Banking and reporting problems for Americans abroad

“My major U.S. bank 'fired' me when I moved abroad.”

-Rebecca Lieb, PhD

Dear Congress,

I am from New York City. I moved to Greece in 2018. 

The main problem I have faced due to double taxation is the unfair, time-consuming and above-all costly burden of quarterly tax filings, for which I must pay a U.S.-based accountant, not to mention the time and effort involved with additional requirements such as FATCA filings. 

I have worked in several other European countries where simply getting a paycheck can be incredibly difficult. Most European banks, unwilling to shoulder reporting requirements, simply refuse to open accounts for American citizens. 

My major U.S. bank also 'fired' me when I moved abroad. Many U.S. financial institutions no longer serve expat clients since the reporting obligations required by the Patriot Act. 

Law-abiding taxpayers are treated like tax cheats and money launderers for the crime of living and working abroad. In a world where the economy is increasingly global, this is short-sighted and ultimately detrimental to the interests of the United States and its entrepreneurial expat citizens.

With the exception of Eritrea, the United States is the only free country in the world that places these costly burdens on its expat citizens. This global perspective underscores the urgency of the issue. 

It would be cheaper for me to renounce my citizenship than to continue to shoulder these costs from afar. 

I urge Congress to consider the broader implications of a global economy that must embrace rather than hinder highly-skilled, mobile professionals and end the unfair practice of double taxation.

Sincerely, 

Rebecca Lieb, PhD