Notice 2023-11: A Significant Escalation of FATCA Enforcement On Foreign Banks and Americans Abroad

January 6, 2023 - Participants Include:

Keith Redmond @Keith__Redmond

John Richardson - @Expatriationlaw

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On December 30, 2022 US Treasury issued Notice 2023-11. The purpose of the Notice included a provision that allowed foreign banks to avoid a designation of "significant non-compliance" with the FATCA IGAs. This "temporary stay of execution" is available ONLY in return for heightened FATCA enforcement on both US citizens and the banks.

I have written the following two posts on this topic:

https://citizenshipsolutions.ca/2023/01/04/part-1-notice-2023-11-the-carrot-the-stick-and-heightened-fatca-enforcement-on-overseas-americans/

https://citizenshipsolutions.ca/2023/01/04/part-2-notice-2023-11-non-us-banks-may-be-forced-to-sever-ties-with-us-citizen-clients-because-of-fatca/

 

Joining me today is Keith Redmond where we discuss:

- what Notice 2023-11 really means

- What Americans abroad need to understand

- What options may be available for Americans abroad

"All Roads Lead To Renunciation!"