My wife and I had tentative plans to buy a place in Costa Rica, but put the plans on indefinite hold. FATCA was a consideration. It is now a pain in the ass for foreign banks to have USA citizens as customers.
Bill Clinton, way back when, signed a bill that would confiscate people's money, over a certain threshold if they renounced their citizenship (money that had already been taxed). My wife and I certainly do not want to renounce our citizenship, so that is not an issue, but spending a lot of time in a foreign home without a local bank account is a nuisance.
I understand the motive behind FATCA (our government needs every bit of revenue it can get, except of course from corporations and the super rich :-) but FATCA is inconvenient.
edit: that is confiscated a certain, sizable percentage of money, over a threshold
Bill Clinton, way back when, signed a bill that would confiscate people's money, over a certain threshold if they renounced their citizenship (money that had already been taxed). My wife and I certainly do not want to renounce our citizenship, so that is not an issue, but spending a lot of time in a foreign home without a local bank account is a nuisance.
I understand the motive behind FATCA (our government needs every bit of revenue it can get, except of course from corporations and the super rich :-) but FATCA is inconvenient.
edit: that is confiscated a certain, sizable percentage of money, over a threshold