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A comment on FATCA Pushes “Accidental” Americans to Give Up US Citizenship. Parent comment

Re:FATCA Pushes “Accidental” Americans to Give Up US Citizen... by clawoo on Sunday December 27, 2020 @11:24AM (#25552044)
Yeah, I was surprised the article completely glossed over why nobody outside the US wants to deal with FATCA, because on face value it sounded like a good tool to prevent money laundering and tax haven stashing.

But based on FATCA, only the other countries have a responsibility of reporting wealth information about US citizens, while if you are a Russian or a Brit or whatever you can safely stash all your wealth in the US if the tax regime is more lenient than your own country.

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Re:FATCA Pushes “Accidental” Americans to Give Up US Citizen... by KLexpat on Sunday December 27, 2020 @01:04PM (#25552872)
This is generally correct. One of the main effects of CRS being separate to FATCA is that a person from a CRS country like anywhere in the EU, UK, Aus, Canada, NZ... many countries... can hold assets in the US itself which is not a CRS signatory.
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