One other country does it too, Eritrea. The US actually practices both residence and citizenship taxation. Yes, it is widely reported that FATCA only pertains to bank accounts and offshore investments. The problem is, the US defines offshore as outside the US, no offshore from the residence of the account holder. And it is on everyday accounts. In covers all except Savings and Loans, which my employers will not send my pay to. According to the FACTA letter provided by my newest bank that was prepared by The Japanese Bankers Association, every single transaction is reported. From the letter. “If you are treated as a U.S. Person, we are required to periodically report your information such as name, address, account number, tax identification number, account balance, interest income, etc., to the U.S. tax authorities.” Then on the “Self-Certification for FATCA: waiver that must be signed our you can not open an account, we have the following. “I hereby express my consent to the bank that te bank report information about myself (name, address, TIN, transaction records (account balance, change in amounts, etc.)) the the Internal Revenue Service of the U.S. and to the Japanese Tax agency for the p”. Yes, it actually ends with a “p”. FATCA/FBAR/CBT reporting is no more accurate that reporting on covid.