Related rules have also made holding US accounts more difficult for Americans overseas. I had my retirement accounts frozen by their previous custodian: "Sorry, our regulator doesn't let us deal with Americans overseas." I'm unsure whether that was sincerely "doesn't let us" or meant "would require a paperwork burden we find unacceptable relative to the money you few guys make us" but either way I was given thirty days to move very-much-on-the-books money to another US financial firm.
It's annoying as heck, particularly as the burden falls mostly on folks who are coloring squarely within the lines. I pay enough for an accountant that I know with $10k of financial engineering the problem goes away for forever, which makes me think the guys with $30 million in untaxed capital gains that they're really worried about are probably not getting meaningfully inconvenienced by this policy.
It's annoying as heck, particularly as the burden falls mostly on folks who are coloring squarely within the lines. I pay enough for an accountant that I know with $10k of financial engineering the problem goes away for forever, which makes me think the guys with $30 million in untaxed capital gains that they're really worried about are probably not getting meaningfully inconvenienced by this policy.