Purpose Of This Post – The “Readers Digest” Version
Through the #FATCA IGAs the U.S. has effectively (1) forced other countries to build an extra-territorial jail for those found to be US citizens (2) lock them up and (3) throw away the key (bc US citizens are the permanent target!!) Learn why here … https://t.co/jsm7uQoG21 pic.twitter.com/uLIMRoDViU
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) December 8, 2022
FATCA is administered through the FATCA IGAs (international agreements) and not through the U.S. Internal Revenue Code (domestic law of the United States). the FATCA IGAs do NOT include a provision to change the meaning of “U.S. Person”. Rather the meaning of “U.S. Person” is permanently defined as a “U.S. citizen or resident”. There is no provision in the IGA to change this definition. Therefore, the IGAs are written so that they will ALWAYS apply to U.S. citizens regardless of whether the U.S. continues citizenship taxation.
In effect, implementing FATCA through the IGAs has had the practical impact that:
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