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If you’ve never heard of the Foreign Account Tax Compliance Act (FATCA), you’re not alone.
Few people have, and even fewer fully grasp the terrible things it foreshadows.
FATCA is a U.S. law that forces every financial institution in the world to give the IRS information about its American clients. Complying with it is a huge financial and administrative burden, measured in hundreds of billions of dollars. It’s a paper shuffler’s dream come true.
FATCA is the reason the vast majority of banks, brokerages, and other financial institutions outside of the U.S. shun American clients.
I was just in Singapore, which has one of the soundest banking systems in the world. I can personally attest that banks there treat potential American clients as radioactive liabilities to be avoided.
This is how FATCA makes it much more difficult to move money outside of the U.S. Combined with other costly, extraterritorial U.S. regulations, the law amounts to de facto capital controls.
It’s no surprise so few people understand FATCA. Governments and institutions often give their most dangerous laws and schemes dull and opaque names to cloud their true purposes.