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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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.
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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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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.
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