Should The US End Birthright Citizenship? (by AA7295 Nov 27 2012 in Non Aviation)
It seems like FATCA was drawn up and designed to make ex-pats of the U.S. like criminals.
On that thread, Dreadnought responded to my post:
|Quoting Dreadnought (Reply 50):|
Quoting AirframeAS (Reply 49):
How is FATCA enforced in foreign countries that U.S. has no jurisdiction in?? I'm curious.
The US threatens the banks with retaliatory action, including confiscation and freezing of US assets. For major banks like UBS and HSBC, with assets all over the place, that is a real threat. It's blackmail, pure and simple.
For an American living overseas, it is now extremely difficult to find a bank who will take you as a customer - and in many countries, you simply can't live without a bank account. Your best bet is to go to a local private bank (IF they accept you - many simply don't want to do something illegal and at the same time don't want the bother of dealing with the IRS).
The Obama administration has turned all US expats into pariahs and treats them like criminals on the run.
Doesn't the European countries have a Credit Union type banks that are not covered by the FATCA rules? I still don't see how U.S. can strut it's stuff around, enforcing a law that has no jurisdiction in foreign countries abroad.
[Edited 2012-11-27 15:44:37]