Like many people in Canada who still have American citizenship, Pat is both scared and angry.
Instead of each year hiring an accountant to fill out confusing US tax forms simply to declare she has no investments or income south of the border, Pat has quietly sent off a request by mail to “relinquish” her American citizenship.
Beginning this month, Canada’s largest banks are being required by Ottawa to hand over to tax authorities the financial information of every client with American citizenship.
About a million people in Canada hold an American passport, and many are racing to figure out their options in response to Canada’s February decision to cooperate with the U.S. Foreign Account Tax Compliance Act, best known as FATCA.
It's no wonder that Pat and millions of others are seeking to divorce the US government. 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.
Pat'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.