Greetings USA – I advise YOU to write Congress to Reform FATCA Here is WHY?: Our dual-citizen children, who have never lived in the U.S., will have to file tax returns in the U.S. and pay taxes there if they are due. If FATCA is not repealed, they will also be shut out of the financial community in Europe, with the exception of a basic checking account, making life abroad untenable. They will also be forced to renounce their U.S. citizenship.
Our 16-year-old daughter has already received a letter from her bank terminating the brokerage account we set up for her four years ago to save for college. The letter stated that FATCA compliance will be so burdensome that the bank has made it a policy to close all brokerage accounts held by U.S. citizens. I have inquired everywhere – no other bank in Germany will open a brokerage account for her. Try explaining this to a 16-year-old who has voluntarily been making regular contributions to her mutual funds from her Christmas and birthday money to make sure we can afford her college education. She no longer thinks it is a privilege or honor to be a U.S. citizen.
FATCA must be repealed, and the U.S. must adopt taxation based on residence to stop discrimination again U.S. citizens residing abroad. Shared by James R Cathey Ph D Ordained Minister of Jesus our Lord since 1975