“The overwhelming consensus back in the early days of the last century, was, ‘Why would an American want to leave their country?’ Yet out of today’s seven million US expats who are abroad, over one thousand this year alone have also chucked away their national identity. They have done so due to the impending FATCA rules which threaten their own financial planning continuity, cutting off access to channels of advice and financial management. The reporting restrictions to the American taxman – the IRS – that FATCA places on all non-US companies dealing with US clients are now deemed far too complex and costly for large institutions to comply with.”
