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Indeed. FATCA is an extreme annoyance and makes Americans persona non grata in a lot of countries. Try getting a bank account or opening a mortgage as an Amer
by fearfulofview4 5y ago
Indeed. FATCA is an extreme annoyance and makes Americans persona non grata in a lot of countries. Try getting a bank account or opening a mortgage as an American permanently abroad or an accidental one.
(I wish beyond FATCA that taxation on Americans domiciled outside of the country would be ended. Such a waste, and I say this as someone who supports taxation for public goods.)
- triceratops 5y agoTaxation on Americans living abroad is crazy, when you consider that American companies aren't taxed on their foreign profits.
- 8note 5y agoThey are taxed on bringing that money into the US though, and the owners of it are taxed once the money moves to individuals
- triceratops 5y ago> They are taxed on bringing that money into the US though Which they (almost) never have to do. If they need cash in America, they take out super-low-interest loans. > the owners of it are taxed once the money moves to individuals Again, that's technically true but only poor schnooks who keep their money in Vanguard index funds are paying those taxes. The wealthy have more sophisticated tax strategies.