Thoughts on FATCA
The boundaries of the United States are the boundaries of the United States.
If a bank complies with FATCA by reporting an account to IRS, then IRS should notify the account holder that it is not necessary to report the account on a FinCEN 114. It should be noted that FinCEN stands for Financial Crimes Enforcement Network which is absurd because no crime is being committed by having a bank account. If you transport more than U.S. $10,000 across the U.S. border, you must complete FinCEN 105, which is simply a way to intimidate people by making them feel like criminals because they are bringing their vacation money with them instead of using a traceable bank transfer.
Banks in Canada should have the option of complying with FATCA or not. Somebody would surely open a small bank not interested in the New York and Chicago financial markets and plenty of FATCA victims in Canada would open accounts there, as would plenty of other Canadian residents as a matter of pride, the same as some depositors avoided banks that invested in South Africa during apartheid. Those banks complying with FATCA would have access to U.S. financial markets but many consumers do not need that.
Countries without FATCA IGA&3146;s