As America’s highly controversial global tax law reaches its first birthday, almost half of Americans who live overseas would support a presidential candidate who vowed to move to repeal it, reveals a new survey by one of the world’s largest independent financial advisory organizations.
In a global poll, deVere Group recently asked more than 370 of its American expatriate clients:
Would you vote for a presidential candidate that opposed FATCA (the Foreign Account Tax Compliance Act) and pledged to seek its repeal?
48 per cent said ‘yes’, 29 responded ‘no’, and 23 per cent ‘didn’t know.’
There are a reported 7.6 million Americans living and/or working outside the U.S.
Purportedly designed as a tool to counteract tax evasion, FATCA has resulted in additional reporting requirements for all U.S. citizens overseas. It also means substantial compliance obligations for all non-US financial institutions worldwide. FATCA critics insist that it will do little, if anything, to curb the serious global issue of tax evasion.
Under FATCA, all non-U.S financial institutions are required to report the hitherto private financial