In interacting with US expats around the world, the single greatest complaint I hear coming from the UK is that their government is doing little to support them.
Schroders’ managing director, Robin Stoakley, calls it “the elephant in the room no-one is talking about.”
According to Schroders’ estimates, FATCA will cost $500bn globally to implement and $10bn a year to run, and will bring in $1bn of revenue to the IRS annually, with the majority of the costs borne by non-US institutions.
Other estimates have placed the cost to the UK financial services industry alone at £400m, based on investments on behalf of US investors of £240bn.
My greatest comfort since finding out about my US tax obligations, FBAR, and FATCA has been the knowledge that the Canadian government understands what I am going through and has been working to protect me and my family. My heart goes out to expat families in other countries who lack even that.