Repeal FATCA campaigners have lifted the lid on some of the behind-the-scenes work going on for US expats in Washington.
The Repeal FATCA campaign is organised by Nigel Green, CEO of expat financial advice firm deVere Group.
On the ground in Washington is co-campaigner Jim Jatras.
Jatras is an attorney and managing director of Global Strategic Communications Group and a long-time Senate Republican leadership staffer.
While Green is the figure head of the campaign, Jatras and his team are on the ground in Washington to persuade President Donald Trump to repeal the Foreign Account Tax Compliance Act (FATCA).
Detrimental to taxpayers
The Jatras team is lobbying Congressional offices and committees, the Trump administration and other insiders, think tanks, activists and the media for support.
The aim is to repeal FATCA as soon as possible.
Introduced in 2010 by Barack Obama, FATCA demands foreign financial institutions reveal the personal details and account balances of any offshore cash or investments held by US taxpayers.
For US residents, FATCA is triggered by account balances of $50,000 in the year, while the limit is $200,000 for expats.
“FATCA is an extraterritorial diktat that infringes on countries’ sovereignty rights; burdens other countries’ financial institutions; and is highly detrimental to consumers and taxpayers,” said Green.
Pressure on Trump
“The law is irrevocably damaging to the 8 million Americans residing overseas, which, in turn has led to record numbers of expats renouncing their US citizenship.”
Green explains speaking out against FATCA was all he could do while Obama was president as he supported the law. Now, the Republicans have vowed to repeal FATCA – but the pressure is on to make this now rather than later.
“With Donald Trump now in the White House, and his tax reform package being introduced this year, the position has changed,” said Green.
“Jim sums it up perfectly when he says 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. We want FATCA repeal in the tax bill that goes across Trump’s desk in a couple of weeks.
Further FATCA Information and Guidance
For more information about FATCA complete the Get Advice form here.