Do you mean immigrants to the US? Yes, I suppose it all applies to them too. The point of FATCA originally was to catch people whole lived in the US but hid money overseas. So for us, our local account in the country we live in is considered suspect because to them it’s overseas. So any “US person” (a US government term which includes citizens but also people with green cards) with money overseas would have to report it the same way. And if that green card holder moves overseas again, if he doesn’t officially give up his green card he still gets treated like a “US person.”

I suppose the decision depends on whether you ever want to move back to the US. If not, then there are only disadvantages to keeping US citizenship, because you’ll have to file taxes and FBAR every year, even if you never owe a cent.

Thanks for the kind words, Larry!

Much as I renounced very reluctantly, things like the FAST legislation make me glad I did.

Yes, and the fear that you (or your accountant) might have made a mistake causes real stress! Sleepless nights, etc. Many Americans can’t renounce because they don’t have nationality anywhere else or don’t want to because of aging parents or other family in the US, so they want to be able to go back. This would hit them incredibly hard, and apparently appealing a fine is a lengthy and costly process.