"Bank accounts, investment accounts, mortgages and insurance policies are being refused to American clients, and those with accounts are seeing them closed or have been threatened with closure," Marylouise Serrato, executive director of American Citizens Abroad, a Geneva-based organisation, said.America's technological advantage comes in part from immigrant entrepreneurs. If wealthy Americans start asking themselves which side of the wall they want to live on, most native Americans will pick the U.S., but many foreigners may prefer more favorable countries.
US citizens living in countries not served by US banks may find themselves unable to bank at all, and the law in its current form could damage US businesses abroad, she said.
"Americans either will not be allowed to enter into international partnerships or live and work overseas, and will be replaced by foreign nationals who do not have these limitations," Serrato said. "The extensive reporting requirements of Fatca will be destructive to those who wish to do business internationally as well as to those Americans who are legitimately living and working overseas."
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