So, already 50 some odd replies and NOT ONE OF YOU concede the fact that literally NO-ONE gave a damn back in 2009/2010 when FATCA was passed. After all, it only applied to Foreign Bank accounts, and we know that only bad people have such things.
Oh, that expat lost his account because the bank he did business with for years said they won’t comply so the closed all accounts with Americans? So sorry.
That the Treasury can now see every single movement on my account? I have nothing to hide, so why object?
That my non-citizen wife (no green card) would also have to report HER transactions (i.e. the IRS knows what SHE earns, even if it is not taxable income in the US)? She was thrilled to learn this!
That any organization I may be a part of (such as the local Beer Drinkers Club) and occupy a position where I have financial signature authority has to report (includes businesses)? Gee, that sure makes it easy to move up the corporate ladder, be involved in the community.
All of that was okay with you. Now they are coming for YOU and suddenly the Constitution matters again.
Oh, I did.
Grandpa tried to buy a new card in 2010 (I think).
Tried to pay cash, as he had for decades.
You can imagine how that worked out.
It wasn’t just expats btw.
I also know a few who renounced their citizenship for the reason you said. One guy almost lost his job (had been in eastern Europe for ten years).