The American Expat Financial News Journal (June 11, 2021)
Looming confrontation seen between U.S. and its FATCA signatories, as 'FATCA II' takes shape in Washington
"Charles Bruce, an American lawyer based in Washington, DC and London who serves as legal counsel for the Washington-based American Citizens Abroad, believes there is at least a chance that the 'strong compliance legislation' widely expected to emerge from Congress imminently, which is likely to include requirements for obtaining 'additional information about Americans' accounts and other assets outside of the U.S.,' could present opportunities for the accidental Americans and other expat Americans 'to get some relief' as a result of the reopening of discussions with U.S. officials.
Bruce – who at the beginning of his career worked for the U.S. Senate Finance Committee, among other key organizations in the international tax and law sectors – stressed that his opinions were his own. But in his personal opinion, when the U.S. seeks to introduce new regulations aimed at fixing some of the major problems with the U.S. personal tax regime, 'a spotlight will be thrown' on the accidental American situation in particular, and that 'true long-term resident-abroad Americans could be taken out of the [citizenship-based tax] system, with no revenue loss and without creating new loopholes.'
'Accidental Americans who truly reside abroad should be delighted,' he went on.
'But the data and numbers will be key, for them and for everyone else. And at the moment, as has been pointed out many times, the data on Americans living outside of the U.S. is extremely poor – which is why ACA is adamant about the need to get the numbers now, and is revisiting the numbers issue with the District Economics Group.'
'Data and numbers are the 'coins of the realm' in Washington.'"