PUBLIC SUBMISSION

As of: 1/15/21 11:51 AM
Received: January 15, 2021
Status: Non_Public
Tracking No. kjy-2li3-e8pp
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-0038
Comment on FR Doc # 2020-25216


Submitter Information

Name: Anonymous Anonymous

General Comment

Many expats are not even aware of what FBAR regulations are, but they create one of the most onerous filing requirements due to draconian penalties and outdated purpose. These regulations prevent me from marrying my long-term, non-U.S. citizen boyfriend, starting a family, and effectively saving for retirement because of the filing burden. It is wildly expensive and difficult to find an accountant who is knowledgeable in this area in Tokyo. I am an honest, hardworking, highly skilled American and FBAR regulations even prevent or dissuade financial institutions in Japan from doing business with me or require me to jump through insane hurdles just to have a debit card. These requirements simply do not exist in other countries. I am considering renouncing my U.S. citizenship because of the unfair tax burdens. The FBAR regulations must be eliminated.