INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

First, U.S. investors living in Europe had to face FATCA. Now it’s the EU’s Markets in Financial Instruments Directive (MiFID II). 

Here, Jonathan Lachowitz, of Lexington, Massachusetts-based White Lighthouse Investment Management and chairman of the American Citizens Abroad, outlines the difficult position in which the legislation puts middle-class, overseas Americans when trying to buy simple exchange-traded funds (ETFs). (Such difficulties are, in fact, said to be behind reported plans by the European Commission, disclosed last week, to review and potentially make changes to the notoriously vast and complex MiFID legislation...)

IRS to non-U.S. banks: 'You don't need to close accounts of Americans whose TINs you don't have after all'

Under pressure from European banks in particular, the U.S. Internal Revenue Service has issued clarification with respect to a FATCA requirement that "foreign financial institutions" be obliged to provide the so-called Tax Information Numbers of their American clients from January, 2020 onward, which tax experts say means that banks now won't have to close the accounts of their TIN-lacking "accidental American" clients at the end of this year.

  • Tax

FATCA: The 2010 'tax evasion law' that's 'now an extra-territorial money-sucking machine'

Over the last few weeks and months, more media attention than usual has been paid to the 2010 Obama law known as the Foreign Account Tax Compliance Act (FATCA). And invariably, we have been noticing, journalists from respected media organizations like The Guardian and Financial Times newspapers in London keep referring to it as a “tax evasion law,” no doubt because that was its original purpose.

That may well have been true in 2010, says Toronto-based expat lawyer and expat rights campaigner John Richardson...

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Opinion

INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

First, U.S. investors living in Europe had to face FATCA. Now it’s the EU’s Markets in Financial Instruments Directive (MiFID II).  Here, Jonathan Lachowitz, of Lexington, Massachusetts-based White Lighthouse Investment Management...

Nov-20-2019