Just noticed this article published last week by the Jamaica Gleaner:
A couple of interesting points:
“A senior manager with Ernst & Young quoted a price tag of US$30 million for each local financial institution to implement the requirements of FATCA.”
“The US, the law [sic] is expected to affect about 614 firms in Jamaica when it comes into effect. Those institutions include insurance companies, licensed securities dealers and collective investment schemes such as unit trusts and mutual funds.”
The Gleaner’s numbers ($30 million x 614 firms) seem to suggest that the implementation costs for FATCA compliance in Jamaica could reach as much as 18.42 billion dollars. Using a 2011 population estimate of 2,889,187 means that every man, woman and child in Jamaica can theoretically expect to pony-up $6375 to pay for the FATCA Follies in their little corner of paradise where the per-capita GDP in 2011 was $9100. Anyone care to check my math?
Especially for poorer nations, there can be little doubt that a FATCA IGA amounts to nothing less than a suicide pact.