Power of Story Send a Tweet        

Share on Google Plus Share on Twitter 2 Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 5 (7 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   3 comments
Exclusive to OpEdNews:
OpEdNews Op Eds

FATCA Attack Around The Globe

By   Follow Me on Twitter     Message Lynne Swanson       (Page 1 of 3 pages)     Permalink

Related Topic(s): ; ; , Add Tags  Add to My Group(s)

Must Read 3   Valuable 3   Supported 2  
View Ratings | Rate It


Author 90196
Become a Fan
  (3 fans)
- Advertisement -
Americans living around the world are feeling under attack. This assault is not coming from terrorists. Rather, it is an attack on their personal integrity and  financial lives from the United States government, Congress, Department of Treasury, and Internal Revenue Service (IRS).

U.S. Treasury and IRS expect every financial institution on the planet to become their personal spies.

The Foreign Account Tax Compliance Act (FATCA), a law intended to combat offshore tax evasion by people living in United States, is instead snaring honest Americans living in other countries.  Some are as close as Canada and Mexico. Others are a world away in Australia or Africa.  

Those aren't places that usually come to mind when one thinks of tax havens.

- Advertisement -
United States was built by immigrants.  From around the globe, immigrants flocked to United States to build better lives for themselves, their children, and future generations. The melting pot of diverse cultures, races, and values helped build United States into one of the most powerful and prosperous nations on earth.  

Homelands of those immigrants did not stalk their emigrants or American banks for private financial information. If they had, those immigrants would have been unable to survive and raise their American-born children.

Yet, that is exactly what Americans living outside U.S. face now with FATCA.

- Advertisement -
FATCA demands every foreign financial institution (FFIs) in the world report on financial assets of "US persons" to US Internal Revenue Service beginning 2015.


Millions of Americans living around the world are caught in this nightmare.

Their reasons for living outside United States are as diverse as the individuals. They include:

Creating jobs and exports for United States through businesses abroad;
Career, employment, and entrepreneur opportunities;
Marriage to citizens of other countries and raising children born in those countries;
Making a difference working or volunteering in developing countries;
Seeking adventure;
Naturalized Americans returning to their homeland; 
Immersing in language and culture of another nation;
Myriad of other reasons.

These people are legal residents--and often citizens--of the other nation.

Canadians Protest Against FATCA
(Image by Brockers)
  Permission   Details   DMCA
- Advertisement -

Canadians Protest Against FATCA by Brockers

Many have been citizens of other countries for years or decades. Many have  every reason to believe they relinquished US citizenship when they became citizens of another country. US Consulates told them clearly and firmly their loss of US citizenship was "permanent and irrevocable" three, four, five, or six decades ago. They had no idea until recently that U.S. Supreme Court in 1986 reinstated their citizenship without their knowledge or consent.

Others hold dual citizenship with US and country of residence.

Many "accidental Americans" never lived or worked in US.  They were simply born in US to parents working or studying there temporarily. For some Canadians, their mother gave birth in the closest hospital to her home--across US border. Their entire lives have been lived as citizens of their home country only.

Next Page  1  |  2  |  3


- Advertisement -

Must Read 3   Valuable 3   Supported 2  
View Ratings | Rate It


Lynne Swanson is a retired human resources manager, writer and blogger. Born and raised in Pennsylvania, she has been a Canadian citizen for 40 years.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

FATCA: We Are Not Myths

FATCA Faces Tell The Real Story

FATCA Attack Around The Globe

Cruzing in Reverse