[An.American.Expatriate]

Please do - and stop taxing my income over here as well! I already pay taxes on it here.

[TheCipher]

FATCA, which was passed in 2010 by a Democratic Congress and enacted by President Barack Obama, requires law-abiding Americans with legitimate bank accounts outside the country and foreigners working in the United States to turn over information about their overseas holdings of more than $50,000.

Which is another way in which the IRS is screwing overseas citizens.There is another law that has been in effect since 1970 - FBAR- which requires reporting of bank accounts that hold a total balance of $10,000 or more. Failure to report results in a $10,000 fine and up to 5 years in jail for each year not reported. The IRS doesn't inform citizens about FBAR. They do about FATCA. So, someone who has say $20,000 in a bank account thinks they are following the law- since they did not reach the $50,000 limit under FATCA and does not file the paperwork on the account. Now the IRS can come after them for not filing the FBAR paperwork. If the IRS were truly honest ( I know, stop laughing ), they would at least change the FBAR limit ( which was set in 1970 ) to $50,000 to make it consistent with FATCA.

[Albion Wilde]

Is It Time to Repeal FATCA?

It's time to repeal FATCAT, this I can tell you.

[JimRed]

...requires law-abiding Americans with legitimate bank accounts outside the country and foreigners working in the United States to turn over information about their overseas holdings of more than $50,000.

$50K in total, or $50K per account? If the latter, look for lots of holders of multiple $45,000 accounts.