I don’t believe it for a minute. How are all those folks going to hide their billions? I cannot imagine Switzerland, Caymen Islands, etc are going to turn away the extreme wealthy Americans.
This hurts many, many more “little people”. I have no idea how US citizens can work abroad. Well, no problem - they can come home, be unemployed, and get a crazy check with a little ingenuity.
No, they turn away middle class expats - that’s who - making it much more difficult for them to do business overseas. There are reasons the Senate Parasite Class passed FATCA - and why Rand Paul is virtually the only member trying to reverse it.
Not only that, but it’d take just days to get a passport from another country if you know what you’re doing.
even back in the ‘90s, Jordan Belfort (Wolf of Wallstreet) had to use his wife’s aunt to open and fund a Swiss account, so I don’t know
“I cannot imagine Switzerland, Caymen Islands, etc are going to turn away the extreme wealthy Americans.”
That’s funny. This is not even an issue.
“those folks” are not we the rabble....don’t forget that......their laws affect only us...
Believe it. I live and work in Switzerland and a lot of Banks here are unwilling to comply with Obama’s edict, so, they simply refuse to do business with me. A lot of expats here have lost their mortgages as well.