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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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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Three hypotheses that I suspect are all true: 1) Japanese banks are more exposed to FATCA compliance in their “core” customer base than your reference set. 2) I am an unusually good customer of the banking system and engineer it to give me good outcomes. 3) Harms are overstated.
End of conversation
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Just went through this for the accounts I still have in Europe. A pain every year, but got used to it by now.
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It's just five minutes for you, but it's bothersome for the bank. In the third world banks will sometimes refuse to open accounts for Americans either because it's too bothersome or because they are corrupt and don't want to attract attention.
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