I saw this article in my Google news feed, and the title; “Managers prepare to Fatca-proof wealthy” caught my eye. This might be the next big development on the FATCA front.
Sure, my idea to buy the assets of US person’s prior to FATCA for $1.00 in order to allow them to renounce their US citizenship, pay the IRS 1/3rd of their worldwide income ($0.33) and then once complete for $1.00 plus .001% of their income still needed some work, but I thought this might be it.
Then I read the article…
It’s not at all what the headline claims it is, and I had to read it twice in case I was mistaken.
It talks about helping US persons comply with FATCA. Yawn.
How do you see US persons in foreign countries, ie/ Canada, coping with FATCA?