Read the May 15, 2019 report to France’s National Assembly on the impacts of extraterritorial American tax legislation on French citizens called “Accidental Americans”.
The report was obtained through an American Expatriates FB post of Fabien Lehagre, who is at the Association des Américains Accidentels.
Google translate seems to do a fairly decent job in translation of the report to English.
Your comments on the report?
A few excerpts:
“Certain guarantees must be provided by the French public authorities. The priority is to force the banks to stop discriminating and to respect more the privacy of their customers, so as not to be more diligent than FATCA demands.”
“If no progress is made, denunciation of the FATCA agreement should be considered as a perfectly feasible option… On all these issues, a common approach must be sought and promoted at the European Union level.”
“…reduce the administrative costs of renouncing US citizenship by returning to their previous amount of $ 400 and exempt the most modest individuals from their payment…revise upwards the thresholds in the application of expatriation tax and for the departure tax system”
“The situation of “accidental Americans” is part of a larger problem: the extraterritoriality of certain standards adopted by the United States. Errors have been made: it is now up to Parliament to be more vigilant in considering international agreements, such as IGAs.”
“We may have gone too fast on the FATCA law, whose purpose is in itself laudable and positive, since it is the fight against tax evasion and tax evasion. It is therefore normal that France has seen an interest in a reciprocal exchange of data for its own nationals. The agreement, however, did not report more cases of fraud and tax exile to the French tax authorities, unlike the Americans, with collateral damage extremely damaging to “accidental Americans”.”
“In the eyes of the rapporteurs, the number [of “accidental Americans”] does not matter. In fact, all the elements gathered at the end of their mission – including 156 concrete and documented testimonies ( 9 )- characterize a reality: that of practices and obligations likely to infringe individual liberties, and this, on the basis of an agreement whose current execution calls into question the sovereignty and interests of France.”