A dual national born in Seattle, Mr. Kish has lived in Canada since 1977. The 66-year-old works as a professor of psychiatry and pharmacology at the University of Toronto. He pays taxes in Canada but says the costs of paying an accountant to file a separate U.S. tax return will erode his retirement savings once he is on pension. "I, like many other U.S. citizens living in Canada, will have no choice but to renounce U.S. citizenship," he said.
U.S. expatriates have always faced a requirement to file IRS returns, but it was never widely enforced. FATCA was introduced to ensure their compliance. For his part, Mr. Kish became IRS-compliant about 10 years ago.
"There's very little awareness amongst the public in general on this," said one senior bank executive. "They don't understand that really the U.S. government has turned the world banking system into another collection arm for the IRS."
Mr. Kish’s story is unfortunately all too common. Many dual American-Canadian citizens are finding themselves in a serious bind due to FATCA, which has been dubbed “the worst law that Americans have never heard of.” See here for a detailed interview with another Canadian/American caught up in this mess.