‘Imperialistic’ FATCA is here, ‘dark day’ for U.S. Expats

‘Imperialistic’ FATCA is here – and it’s a ‘dark day’ for U.S. expats and firms operating globally

Today, July 1 2014, is a ‘dark day for the 7 million Americans living overseas and for U.S. firms that operate globally’, according to the chief executive of one of the world’s largest independent financial advisory organizations.

The assessment from Nigel Green, founder and CEO of deVere Group, which has 80,000 mainly expat and international investor clients, comes on the day America’s controversial global tax law, FATCA, (Foreign Account Tax Compliance Act) is officially brought into effect after years of delays.

Under FATCA, all non-U.S financial institutions are required to report the financial information of American clients who have accounts holding more than...