2 thoughts on “FATCA IGA”

  1. In researching another post, I was reading the Explanatory Memorandum for the FATCA Enabling Legislation.

    In the midst of the regulatory impact statement is the following paragraph (with footnote):

    US Citizens in Australia
    3.62 According to the 2011 Australian Census of Population and
    Housing, approximately 77 000(footnote 13) US citizens live in Australia. Of these,
    approximately 54 per cent are dual Australian-US citizens.

    Footnote 13: That is, born in the US, but reside on a permanent basis in Australia.

    It is clear from the footnote that Parliament did not consider the effect of FATCA on those US citizens born in Australia (the children of US citizens legally resident in Australia at the time of their birth). They probably also failed to consider that a reasonable proportion of those born in the US were young children when they moved to Australia and may have no remaining ties to the US.

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