PETI petitioner calls on EU to exempt EU-resident 'U.S. persons' from MiFID II/PRIIPs rules

An American resident in the Netherlands who, like many other American expats in Europe, has been frustrated by his inability to invest in the vast majority of regulated investment products because of his "EU-resident, 'U.S. Person'" status, is calling on the EU Parliament to exempt him and others in this category, on request, from its MiFID II (Market in Financial Instruments Directive II) and PRIIPs (Packaged Retail and Insurance-based Investment Products) regulations.

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Issue of alleged FATCA-related breaches of EU law poised to move to center stage, as latest PETI petition filed

The Nederlandse Accidental Americans (NLAA), an organization that advocates on behalf of accidental Americans who are residents and citizens of the Netherlands, has joined forces with a group representing some individual European investment bankers and former bankers to file a petition calling for change in the way that the EU allows companies and governments to share the personal and financial data of so-called "accidental Americans" who happen also to be EU citizens. 

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'Unintentionally American' ex-KLM pilot now takes his fight to keep his Dutch bank account to EU Parliament

Ronald Ariës, a retired Dutch airline pilot who was born in the U.S. but grew up with his Dutch parents in the Netherlands, has taken his fight to be allowed to keep his Dutch bank account – without being forced to agree to U.S. demands that he acknowledge what it regards as his American citizenship – to the European Parliament, by filing a petition with its Committee on Petitions (PETI).

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Frustration for France's Américains Accidentels as FATCA reciprocity amendment fails to advance

A planned amendment to a bill currently making its way through France's legislature that would have mandated a change in an existing FATCA "intergovernmental agreement" currently in place between France and the U.S. – which would have obliged the U.S. to provide the same information to France about its citizens' U.S. bank accounts that France forwards to the U.S. about French accounts held by American citizens – was withdrawn at the last minute on Friday. 

  • Tax

France's National Assembly to discuss FATCA reciprocity proposal on Friday

France's National Assembly is set to meet tomorrow to discuss a plan calling for a change to an existing "intergovernmental agreement" currently in place between France and the U.S.  – introduced to enable French financial institutions to comply with the U.S. anti-tax evasion law known as FATCA – that would oblige the U.S. to begin delivering on the "reciprocity" of information exchange that certain French lawmakers say their government understood to have been part of the IGA deal at the time it was agreed to by both parties in 2013. 

  • Tax

23-page EU Council 'working paper' on AEOI regs emerges, prompting concerns

A "Working Paper" issued by the European Council on Sept. 11, four days before the European Data Protection Board was due to meet to discuss how the EU should best prepare to participate in the worldwide move towards ever-greater automatic exchange of information, is being seen by some observers as an indication of the willingness of EU governments to take measures behind the scenes aimed at quietly ensuring a consistent pan-EU data protection message that also fits in with their "Realpolitik" objectives – including avoiding a public, political showdown with the U.S. over FATCA.

  • Tax

FATCA petition in Germany, as 'accidentals' and others reported to struggle with banks there too

A German citizen has posted a petition on the website of the Deutscher Bundestag (German Parliament) which calls on the  German government to intervene with respect to the difficulties many "German citizens" are struggling with as a result of the American tax evasion law known as FATCA – and says he is hoping for "wide support" from "accidental Americans" as well as other American expats and even non-Americans who simply care about privacy and data protection issues. 

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French finance minister reassures French banks over FATCA concerns, on eve of TIN reporting deadline

On Tuesday – the last day before all non-American banks and financial institutions around the world were officially required to supply the U.S. authorities with the so-called Tax Information Numbers of all their American clients, or potentially be in breach of the Foreign Account Tax Compliance Act – French Finance Minister Bruno Le Maire issued a statement reassuring France's banks with respect to any American account-holders whose TINs they still don't have.

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Opinion

You really know you're an American expat when...

You really know you're an American expat when...

Like folks everywhere, Americans are often surprised to discover how different things can be when they live abroad. Sometimes the differences are small; sometimes they're hilarious. In recent years, as...

Nov-25-2021