Re:Why expat Americans are giving up their passports
by freddie_mercury on Wednesday February 10, 2016 @07:51AM
(#11072368)
"the recently pushed through changes that require foreign banks to report are really a huge burden"
The OECD is adopting CRS which is a wider-reaching version of FACTA. 51 countries are adopting it in September 2017. Another 34 (including Hong Kong, Switzerland, Singapore, and the United Arab Emirates) will adopt it a year later, in 2018.
I have (some) hope that what we're seeing now is the teething pains and they'll go away in a few years. But (as a fellow expat) I agree it is not a great time right now :(
The OECD is adopting CRS which is a wider-reaching version of FACTA. 51 countries are adopting it in September 2017. Another 34 (including Hong Kong, Switzerland, Singapore, and the United Arab Emirates) will adopt it a year later, in 2018.
I have (some) hope that what we're seeing now is the teething pains and they'll go away in a few years. But (as a fellow expat) I agree it is not a great time right now :(