Let’s hope that the meeting does take place, and the EU can clarify the realistic consequences of the FATCA proposals. The EU response submitted was one of the most complete. Some media reports of the last several months indicate that even the US based organisations realise (finally) there are complicating effects for them as a result of the enactment of the legislation.
For the USC’s living abroad, it means more reporting, but hopefully that’s all. One would hope that all sums tally between FBARs, 8938, and the 1099’s from the non-US banks. The real problems will come from the non-US banks decision agreeing to the level of reporting. If it becomes easier to remove all US Persons from their books, then we’ll have much larger problems (like being trampled underfoot).
Following posts on the EnglishForum.CH indicate that, for now, even USC’s who are clients of USB are having only minor difficulties (all US Person accounts must be administered from Zurich, but still allow local branch servicing). New accounts might be a different matter. Perhaps an EF.CH user might be able to explain more, if they're out there. One would imagine that these accounts are identified to the IRS/Treasury, and the banks would be happy with that level of reporting. The USC’s who are faithfully reporting should notice minimal, and acceptable, changes. But if the IRS/Treasury insists on the 1099 reporting, then all bets are off.
