Nigel Green, Founder and CEO of financial advisor, deVere Group, has launched a Washington, DC-based lobbying and media campaign to repeal the Foreign Account Tax Compliance Act (FATCA), which was signed into law by President Obama in 2010. He labels it “an extraterritorial diktat that burdens other countries’ financial institutions and their clients, which violates other countries’ sovereignty, and which is detrimental to their consumers and taxpayers. FATCA turns law-abiding, middle-class Americans living overseas, of whom there are approximately eight million, into financial pariahs, leading to record numbers of US citizenship renunciations.”
With Donald Trump’s election and a GOP-led Congress expected to pass a comprehensive tax reform package this year, Green may well get his wish granted. As co-leader of the campaign, he has turned to former US diplomat and Senate leadership staffer Jim Jatras of the media and government relations firm Global Strategic Communications Group (GSCG).
“Nigel’s deciding to step up to the plate is just tremendous,” says Jatras, who edits the online publication www.RepealFATCA.com. “Billions of dollars have been wasted worldwide complying with FATCA, billions of words have been written complaining about it. Now it’s time for action. When that tax bill gets to President Trump’s desk, we want FATCA repeal in it.”