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FATCA is an Orwellian US law to track down US citizens in the world. It says it wants to collect 870 million USD in taxes each year, yet it costs unbelievable amounts of money to implement. While it may gain that much, at the same time it will lose about 820 million in lost revenues from US banks located overseas. In addition, this Orwellian US-citizen finder will cost up to 200 billion USD for the world to implement. Imagine the surprise that the children of temporary refugees (born in US and automatically US citizens) from the Cambodian crisis, Yugoslavian crisis, and other crises will find when FATCA goes out and discovers them and applies its US penalties upon them. Implementation costs are $20-$26 USD per capita in all countries of the world. That is the price for having banks search out and find the US citizens living in countries such as Kosovo, Azerbajzhan, Bahrain, Qatar, and UAE. These will be ratted out and ruined. Despite the fact that they may have left USA when they were 2 years old. FATCA is a dragnet, stop & Frisk of 8.7 million US citizens living overseas, 10's of millions of legal immigrants in USA, and their families. All in search of a few bad apples. 1984 is here, now. ============================================ FACTA only affects people who do not report foreign accounts and/or income. Some dual-citizenship holders are caught up in the process. But, then again, I do not believe in dual citizenship as a flag of convenience to hide allegiance or funds from your host country.-- steve
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Jul 16, 2015