Americans say FATCA hurts their careers

Most Americans who work overseas feel that FATCA negatively impacts their careers, and that compliance requirements are burdensome, says a new study released by the Americans Abroad Global Foundation and the University of Nevada. The study surveyed nearly 700 adults who live and work in more than 60 countries.

Key findings include:

• 78% of respondents say complying with U.S. tax law puts them at a professional disadvantage compared to others working in their countries of residence.
• The majority (86%) say FATCA needs to be reworked to allow Americans overseas better access to banking services in their countries of residence.
• Overseas Americans generally say the IRS isn’t keeping them informed about how to comply with evolving tax laws.

For more on FATCA, read:

FATCA: What’s happened and what’s to come

IRS puts FATCA tutorials on YouTube

Judge quashes attempt to kill FATCA

Tips for being FATCA compliant

Tips for U.S. clients on renouncing citizenship

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.