U.S. Expats Find Their Money is No Longer Welcome at the Bank
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FATCA, the Foreign Account Tax Compliance Act, continues its global impact. With the new regulations, foreign banks are required to report on the accounts of their American clients and the extra reporting requirements are causing some banks to close the accounts of US expats in order to avoid the hassle. Greenback Co-Founder and President David McKeegan weighs in on the ramifications for US expats and why talks of Americans renouncing their US citizenship are growing each year.
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