Stephan: Overseas investment is not a trend that draws much attention, because only the rich can really play the game. But this change in the law, I believe, is going to have a subtle but very powerful effect. What I find notable is that banks and investment institutions in Asia and Europe, but particularly Asia, turn millions of dollars of American money away and don't miss it because of the vast new wealth being created outside of the U.S. Over time the effect will be to increase America's decline.
Go away, American millionaires.
That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business.
‘I don’t open U.S. accounts, period,
