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by elygre
1847 days ago
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Does France require this information for French citizens who no longer live in France, but moved to (for example) the United States 20 years ago? Or, as in the case of a former partner of mine: She was born in the US, from Belgian parents who worked there for a few monhts, then moved to Belgium before her first birthday. When FACTA came into play she was in her thirties, and suddenly all banks were required to submit information about her to the US. Some (Belgian) banks told her they would cancel all services as long as she remained a US citizen. |
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No, my understanding is only if you actually have income from France – such as rental income. Income is income, and it seems fair.
I believe the US is truly exceptional with FACTA, but it’s probably only because of their current position that they are able to claim global jurisdiction over domestic legislation. If Iran passed such legislation, I doubt any banks would be allowed to comply. FACTA is often cited as a reason for people renouncing US citizenship.