Everybody hates FATCA and all its siblings — UK FATCA and
the multilateral pilot for automatic exchange of information.
Everybody, that is, except the US politicians who have convinced
under-informed voters it is the solution to their budget woes, and
professional services firms experiencing a significant increase in
their businesses.
US citizens living abroad have loudly expressed their discomfort
as many are being kicked out from their banks or handed significant
bills and additional fees to pay for the additional compliance they
require.
Most other Governments don't like it either, as the
additional resources required to comply are likely to exceed any
potential benefits – even under a reciprocal agreement under
which the US would provide similar information to them.
