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France Should Consider Abandoning FATCA, Lawmakers Report Says

May 15, 2019, 11:32 AM

France should renegotiate its FATCA tax treaty with the U.S. and consider unilaterally pulling out if it can’t win concessions to protect dual nationals, a French parliamentary report said.

FATCA, or the Foreign Account Tax Compliance Act, was passed in 2010 and forces banks wanting to operate in the U.S. to report any assets held by American citizens overseas. France signed up to FATCA in 2013, creating problems for many American expats and dual nationals who have since been rejected by retail banks seeking to avoid hassle and risk.

The parliamentary report, which was co-written by a deputy from President ...