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The FBAR issue means you have to report if at any time you had more than $10k, a number that hasn't changed since the 80s I think, as if you are a criminal for
by toastal 5y ago
The FBAR issue means you have to report if at any time you had more than $10k, a number that hasn't changed since the 80s I think, as if you are a criminal for keeping a reasonable amount of money in savings for a place you reside. I know Democrats Abroad has been trying to push to remove the FBAR requirement at least to some extent for banks in the same country you filed your taxes from in. It's not a tax haven if you spend all of your time living there.
Not only this but it's difficult to open accounts abroad as an American because foreign banks really don't want to deal with filing all of this paperwork for the IRS.