Why expat Americans are giving up their passports

Re:Why expat Americans are giving up their passports by geomark on Wednesday February 10, 2016 @08:49AM (#11072651)

For many people it isn't about taxes. It's the fact that due to FATCA they can't even have a bank account in the country where they have lived and worked for many years. Banks in some countries have closed the accounts of US citizens due to the cost of compliance with FATCA. Imagine suddenly being unable to cash your paycheck or pay your bills because as a US citizen you are a pariah to the banks of the country in which you live..

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Re:Why expat Americans are giving up their passports by c2h5oh on Wednesday February 10, 2016 @09:09AM (#11072775)

Cashing a paycheck is largely non-issue as cheques are almost gone in Europe (except France, UK and Ireland - but they're soon to be gone there too) - see https://en.wikipedia.org/wiki/Cheque#Europe

But it makes the problem even bigger, because there is a push to go cashless (like fines if you pay cash over a certain amount - starting around 10k euro) and it's working - Sweden has 40% less currency in circulation than 10 years ago.

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Re:Why expat Americans are giving up their passports by geomark on Wednesday February 10, 2016 @09:14AM (#11072805)

So you get can't paid at all because they don't issues checks, they direct deposit to your bank account, which you no longer have thanks to FATCA.

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