FATCA – The view from outside the Homeland
Canadians of U.S. origin have been understandably very concerned about the possible coming of FATCA. They are watching as the banks are encouraging the various governments to “throw them under the bus”. Why? Because of their past connection to the United States. Those Canadians of U.S. origin – who may also be U.S. citizens – are in the untenable position of:
1. Being presumed to be criminals by the the U.S. government;
2. Being a threat to the Canadian economy where they reside.
Bottom line: Nobody likes Americans abroad. They are under siege.
The following tweet references a FATCA article that captures the sentiments of those Americans abroad who have a consciousness of FATCA and U.S. citizenship-based taxation:
The above tweet references an article published on August 25, 2013 at the New York Times. The article is popular and as of now has generated almost 600 comments. It’s a very interesting article because it dispels the myth that all Green Card holders want U.S. citizenship. The article highlights the fact that there are many Green Card holders who choose NOT to become U.S. citizens either because:
– they are indifferent to U.S. citizenship and don’t have a compelling reason to get it;
– they specifically do NOT want U.S. citizenship.
The article focused largely on the connection between citizenship and identity. Interestingly there is no mention of the FBAR fundraiser or other injustices to which immigrants have been subjected. It is full of interesting and instructive comments.