Foreign Account Tax Compliance Act, or FATCA
letters to Martin Armstrong on FATCA.
She started work a few years and I warned her that as US citizen she should make a tax declaration in the USA on her world-wide income even when she work and get taxed in Belgium and has no income from the USA.
Her bank called a few weeks ago and told her that they wanted to close her bank account as on her profile they saw that she was born in the USA and because of this their procedures to comply with FATCA they did not want to service USA citizen anymore .
I advised her to go the USA embasy in Brussels and do the necessary work to cancel her USA citizenship . She was surprised that the fee for this was going to be 450 $ and that as of next week the fee would go increase to 2300$. ( talk about no inflation when paying taxes and dealing with the government !!!).
I wanted to report this to you so you get this story out because I found this an other example of the arrogance of the US Government and find ways to tax anybody in the world they feel. Fatca regulation seems to become an other opportunity to collect money to spend more I suppose.
Another Writes about simply trying to withdraw $13,000 in cash from their account: