by Jeff Berwick, Dollar Vigilante:
Life is changing on Planet Earth thanks to little known legislation. Although much talked about in financial and banking circles, most of the world’s population is totally oblivious to it even if it might have major implications for their way of life.
It is the age of the Foreign Account Tax Compliance Act (FATCA). Foreign banks are forced to comply with crippling reporting requirements like never before. Serving US citizens would kill many bank’s business models so they are simply ceasing doing so.
Whenever a US taxpayer makes money overseas, and puts it into a financial account, their bank will have to gather documents for presentation to the IRS. Although Americans have always had to pay taxes on income earned abroad, in the old days it was easier to just avoid the taxes. That’s simply no longer the case except for technologies like bitcoin. The US has FATCA to that end, and other nations are jealous. It’s being dubbed “Fatca Envy.”
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