The Campaign to Repeal FATCA was launched in February 2017 by Nigel Green, founder and CEO of deVere Group, one of the world’s largest independent financial advisory organizations. Under his leadership we have one purpose: to get rid of the Foreign Account Tax Compliance Act. FATCA is a textbook example of a badly conceived, badly written, and badly enforced law that doesn’t achieve its stated purpose but does inflict an excess of bad consequences for citizens, taxpayers around the world, the global financial and investment sectors, and the principle of national sovereignty.
For years, with divided government in the United States, it seemed prospects for repealing FATCA were minimal. Faced with the threat of crippling sanctions, financial institutions and governments saw no alternative to submitting to FATCA.
But with the 2016 election in the United States, that situation has dramatically changed. The Republican Platform strongly called for FATCA’s repeal:
“The Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank and Asset Reporting Requirements result in government’s warrantless seizure of personal financial information without reasonable suspicion or probable cause. Americans overseas should enjoy the same rights as Americans residing in the United States, whose private financial information is not subject to disclosure to the government except as to interest earned. The requirement for all banks around the world to provide detailed information to the IRS about American account holders outside the United States has resulted in banks refusing service to them. Thus, FATCA not only allows ‘unreasonable search and seizures’ but also threatens the ability of overseas Americans to lead normal lives. We call for its repeal and for a change to residency-based taxation for U.S. citizens overseas.”
With both chambers of Congress under GOP control and a Republican president in the White House, there are strong expectations of a major tax reform law in 2017. The Campaign to Repeal FATCA is working hard to ensure that FATCA repeal legislation similar to that introduced in earlier Congresses by Senator Rand Paul (R-Kentucky) and Representative Mark Meadows (R-North Carolina) is part of the tax reform bill when it reaches Donald Trump’s desk.
To that end, Nigel Green has asked Jim Jatras, Managing Director of Global Strategic Communications Group and a longtime Senate Republican leadership staffer as co-leader of the Campaign on the ground in Washington. A crack team of professionals is hard at work with Congressional offices and committees, the Trump Administration, think tanks, activist groups, and media to do the heavy lifting to ensure FATCA repeal can successfully contend with other priorities seeking a place in the tax reform bill. We also are working with the Trump Administration to nullify a series of legally dubious (at best) “intergovernmental agreements” without which FATCA is unenforceable.