Scott Michel Quoted in the Wall Street Journal on Expatriate Foreign Bank Accounts
Wall Street Journal
Caplin & Drysdale's President, Scott D. Michel, is quoted in the October 19, 2012 Wall Street Journal regarding U.S. expatriates being turned away by Swiss banks concerned about the cost of complying with FATCA and the potential penalties for failing to report on their American clients. To maintain their foreign bank accounts, some U.S. expatriates are renouncing their U.S. citizenship. In an excerpt from the article, Mr. Michel remarked "In practice, people shouldn't assume they'll never have to deal with the U.S. again." Please go to the Wall Street Journal's website to read the full article.