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@AmerIronCurtain asks: 1. What would it take for Belgium to get out of the #FATCA IGA? 2. What would it take to get out of the #savingclause? 3. Does the Belgium decision mean that the #FATCAIGA is illegal? Interesting questions ...
https://twitter.com/AmerIronCurtain/status/1663939432184168449
1. Article 10 of #FATCA IGA contains a notice provision that allows each country to withdraw from the agreement. But, withdrawing from the agreement leaves Belgium "subject" (pun intended) to the direct application of FATCA rules in the IRC (1471 - 1474) home.treasury.gov/system/files/1… 
2. Par 4 of Article 1 of US/Belgium treaty contains #savingclause. Belgium agrees US can tax US citizens (with exceptions) regardless of treaty. Change requires treaty amendment. But US could suspend and allow US citizens to be treated as nonresidents. irs.gov/pub/irs-trty/b…
3. IGA probably NOT illegal, but #FATCA compliance violates #GDPR. Purpose of IGA was to allow data transfer without violating Belgium law. While Art 8 allows for amendment, Art 7 gives benefit of amendment to IGAs of all countries. home.treasury.gov/system/files/1…
Problem is Belgium decision means the whole purpose/intent of #FATCA violates #GDPR. Sole purpose of #FATCA is to ensure US citizens cannot have rights that may be available in other country. So, how can the #FATCA IGA be amended and retain its purpose?
Possible answer: #FATCA IGAs amended to incorporate "Same Country Exemption" (account "local" to the person it would not be "subject" to FATCA reporting). This would create a new set of issues ... citizenshipsolutions.ca/2022/07/14/h-r…
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