“FATCA is the hammer, and FBAR is the anvil.”
Republicans Overseas HK seeks to facilitate greater involvement for overseas Americans in United States politics, as well as work on issues that disproportionately impact overseas Americans.
There are several issues that impact overseas Americans much more strongly than they do homeland Americans. These include citizenship-based taxation, FATCA, and FBAR.
FATCA and FBAR have resulted in the closing of hundreds (possibly thousands) of overseas Americans’ bank accounts worldwide. More than 40,000 bank accounts were at risk in Europe, alone. FATCA is the hammer of regulations, but FBAR is the anvil.
Read further to understand why these regulations hurt overseas Americans.