FATCA compliance is the “Why would an American ever need to open a bank account abroad? Only for tax avoidance. Let’s force every bank outside the US to mandatorily report all their US citizen accounts to the IRS, forcing a sizable compliance burden.” law.
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This is about the point where the Bitcoin folks chortle merrily at me for having to obey laws I disagree with as opposed to just breaking them with abandon.
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It’s a nuisance; adds about five minutes to opening bank accounts and about an hour of paperwork for the family every year. (I’m obliged to go down our list of everyone’s everything and report the peak balance in yen of e.g. my daughter’s piggy bank savings account.)
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I think the expat community is excessively terrified of it largely because the law as written allows extremely large penalties for non-compliance, but I haven’t heard much about them being issued except against folks who also might have forgotten to declare a million or 30 in tax
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End of conversation
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Does this process still come with a “write your PIN on this form for us?”
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