News

The FATCA fallout

My article entitled “The FATCA fallout: soaring expatriatism” appears in the February 12, 2014 edition of the LA Daily Journal. The article summarizes the unintended fallout of the Foreign Account Taxation Compliance Act (FATCA) and summarizes the Department of the Treasury’s just-released statistics, which reported that in calendar year 2013, 2,999 Americans voluntarily gave up their U.S. citizenship. This is an enormous increase over the years prior to FATCA’s implementation, and is no doubt partly a direct reflection of the onerous reporting requirements mandated by FATCA, as well as of the extreme difficulties many Americans who live overseas face in their day-to-day dealings with local banks that can’t or don’t want to comply with FATCA.

Full article off copyright and now available: