FATCA Causes Some US Citizens To Consider Renouncing Citizenship

As a result of the recent Foreign Account Tax Compliance Act (FATCA) put in place by the United States, many U.S. citizens living abroad are considering renouncing their American citizenship. This is because the law now requires foreign banks to identify and share the account information of US account holders with the IRS. Institutions and taxpayers that do not comply with the law face strong penalties.