ExpatBriefing: French Lawmakers Seek FATCA Relief For Expats In France
By Fiona Moore, for ExpatBriefing.com 18 June, 2018
The French Senate on May 15, 2018, adopted the text of a proposed Motion for Resolution in principle, which calls on the French Government to negotiate with the US Government relief for French taxpayers that were born in the US and face US tax penalties having been unaware they would be covered by the US Foreign Tax Compliance Act.
FATCA requires financial institutions to report on the foreign assets held by their US account holders or be subject to withholding tax of 30 percent on their US source income.
The resolution notes discussions with US policymakers on the impact on so-called "accidental Americans" who have yet to renounce their US citizenship. It notes the costs and complexity of the process for expats of renouncing their citizenship.
The resolution calls for the French Government to negotiate with the US, either at national or European level, a free and simple procedure for French persons to renounce their US citizenship, or agree with US authorities that they should be absolved of their US tax liability.
Tags: Expatriates | Tax | FATCA | Withholding Tax | France | United States | Penalties | Compliance | Expats | Tax |
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