Americans abroad are giving up their citizenship as banks shut down accounts
I was personally bit by this (FBAR non-compliance). I worked abroad and was unknowingly violating it; found out about it from reading the news and hired a pro to extricate myself from the situation.<p>The bank account held five figures. The cost to come into compliance was low five figures. The potential penalties were easily high six figures. It was much larger than the either (a) my total earnings from 4 years abroad or (b) the maximum amount the account had ever held. I believe my tax guy was on the cheap end too.<p>I'm still angry about it; I feel like I was guilty of nothing more than ignorance. IMHO this is case of strict policies that were intended for rich tax evaders. And they're being retargetted at millions of expats & foreign nationals.