# "RPT-"Américains accidentels"-Des députés appellent le gouvernement à agir"



## underation (Oct 25, 2018)

*"RPT-"Américains accidentels"-Des députés appellent le gouvernement à agir"*

"RPT-"Américains accidentels"-Des députés appellent le gouvernement à agir"

https://fr.reuters.com/article/frEuroRpt/idFRL5N22B5AM

Also noted by Bloomberg:

"France Should Consider Abandoning FATCA, Parliament Report Says"

https://www.bloomberg.com/news/arti...nsider-abandoning-fatca-lawmakers-report-says


----------



## underation (Oct 25, 2018)

> Le Fur and Saint-Martin begin their report by explaining how France's .. [dual nationals] come to be subject to "considerable injustices in banking and taxation."
> 
> They cite three legal quirks that combine to cause the problems the accidentals are experiencing: the fact that it's possible to acquire American citizenship "simply by birth in the United States or by descent," without any need on the part of the individual to maintain ties with the country; the unusual, citizenship-based nature of the American tax system; and the introduction of "an extraterritorial law" (FATCA) in 2010, prior to which "the imposition of American taxation on American-born French nationals or [children of American parents] remained largely theoretical."
> 
> They go on to describe FATCA's effects on accidental Americans living in France as "the perverse and unforeseen effects of a commendable scheme for the fight against tax fraud and tax evasion in the context of the 2008 [global financial] crisis."


(from an item at a website americanexpatfinance.com)

Leaving aside the obvious fact that there's nothing "extraterritorial" about any of the FATCA IGAs, I do like the description of CBT as largely theoretical.


----------



## Bevdeforges (Nov 16, 2007)

The one thing you're overlooking here is that FATCA as it applies to the banks (and other financial institutions) is what drives the refusal of accounts, etc. It's the banks who decide whether they will just reject all "US persons" for accounts - based on the threat from the US that the banks of any country that does not comply with FATCA will be denied the right to operate in the US. (Relates not just to having US branches, but also to their ability to trade in US stocks on US stock markets.)

What they are talking about "renegotiating" involves not only FATCA but also the whole US-France tax treaty as well. It's a great idea, but don't hold your breath for any action in this direction.


----------



## underation (Oct 25, 2018)

Bevdeforges said:


> The one thing you're overlooking here is that FATCA as it applies to the banks (and other financial institutions) is what drives the refusal of accounts, etc. It's the banks who decide whether they will just reject all "US persons" for accounts - based on the threat from the US that the banks of any country that does not comply with FATCA will be denied the right to operate in the US. (Relates not just to having US branches, but also to their ability to trade in US stocks on US stock markets.)


Yes - but it’s the residence countries that have passed legislation requiring the banks to report accounts held by US-born individuals and it’s the residence countries which have signed treaties agreeing to share information about US-born residents with the IRS. It’s not extraterritorial law, it’s local law.



> What they are talking about "renegotiating" involves not only FATCA but also the whole US-France tax treaty as well. It's a great idea, but don't hold your breath for any action in this direction.


Indeed.


----------

