re: How Worried Are you about FATCA?

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From an individual/consumer perspective numerous expats and others married to foreigners are renouncing their US citizenship over this, especially when tax time appeared. The married ones that are American living out of the country also have to show detailed information on their foreign spouse's financial info and the account owning spouses are saying hell no and many foreign banks are simply closing consumer accounts to avoid compliance issues. Sounds grossly overreaching to me.

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It will be interesting to see how consumers and various banks will react. It's easier said than done to say you will no longer deal with the United States. The other issue is that many other countries are now in the infant stage of discussion to implement their own version of FATCA. In other words it soon could be virtually impossible to escape FATCA legislation if the EU and UK implement a similar model.

But yes I agree the FATCA is far over-reaching. I haven't spoken to too many who agree with the legislation.