PUBLIC SUBMISSION

As of: 1/12/21 10:51 AM
Received: January 07, 2021
Status: Non_Public
Tracking No. 1k5-9l30-toes
Comments Due: January 15, 2021
Submission Type: Web

Docket: FINCEN-2020-0013
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Report 114, Report of Foreign Bank And Financial Accounts

Comment On: FINCEN-2020-0013-0001
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Report 114, Report of Foreign Bank and Financial Accounts

Document: FINCEN-2020-0013-DRAFT-0001
Comment on FR Doc # 2020-25216


Submitter Information

Name: D G

General Comment

I am not a financial professional or 'business person'. This is a very simple and personal comment on how FATCA and FBARs impact the life of an average working person and their family.

1. One of the primary burdens of filing FBARs is psychological. I find it distressing to be considered a criminal by the country of my birth simply because I live abroad,
2. To access the information required of FBARs by US citizens residing in the United States, as I understand it, would require probably causes, a warrant, and a subpoena. It is a further psychological burden to be denied the same legal rights as my fellow citizens for living abroad
3. My bank is not an 'overseas bank'. It is my local bank. I am (tax) resident in another country, and spend far less than 31 days in the US every year.
4. FBARs require me to file information on my joint accounts with my spouse, who is not a US citizen. This is a violation of his legal and citizenship rights, and his rights to privacy.
5. Because of FATCA and FBARs, in my country of residence I have been discouraged from membership of the boards of charities (data protection, sovereignty, and other legal and financial issues for the charity have been cited as reasons why) and from setting up my own charitable cause (amount of paperwork, stress, complex rules and regulations, coupled with risks of getting it wrong).I am prohibited from investing in local green energy and other ecological schemes. Reporting has had a direct impact on my freedom and desire to have a positive impact in my community.
6. I have real fears and concerns about the security of my personal financial data being transferred and stored. The recent hacks at the US Treasury have justified my fears and concerns.

I do not object to the aims of tax justice. It was recognised at least 10 years ago that FATCA and FBAR filing had negative unintended consequences for US citizens resident abroad for tax purposes and 'accidental Americans'. I hope this consultation will contribute to ameliorating those consequences.