Rand Paul and Five Expats Sue the Feds Over FATCA
4th September 2015
As has been noted frequently in this space, the odious 2010 Foreign Account Tax Compliance Act (FATCA), which requires foreign banks in U.S.-friendly countries to cough up information about and sometimes money from their American customers, has led to the predictable result of said financial instituions treating Americans like radioactive lepers. It’s not much fun to live in a country where you can’t open a bank account, and so record numbers of U.S. citizens—more than 14 per day, at last count—are simply turning in their passports.