Americans abroad, take note: If the mandate is upheld, there is nothing to stop the American government from applying it to you, too–including fines/taxes up to $1,900 per family per year–regardless of whether you are involved in the U.S. economy in any way, simply by virtue of your citizenship. Continue reading
FATCA has been implicated in the recent surge in renunciations of U.S. citizenship by Americans abroad. Expatriations have risen from a pre-FATCA trickle to a current level of thousands per year. Many Americans operating overseas businesses and requiring foreign financial services are being forced to choose between citizenship and livelihood.