Problem with this is third world countries where mendating to give SS number to the native bank as well as institution (or foreign tax authorities) to put US citizens and permanent resident at enormous risk of identity theft. In many third world countries; your personal and financial information could be easily circulated without consequences. In reality one become a marked individual not for victim of criminals and you have no effective legal protection in US as well as anywhere in the world. If what you are saying is true; in my opinion US government did not do a good job to guide treaty countries to efficiently and securly gather information. my other councern is the corruption and black market in third world countries. for example; if I am selling my foreign real estate; most proceed would be paid as soft money, dirty money, unaccounted money (whatever you call it). In the eyes of of US law it is a criminal act. On the other hand, would you and should you refuse to take fair market value of your own property and yet no one would believe that you behaved according to the law because of reality on the ground? There should be a way to protect the law abiding tax payers by US government as well as foreign government.
