FATCA Seen as Threat for Some Hong Kong Banks
Some Hong Kong financial institutions are refusing new business from US taxpayers due to the difficulties in complying with the Foreign Account Tax Compliance Act (Fatca), while others see it as an opportunity to gain market share.
"We're getting record numbers of inquires from US taxpayers thinking of giving up their US status," said Kurt Rademacher, director of international tax practice at Butler Snow, a US law firm.
"I've gotten hundreds of phone calls. I get lots of calls from Hong Kong. They say, 'It's too much trouble. I'd like to renounce it'," he said.
"If I sit down with wealthy Hong Kong families, at least one member or an in-law will be a US citizen or green card holder. Fatca affects a huge chunk of Hong Kong's wealthy," he said.
To address this topic we’ve prepared for International Man readers a free report called The American Expatriation Guide—How to Divorce the US Government. This report will guide you through the process of renunciation in amazing detail. To get a copy, simply log in to the International Man site and then go to the Free Guides & Resources section to download the PDF.