I was recently interviewed by Newsweek for a story covering FATCA and its effects on US citizens abroad, as well as the perceived impact it has had in causing many individuals to give up their US citizenship. The questions asked by the reporter, Barbara Stcherbatcheff, were quite illuminating; my responses even more so. Many of my statements did not make it into the ultimate Newsweek article, but I believe readers will find the entire interview most revealing. Read on, and learn the true FACTS behind FATCA.
1. NEWSWEEK: The compliance cost of FATCA to financial institutions alone has been roughly estimated at US$8 billion a year, approximately ten times the amount of estimated US tax revenue estimated to be raised ($792 million.) Unusually, FATCA was not subject to a cost/benefit analysis by the Committee on Ways and Means. So why do you believe that Read more