citizens living abroad are grounds & reasons for us to be punished by our own government.
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