Forex

Forex

Originally shared by Ralf Haring

"This has been the case in the US since the Civil War in the 19th Century and until recently really only affected the rich. Americans abroad are given a yearly allowance of $106,000 (£73,000) before double taxation kicks in. But Fatca expands the scope of what can be taxed, and places a burden on foreign banks to identify US citizens among their customers to US tax authorities. The penalty for failing to do so can be as high as 30% of all a bank's dealings with the USA."

"As a result, ordinary Americans abroad are being denied access to basic banking facilities; banks would rather refuse US citizens' custom than run the risk of hefty penalties. "I went to one and as soon as I typed in I was born in the United States, there was a big set of red letters that said 'No to US persons'," says Jane. "I've got to pay my bills, I've got to buy food - I've got to have a bank.""

"For people like her the only option is to renounce their citizenship, and this is causing such a backlog of paperwork that in November, the fee for renunciation was put up to $2,350 - an increase of about 400%."
http://www.bbc.com/news/35383435

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