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"I returned my U.S. citizenship" Did the author return his citizenship because of FACTA regulations? FACTA has made it very difficult for Americans living over
by donretag 10y ago
"I returned my U.S. citizenship"
Did the author return his citizenship because of FACTA regulations? FACTA has made it very difficult for Americans living overseas.
EDIT: the US has made it very expensive to renounce your citizenship (which many are doing because of FACTA). I wonder if the author has thought about the cost.
- deleted 10y ago[deleted]
- gamblor956 10y agoA few years ago, when FATCA was the only information reporting regime on the block, it definitely drove a wave of expatriations. However, since most of the EU and China have adopted variants of FATCA that require even more information disclosure, I doubt FATCA was the reason he gave up his US citizenship. FTA, it seems like he was simply disappointed in the US and wants cut all ties as soon as he can.
- blinkingled 10y agoHe is doing cleaning jobs and asking for donations just to afford a 900$ air ticket to Serbia. I'm not sure FACTA is on his mind.
- Inconel 10y agoFrom what little I know of the topic, hasn't FACTA made US citizens rather unattractive to have as customers for most European banks? I've heard it can be difficult just to open a bank account as an American in Europe, unless you're extremely wealthy in which case I'm sure there're workarounds. If anything, I would imagine FACTA might be a big concern once this gentleman gets back to Serbia and discovers he can't open a bank account. Please correct me if my info is incorrect.
- donretag 10y agoYou are correct. More than just banking, it is difficult to get a mortgage, investing in stocks/bonds, or even financing a car.