Invited as guest speaker by Democrats Abroad, Jean-Jacques Rommes (picture), CEO of the Luxembourg Bankers Association, provided an insight into FATCA and its consequences for the benefit of those most directly concerned by the legislation: US citizens living abroad.
As Americans living in Luxembourg, the audience was thus keen to hear how FATCA will affect them and their families. Although the actual implementation measures are not yet known, FATCA will have considerable negative consequences for any US citizen abroad. Yet, as Jean-Jacques Rommes illustrated, not only for them, but also for countries around the world, for banks and financial intermediaries and their customers (US or not), and, finally, also for the US itself. For European states, FATCA...
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