“The rule change followed legislation made in the wake of the financial crisis that was meant to help the U.S. government close the tax gap and combat tax evasion. But the FATCA rule change is shaping up to be an administrative and diplomatic nightmare for some foreign banks. For expats, it is complicating life overseas, curtailing opportunities in everything from jobs to getting bank accounts — and, of course, potentially raising their tax burden. Now, with the promise of higher taxes coming next year, many expats are saying enough.”
