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.”
-
-
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.)
-
It is also impossible to retire on money earned (legitimately) abroad.
#doubletaxed on all unearned income.#financiallycrippling
End of conversation
New conversation -
-
-
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.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
FATCA ought to be repealed.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.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
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*.
-
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.
- 7 more replies
New conversation -
-
-
don't forget about FBAR filing too, they are just as terrifying. (https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements …)
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
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.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
I usually forget to declare a million or 30 on my income -_-
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
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 …
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.