Nearly half of US nationals living abroad would vote for a presidential candidate who promises to make a move to repeal US’ controversial global tax law FATCA, which will be turning a year old on 1 July 2015, according to a global poll conducted by deVere Group.
Out of 370 expats who participated in the survey, majority (48%) of respondents nodded in the affirmative when asked whether they would vote for a presidential candidate that opposed FATCA and pledged to repeal the law.
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However 29 % of the respondents said ‘no’ to the same question, while 23% said they ‘didn’t know.’
Commenting on the poll, deVere Group founder and CEO said: "FATCA is a huge, costly and burdensome imposition on ordinary Americans who happen to live and/or work outside the US. In addition, due to the onerous and expensive impact of FATCA, many non-US financial institutions, such as banks in other countries, now no longer work with Americans – even if they have been clients for decades. Clearly this makes life extremely challenging for the estimated 7.6 million US citizens."
FATCA requires additional reporting requirements for all US citizens overseas. It also requires all non-US financial institutions to report directly to IRS the financial information of American clients with accounts holding over $50,000.
Till now, over 80 countries have inked the intergovernmental FATCA deal with the US government, while about 77,000 foreign financial institutions have signed up with the IRS.
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By GlobalData
