FACTA is coming July 1st. Already some 77,000 banks and foreign firms have signed up to rat-out Americans wherever they hide. While those who hate the “rich” cheer, what has been lost in this proverbial bureaucratic mindless rationalization of the real world is any understanding of how the world really functions.
Precisely like Obamacare that said everyone had to have maternity leave regardless of age, so even I lost my heathcare from Horizon Blue Cross, FACTA makes the same stupid conclusion. They assume ANYONE with a foreign account must be evading taxes. Hence, no American, including myself, can have an account overseas even when doing legitimate business.
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