Opening a new bank account: “Oh I don’t need your passport.” “That’s fine I’ll just keep it out for when we get to FATCA compliance.” “Oh.” “Yep.” “OK I need to get someone who knows how to do that.” “That’s OK.” “I’m sorry you must get this a lot.” “Don’t worry about it.”
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This is about the point where the Bitcoin folks chortle merrily at me for having to obey laws I disagree with as opposed to just breaking them with abandon.
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It’s a nuisance; adds about five minutes to opening bank accounts and about an hour of paperwork for the family every year. (I’m obliged to go down our list of everyone’s everything and report the peak balance in yen of e.g. my daughter’s piggy bank savings account.)
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I think the expat community is excessively terrified of it largely because the law as written allows extremely large penalties for non-compliance, but I haven’t heard much about them being issued except against folks who also might have forgotten to declare a million or 30 in tax
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FATCA is also why why Norway asks this Frenchman living in Japan to sent them a sworn statement that I'm not a US citizen, or lose access to my bank accounts there.
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Sorry about that.
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it gets even worse when a non-US bank requires its (same nationality) customers to do the FATCA compliance hoops even when it KNOWS said customer has always paid taxes for entire adult life in that same non-US country… Yep, yep. (so far I've avoided signons or writing profanity)
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To be fair, it's not just USA doing that. All countries try, and a lot of them are fairly successful in causing regulatory burden on their citizens abroad.
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FATCA this year applies to over 100 other jurisdictions too.. OECD nations created Common Reporting Standard so there's 1 exchange format and "standard". What then? US decided to keep FATCA..so now there's duplicate exchanges to maintain
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#G20
#oecd@EU_Commission helped USA to become the largest, most secret and most tax-unfair#Taxhavens.#taxjustice#fairtaxation#socialrights#publicservices
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US residents need to be denied local bank accounts unless they stop harming expats with their extraterritorial interests.
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US needs to be kicked out of SWIFT until they stop harassing non-citizens who never were residents to begin with…
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