Record Numbers of Americans Resigning Citizenship



The number of Americans resigning their citizenship has reached record highs. Americans were thrown out of everywhere after FATCA was enacted. Due to FATCA, foreign institutions must report anything an American is doing outside the country or that institution’s assets will be confiscated. I myself find it impossible to do business internationally as I used to, for no foreign bank will allow an American to open an account. FATCA just assumes anything anyone does outside the country is to hide money. Even entering a partnership overseas does not help for any American involvement triggers their reporting requirements to the USA. So while there may be a threshold of $50,000, the net impact is that no foreign institution is willing to take the risk so they simply refuse to allow Americans to open an account.