Interesting article in the Globe and Mail today. Amazing how the 2009 investigation into Swiss banks has destroyed the lives of law abiding U.S. citizens living outside the United States.
Interesting comment about the implementation of FATCA:
But the burden they’re putting on the world’s financial institutions dwarfs the amount of income tax the US will recover. Case in point, I work for a mutual fund company and we’ll have to disclose all US clients to the IRS. Even if we don’t have any clients we still have to report it. It’s a huge undertaking that will recover very little in the end.
This article is well written and worth a read.