January 2018 JD Supra

A significant number of US Taxpayers living overseas have become “unbankable” where they live because of  high account servicing costs  for local banks (Foreign Financial Institutions – also known as FFIs) caused by the requirements of FATCA.  A number of FFIs will not open bank accounts for U.S. Citizens and/or U.S. Permanent Residents without a W-9, or other pertinent tax documentation.   For the Expatriates (Expats), there is the same complicated paperwork faced by other US Taxpayers, cumbersome processes and of course, the question of “fairness”. https://www.jdsupra.com/legalnews/why-are-us-citizens-renouncing-their-22824/