American citizens contest reporting rules

The Geneva-based American Citizens Abroad has demanded that the United States rethink regulations being drafted to monitor assets held in foreign banks.

This content was published on June 16, 2010 - 12:06

According to the ACA, the legislation, called the Foreign Account Tax Compliance Act (FATCA) will have a severe, negative impact on American citizens living and working around the world.

This week the ACA sent a 13-page letter outlining its concerns to the Internal Revenue Service (IRS), members of Congress and other key figures, including President Obama.

Congress has created a “reporting monster”, the ACA believes, referring to how foreign banks and overseas US citizens will have to declare their assets. Some banks would be required to withhold 30 per cent of a client’s US source income as a guarantee.

"US citizens residing abroad are absolutely enraged by the FATCA legislation," said Jackie Bugnion, member of the ACA Executive Committee, "not only because of the compliance costs and discrimination, but also because the law de facto treats us like criminals, simply because we reside overseas."

Established 30 years ago, the ACA is a non-partisan, non-profit association.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.