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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 11 Mar 2018
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      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.”

      2 replies 2 retweets 47 likes
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    2. Patrick McKenzie‏ @patio11 11 Mar 2018
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      FATCA compliance is the “Why would an American ever need to open a bank account abroad? Only for tax avoidance. Let’s force every bank outside the US to mandatorily report all their US citizen accounts to the IRS, forcing a sizable compliance burden.” law.

      7 replies 6 retweets 51 likes
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    3. Patrick McKenzie‏ @patio11 11 Mar 2018
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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.

      3 replies 1 retweet 48 likes
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    4. Patrick McKenzie‏ @patio11 11 Mar 2018
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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.)

      3 replies 0 retweets 13 likes
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      Patrick McKenzie‏ @patio11 11 Mar 2018
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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

      11:07 PM - 11 Mar 2018
      • 19 Likes
      • Magnus Petersen-Paaske Karim distantly social in 🇦🇹 серафими многоꙮчитїи Amir S Thijs Niks Nate Meyvis Benjamin vaibhav sagar
      9 replies 0 retweets 19 likes
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        2. Phil Dennis-Jordan‏ @pmjordan 12 Mar 2018
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          Replying to @patio11

          I suspect the biggest irritation is that many banks will outright refuse to open accounts for Americans. At least I’m told this is a major problem for Americans in Europe. (I’m neither condoning the US’s tax policy nor banks refusing business based on nationality.)

          1 reply 1 retweet 2 likes
        3. Jennsssssss‏ @jennSTweet8 8 May 2018
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          Replying to @pmjordan @CrossBriton @patio11

          It is also impossible to retire on money earned (legitimately) abroad. #doubletaxed on all unearned income. #financiallycrippling

          0 replies 1 retweet 2 likes
        4. End of conversation
        1. Mark Szepieniec‏ @mszepien 11 Mar 2018
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          Replying to @patio11

          Americans I know have been turned away outright by banks not willing to deal with the burden upon learning the applicant's place of birth.

          0 replies 1 retweet 5 likes
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        1. ValueStockGeek‏ @ValueStockGeek 12 Mar 2018
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          Replying to @patio11

          FATCA ought to be repealed. At the core, all it does is turn banks into a collections officer for the IRS. The money, time, resources, hassle for customers that go into complying with it are ridiculous. Every bank goes into overdrive to comply because the penalties are so severe.

          0 replies 2 retweets 3 likes
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        1. New conversation
        2. निर्भीक चौहान‏ @nirbheek 11 Mar 2018
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          Replying to @patio11

          The annoying part of FATCA compliance for the rest of the world is that in many places *everyone else* has to prove that they are *not american*.

          1 reply 1 retweet 4 likes
        3. Blue Ocean‏ @BlueOce75953561 12 Mar 2018
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          Replying to @nirbheek @patio11

          Citizens of each country should force their governments to standup to USA and not comply with one-way FATCA. They should also file a petition to the supreme court of the country to restore the sovereignty of the country by not enforcing US laws in their territory.

          1 reply 1 retweet 3 likes
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        1. isaac‏ @_wirepair 11 Mar 2018
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          Replying to @patio11

          don't forget about FBAR filing too, they are just as terrifying. (https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements …)

          0 replies 0 retweets 1 like
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        1. Bernard Van De Walle‏ @bvandewa 12 Mar 2018
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          Replying to @patio11

          expat from Belgium living in the US here. My Belgian banks forced me to close all my accounts once they learned I lived in the US because they didn't want to deal with it. A real pain.

          0 replies 0 retweets 1 like
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        1. Jay Looney‏ @jaymlooney 12 Mar 2018
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          Replying to @patio11

          I usually forget to declare a million or 30 on my income -_-

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        1. Heath Borders‏ @heathborders 12 Mar 2018
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          Replying to @patio11

          I sometimes think you moved to Japan just for the regulatory hurdles. Much how Dr. Whatley covered to Judaism for the jokes.http://seinfeld.wikia.com/wiki/Tim_Whatley …

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