While this is not a question, it will

Uh oh. That sounds pretty bad.

I was reading about this recently too and even alerted my accountant, the threshold seems to 50,000 in your bank account, correct? Hopefully with more and more news about this being made public, they will look at these laws a little better.. it just seems very rash and irrational.. 

My understanding of the article is that the issue pertains to tax evaders. Pay the U.S. taxes owed, if any, and there is no problem.

I'm definitely interested in learning more about this topic. I would expect that investing in an experienced accountant/tax attorney would be the smartest first move with the new regulations.

I brought this discussion over from Facebook._____________________________The issue here is not about paying US taxes. This is about foreign banks refusing to allow Americans to own bank accounts of any kind because of the Foreign Accounts Taxation Compliance Act (FATCA). This law requires all foreign banks to disclose the financial information of any American with assets over $50,000 sitting in banks outside of the US. While the intent of FATCA is the US government's ability to identify tax cheats and to discourage potential tax fraud, the law is having unforeseen negative effects on US ex-pats.Even if you have less than $50,000, you are not immune from the law's effects. FATCA gives the US government far-reaching power into the affairs of foreign banks. These banks don't want the US government poking around in their business, so to avoid the possibility of excessive fines for even just one unreported account, many foreign banks are choosing to deny bank account access to all Americans.Because of this, many US dual-citizen ex-pats are being forced to renounce their US citizenship to maintain their banking privileges. Those Americans without dual citizenship can't find work abroad because FATCA is preventing them from acquiring an account with a local bank. Being unable to open and/or maintain a local bank account will prevent most Americans from working abroad legally.No one yet knows how pervasive this bank account problem will be for Americans living abroad. If the US government acts responsibly, it may become a non-issue, but that's small consolation for the Americans who have already felt compelled to renounce their US citizenship.----------(From Facebook) Armondo Ogden - Isn't there still Swiss and off shore accounts. Seems like there are plenty of options. I think people are losin their citizenship because it's not what it used to be. And would rather not be American at all----------Earl Owens' reply: The Swiss banking system has been cooperating with the Internal Revenue Service for a number of years now. Off-shore banks have continued to be a problem, but FATCA now overcomes that barrier. Note, that if you live and work in Italy, a Swiss or off-shore account won't help you. You'll need a local bank account.Foreign banks don't want the IRS meddling in their business and can still refuse to cooperate with the IRS, but if they do, the US government is now empowered to seize assets held in the United States. For every legitimate foreign bank this is a powerful incentive to cooperate. The solution for many banks, mostly those in Europe, has been to close the accounts held by Americans.----------To Armondo Ogden - I don't know your nationality, but I doubt there are many Americans who would take the forfeiture of their citizenship as lightly as you might suggest. Despite its problems, America is still the land of opportunity and the greatest country on Earth.

Thank you for posting this long and comprehensive answer, this is a fascinating subject to me as well as an expat here in Italy and I know that personally I would never want to have renounce my citizenship because of banking issues. The local feeling here is that everyone is trying to still figure out the exact logistics,I haven't seen many bank account closures in Florence from any friends here but I know that this subject has been spoken about. Let's keep each other posted on this one.. 

I recently opened a bank account in Italy, but I had to go to 4 different banks before I could find one that would allow me to do so.  As to bank accounts in Switzerland, I just read an article that said many Swiss banks are closing out accounts held by Americans, which includes any investments in retirement plans, which they are being forced to cash out.  The U.S. is making it quite difficult for us expats to live abroad.  I am not a dual citizen, so the idea of giving up U.S. citizenship is not one I would consider.  We will see what happens. 

Jackster - by chance which bank were you able to open your account with?  My husband and I are trying to do the same thing but having trouble finding one in Italy.

Unfortunately the money from individuals is just not significant enough for the banks. It's easier for them to simply refuse to open accounts for Americans, than to risk running afoul of US law. Too much paperwork and excessive penalties - just not worth it for the banks. Now if you have a large corporate account, that's a whole different story.

I got this surprise when I tried to open a bank account in France. Their reasoning behind my denial was simply that I was American, without going into much detail.About two years ago, I was able to open a joint account in France, but that might not be a viable possility for everyone. Who knows if that's changed now....

I had a bit of trouble with this too (trying to open a new account online) but they just basically wanted me to go in person and we were able to figure it out. 

FAST (Fixing America’s Surface Transportation) Act was signed into law on December 4, 2015. It affects any U.S. citizen with foreign employment/income/assets outside the United States.Passports and passport renewals may be denied to any taxpayer identified by the IRS as seriously delinquent. A seriously delinquent tax debt includes any outstanding debt for federal taxes in excess of $50,000 (indexed each year for inflation), including interest and penalties. Even if not meeting the definition of delinquent, the IRS reserves the right to deny a passport to any U.S. citizen not fulfilling their U.S. tax obligations.Passport applications may also be denied for any applicant for a passport if the applicant fails to provide a social security number or provides an incorrect or invalid social security number.____________________________________________Tips For U.S. Expats Coping With New FAST Law Affecting PassportsIf you’re a U.S. taxpayer living outside the country or otherwise have non-U.S. income or assets of any sort, don’t assume that the preparation of your tax return is easy and don’t assume that your tax preparer knows what they’re doing.If you have any of the following, you might consider your return to be some somewhat complicated: A foreign pension, non-U.S. investment funds, ownership of a foreign entity (company, partnership, trust, etc.), signatory or other authority over a foreign financial account, a foreign inheritance, expatriate benefits from your employer, stock options, earned income more than around $100,000 a year in a foreign country, foreign bank account balances over $10,000, foreign financial assets over $50,000, a non-citizen spouse, foreign life insurance, mortgage in a foreign currency, sale or rental of real estate outside the U.S., self-employment income and more.Read more:http://blogs.wsj.com/expat/2015/12/13/tips-for-u-s-expats-coping-with-new-fast-law-affecting-passports/