From Newsmax Business -
“The Foreign Account Tax Compliance Act (FATCA), while designed to “minimize tax cheats,” is making banking — and life in general — painfully difficult for millions of American expats, according to Mike Michelini, a Hong Kong-based business consultant with globalfromasia.com. Here is his editorial.
Under FATCA, all 8 million or so Americans living and working overseas must report all non-U.S. financial accounts to the U.S. government.
The ambiguities and complexities of reporting under FATCA mean that many expats, most of whom are not wealthy, spend thousands of dollars every year to ensure that they are in compliance.
However, this is just the beginning of FATCA’s ugly impact …”
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