Here is some very recent activity from some members of the Government of three countries, France, Netherlands, and Canada — all making an attempt to protect their citizens from U.S. FATCA/citizen based taxation control. Compare the words used by the French/Dutch officials to those of the Canadian Finance Minister. See links for details:
From Bloomberg (May 15, 2019):
“France should renegotiate its FATCA tax treaty with the U.S. and consider unilaterally pulling out if it can’t win concessions to protect dual nationals, a French parliamentary report said…which was co-written by a deputy from President Emmanuel Macron’s party and one from the center-right opposition…”
The Dutch Tax minister Menno Snel says: “This week I spoke to a number of Dutch people who experience problems because of the American FATCA regulations…They are confronted with high costs and red tape, while they did not even realise they are liable for tax in the US…I am going to do my best to try to find a solution for these people while I am in Washington…”
Some comments on the Netherlands report on the American Expatriates FB site:
“Who knew the French and Dutch were so awesome!” “I’d love to say this gives me hope for Germany, but nope, German politicians are well aware of who their financial master is and are quite eager to engage in kowtowing.” “There are more Americans in Canada [what the writer might have meant to say instead: “Canadian citizens deemed by the United States to be U.S. citizens — being “deemed” by a foreign country does not necessarily make it so”] than anywhere else, and little pushback in general to FATCA, probably because bank accounts aren’t being closed. What pushback there is through the courts which the government is fighting us over.”
Canada is a proud supporter of FATCA, spending lots of money to defend itself in Plaintiff Gwen and Kazia’s kill FATCA IGA lawsuit now in Federal Court; however, in a May 21, 2019 letter to a Canadian citizen/resident, Finance Minister Bill Morneau explained his (modest) efforts in trying to reduce the impact of the horrific U.S. “transition tax” on affected Canadian citizens. Some excerpts:
“Dear Ms. XXX:
Thank you for your further correspondence … expressing your concerns regarding the transition tax on foreign earnings introduced by the U.S. and the impact of this tax. I want you to know I understand your frustrations. This is an issue we have heard about… The tax can put significant pressure on your financial situation.
“…Canadian officials have discussed this issue with U.S. officials on several occasions … Some actions have been taken… extending the deadline for people to elect to pay … in installments, allowing an additional year to pay….
…Our Government has taken steps … to make life in Canada more affordable — starting with a tax cut for the middle class… investments in families, seniors, [etc. etc.]
… Bill Morneau”
[Finance Minister of Canada]
Some comments on the Morneau letter on the AE FB site:
“On the upside, you got an actual response. On the downside, it’s a rather poor consolation to hear that one of the “actions taken” is an extended deadline for payment, installments, and an additional year. Big deal!” “Only politicians can spew so many words without actually saying anything”