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Comment: However, if you are seriously

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However, if you are seriously

However, if you are seriously considering becoming an expat, you can expect a visit from the tax man first:

"FACTA is the Foreign Account Tax Compliance Act of 2010, a way for the US government to increase revenue collection from foreign sources and combat those Americans who hide their wealth away in Switzerland protected by Swiss bank secrecy laws. It puts a burden on every non-US financial institution around the world to dig through their records and look for any indicia of US residence and/or citizenship among their clients and file reports with the IRS or else get penalized by having 30% of their US source income impounded by the IRS. The threat of having 30% of one's income withheld will make any financial institution dance to the beat of the US government's drum. But the consequence is that, in essence, what Congress, through FACTA, is telling American expats is that you are guilty until proven innocent and that one bad apple does indeed spoil the whole bunch. Reports abound about Americans being denied banking and financial services which has negative consequences for American businesses around the world and job creation in the US."