In a video posted on his personal website – www.nigel-green.com – the vocal deVere chief executive said the Foreign Account Tax Compliance Act (FATCA) is “horrific” not just for American expatriates but for the US economy.
In the video, which you can view below, Green said: “The estimated costs to banks is in the billions of dollars every single year.
“What are banks doing? It means they are seeking to avoid taking on American clients. So I am seeing American expats refused banks accounts, I’m seeing American expats struggling to get a mortgage. FATCA you see, sounds good, but then again so does communism – that sounds like a great idea – we’ll spread everything equally, sounds good, but it doesn’t work.”
Green also argues that, rather than “chasing a few US expatriates” which don’t pay tax (which he estimates to 4% of the total seven million), the US government should be making it more palatable for the likes of Starbucks, google et al, to return their profits to the US.
Towards the end of the video Green said: “American expats are rightly furious that they are the ones that have been discriminated against.”
