FATCA, the expatriate financial reporting law, has been a compliance nightmare for many ordinary Americans abroad, and soon it may vex the British royal family. Depending on how and whether Prince Harry mingles his finances with those of American-born fiancee Meghan Markle, various aspects of Crown finances might have to be reported to American authorities. “The United States and Eritrea are the only countries in the world that tax based on citizenship, rather than residency.” [Suzanne Lucas, Evil HR Lady/Inc.; Amy Alkon] More: Andreas Kluth, Bloomberg.
4 Comments
Thanks, Walter. It’s sick and crazy that so many Americans are being put in a position where they have to renounce their citizenship.
I just closed my bank account in France, because the bank had to charge me a monthly fee for the “privilege” of having an account, as an American. It is very difficult to open an ordinary checking account outside the US, now, as a result of FATCA, which makes it difficult, and sometimes impossible, to live in foreign countries.
One wonders whether this is part of a deliberate plan to try to get US citizens to come back home, where they can be more easily monitored and controlled.
Naw, they just want your money. Not you personally.
Who gives a damn about some second rate actress who married a guy that’s fifth in line for the throne? What I’m outraged about is that Tina Turner had to renounce her citizenship when she married some rich Swiss guy!