Accidental Americans Sue Banks upholding FATCA

The US expat community had huge press coverage last week; over 300 accidental Americans residing in France have filed a class act again banks that uphold the FATCA, citing discrimination. The act has been triggered by the accidental Americans difficulty receiving loans and opening bank accounts, due to FATCA.

 If the lawsuit finds FATCA to be discriminatory it could have an impact far past the 300 Accidental Americans in France. The lawsuit is aimed to put pressure on the US to shift to residence-based taxation, repeal FATCA and permit accidental Americans to renounce their citizenship without cost.  

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