I am writing to enliven a bit this thread, which - in fact - is crucial to many Yanks who live permanently in Europe.
FATCA is something that the EU accepted without any reciprocation by Europe. Which means what?
Well, as a European, it means that you don’t pay taxes in the US - but as a “financial institution/investor” it is possible that the US government will reciprocate with “your government” as regards accounts you hold in the US.
For us Yanks, it means that the local authorities might even ask for your last Income Tax declaration in France! Yes, that happened to me!
Anyway, the point of the matter is simple: FATCA was unilaterally imposed upon the EU. And, to my knowledge, without any approval of the European Parliament in Strasbourg. (Correct me if I am wrong on this one!)
Meaning further, it may be entirely possible to challenge the implementation of FATCA in EU countries.
Anybody interested in pursuing that line of reasoning? Meaning, yes, we have to go to a European court of justice to argue the matter before a judge or judges …