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And you have really hinted at why FATCA is so distructive to overseas Americans..

• itronitron 8y ago
  can you elaborate on that, i.e. destructive to privacy or financial, or suggest reference material? thx
  • toomanybeersies 8y ago
    I presume GP is referring to the fact that FATCA requires foreign (to the USA) banks to share information on all their customers that could possibly be US citizens or residents.
• indemnity 8y ago
  Only Americans? AEOI was inspired by FATCA and has started going into effect. (Automatic Exchange of Information). E.g. I have a bank account in Europe somewhere and automatically details of the account, its balance, etc get forwarded to my local tax authority. The scope of what gets forwarded is maybe a bit limited right now but these things have a tendency to only increase in scope. If you think you’re not affected as a citizen of a European or other developed country such as Australia/Canada, think again. All OECD countries are taking part, and at least a few non-OECD countries.
  • squiggleblaz 8y ago
    If you think you're not affected because you're in Australia, you're just deluded.