*for those in the US who don’t understand:an nonyms Comment:Obviously many Americans with little or no international experience think that any bank account outside the US must be a US person trying to evade taxes.Let me help people like Peterwise understand the situation a bit more.What if you were born in California but moved to New York early in life. You live and work and pay taxes in New York for 30 years and one day you find out you were supposed to ALSO file and pay taxes to California, because you were born there and never formally renounced your residency! You are a California Tax Evader! Since you didn’t report your New York bank account to California authorities, they are going to confiscate your assets! You have been paying full taxes and complying with New York law, but sorry buddy, you were born in California and therefore must report and pay taxes to your birth state until you renounce California residency. Oh and renouncing will cost you tons of money and California will threaten to never let you set foot across state lines if you do it. Oh, and your adult children are also facing personal bankruptcy; since you were “Californian” your children are also officially “Californian” until they renounce. Your entire family is destroyed and your New York born wife wants a divorce.Finally, New York banks decide they will no longer let Californians have a bank accounts with them because the reporting requirements for you people are just too expensive. And California banks won’t let you have an account with them either (although they still consider you a resident), because you no longer have an address there. You may therefore have no bank account, no retirement plan, no investments, no credit card, no life.This grotesque illustration is not at all far fetched. It is EXACTLY what US citizens are facing, if they have for any reason decided live outside of the US. US citizens who have lived outside of the states for decades, who are citizens of another country, who have paid taxes and abided by all laws, are now being pursued and persecuted in a breath-taking witch hunt.Let me put it another way.Mitt Romney’s parents were Italian immigrants. After they started living, working, and paying taxes in the USA should they have to keep on paying Italian taxes too? Should Italy have the power to confiscate their house because they didn’t send a report of their US banking activity to Italy? Should Mitt be considered an Italian citizen, be subject to Italian reporting and taxes, just because his parents were born there? Should he face total confiscation of his life assets because he misunderstood or didn’t even know about a reporting requirement? Should he have to hire an expensive Italian tax lawyer fill in annual reports to another country or face prison threats? That is exactly what US law does to its citizens abroad, it is absolutely outrageous and unacceptable.Although FATCA tried to target tax havens and tax cheats, the unfortunate truth is that the real tax criminals are by far the minority of people impacted by this law.Millions of innocent law abiding people around the world are having their lives, families, marriages destroyed. Living in stress and uncertainty, sleepless nights, afraid the IRS man will knock on their door. Many DO NOT OWE US TAXES but must spend thousands hiring international experts to regularize their situation and file. Every US expat I know is now warning everyone they can to divest from US assets. The number of renunciations in 2012 is going to be unprecedented and …The insular imperialistic view of the US has gone too far, and guess what, people are going to start to invest elsewhere.GET IT????