US expats hand back passports to avoid tough tax rules

Pedro Gonçalves
US expats hand back passports to avoid tough tax rules

The strict tax rules imposed by the US government are making foreign banks and financial firms unwilling to do business with American expats. For many the solution has been to hand back their passports and renounce citizenship. The financial firms prefer not to have American customers because of the cost of complying with Foreign Account Tax Compliance Act (FATCA) rules, introduced in 2015. Under FATCA, foreign financial firms must report financial and personal information about any acc...

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