March 18, 2022: FATCA turns 12

Twelve years after President Obama signed the Foreign Account Tax Compliance Act into law – buried inside a domestic jobs bill known as the HIRE Act  – legal and political challenges targeting certain of its key provisions are continuing to progress, albeit slowly, in various "hot spots" around the world.

And yet, one more year on, and Washington lawmakers have still done nothing to mitigate the difficulties that U.S. expats struggle with, as a result of FATCA, in spite of these expats' increasingly-exasperated calls, as well as yet more calls for change on the part of the U.S. from growing numbers of foreign government officials, especially in Europe.   

  • News

Americans and 'accidentals' in Europe react, after EU's Gentiloni quoted saying FATCA not a bloc issue

European Commissioner for the Economy Paolo Gentiloni has again drawn fierce criticism from Americans and accidental Americans in Europe, with his remarks on the the U.S. Foreign Account Tax Compliance Act (FATCA) – this time for saying that the European Commission is technically unable to directly address problems with "the monitoring and enforcement of EU data protection rules" that he acknowledges FATCA is causing. 

  • News

Time magazine is latest mainstream U.S. publication to run major story on plight of America's 'accidentals'

Time magazine, one of the longest-established and best-known weekly magazines in the U.S., has become the latest mainstream media outlet to run a major article about America's so-called "accidental Americans," and their struggles to maintain bank accounts in the countries in which they live and are citizens of, as a result of the controversial U.S. law known as FATCA. 

  • News

Mishcon latest: Files GDPR complaint with Luxembourg data protection agency

Mishcon de Reya, the London-based law firm that has been a hard-to-miss presence in European data protection matters over the past year, on Tuesday said it had filed "a lengthy GDPR complaint in two languages (English and French) with the Luxembourg National Data Protection Commission," as it sought to "bring together the concerns raised by the European data protection community and relevant European judgements."

  • News

MEPs, European 'accidental' petitioner slam lack of response by EU Commission to U.S. 'extraterritoriality'

A series of speakers, including four members of the European Parliament, on Tuesday slammed what they said was the European Commission's continued failure to take serious action aimed at addressing the banking and tax problems that thousands of American/EU dual nationals have been struggling with for years – problems that they said are expected to get worse if nothing is done.

  • News
Subscribe to this RSS feed

Opinion

Essential Financial Acronyms for Americans Living Abroad

Essential Financial Acronyms for Americans Living Abroad

The American Expat Financial News Journal’s “Essential Financial Acronyms for Americans Living Abroad” is designed to help our fellow Yanks in Expatland to navigate the international seas of the financial...

May-05-2022