Notice 2023-11: A Significant Escalation of FATCA Enforcement On Foreign Banks and Americans Abroad

<p>January 6, 2023 - Participants Include:</p> <p>Keith Redmond <a href='https://www.twitter.com/keith__Redmond'>@Keith__Redmond</a></p> <p>John Richardson - <a href='https://www.twitter.com/expatriationlaw'>@Expatriationlaw</a></p> <p>_________________________________________________</p> <p>On December 30, 2022 US Treasury issued Notice 2023-11. The purpose of the Notice included a provision that allowed foreign banks to avoid a designation of "significant non-compliance" with the FATCA IGAs. This "temporary stay of execution" is available ONLY in return for heightened FATCA enforcement on both US citizens and the banks.</p> <p>I have written the following two posts on this topic:</p> <p><a href='https://citizenshipsolutions.ca/2023/01/04/part-1-notice-2023-11-the-carrot-the-stick-and-heightened-fatca-enforcement-on-overseas-americans/'>https://citizenshipsolutions.ca/2023/01/04/part-1-notice-2023-11-the-carrot-the-stick-and-heightened-fatca-enforcement-on-overseas-americans/</a></p> <p><a href='https://citizenshipsolutions.ca/2023/01/04/part-2-notice-2023-11-non-us-banks-may-be-forced-to-sever-ties-with-us-citizen-clients-because-of-fatca/'>https://citizenshipsolutions.ca/2023/01/04/part-2-notice-2023-11-non-us-banks-may-be-forced-to-sever-ties-with-us-citizen-clients-because-of-fatca/</a></p> <p> </p> <p>Joining me today is Keith Redmond where we discuss:</p> <p>- what Notice 2023-11 really means</p> <p>- What Americans abroad need to understand</p> <p>- What options may be available for Americans abroad</p> <p>"All Roads Lead To Renunciation!"</p> <p> </p>