Petros explains to the Daily Reckoning audience why Americans are renouncing their citizenship.
The argument in favour of the US’s citizenship based tax system has long been that citizens benefit from having an American passport, even if they don’t live in the United States. But for many expats, FATCA is tipping the balance and the US passport has become a liability. Expats living in Europe are finding it increasingly difficult to open bank accounts – a necessity of daily life. But European banks are simply protecting themselves from the exorbitant costs of FATCA compliance and risk of harsh penalties.