NEDude
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- Joined
- Dec 12, 2001
- Posts
- 1,611
Are any guys working overseas starting to have issues with the FATCA law?
If you are unfamiliar, this is the U.S. law aimed at catching tax cheats and require all foreign banks report the accounts of any U.S. citizens and requires the bank to comply with U.S. banking laws. In many parts of the world banks have started closing the accounts of U.S. citizens rather than have to try and comply with U.S. law. There are many stories where U.S. citizens living in other parts of the world are now facing major disruptions in their lives because their ability to conduct their daily lives has been hampered due closed bank accounts. The number of U.S. citizens who gave up their U.S. citizenship in 2013 is 600% higher than in 2008 and many experts expect it to grow higher.
If any of you have had issues, are there large global banks that are recommended? I have heard HSBC is starting to close the overseas accounts of U.S. citizens so I would guess they are ones to avoid.
Thanks
If you are unfamiliar, this is the U.S. law aimed at catching tax cheats and require all foreign banks report the accounts of any U.S. citizens and requires the bank to comply with U.S. banking laws. In many parts of the world banks have started closing the accounts of U.S. citizens rather than have to try and comply with U.S. law. There are many stories where U.S. citizens living in other parts of the world are now facing major disruptions in their lives because their ability to conduct their daily lives has been hampered due closed bank accounts. The number of U.S. citizens who gave up their U.S. citizenship in 2013 is 600% higher than in 2008 and many experts expect it to grow higher.
If any of you have had issues, are there large global banks that are recommended? I have heard HSBC is starting to close the overseas accounts of U.S. citizens so I would guess they are ones to avoid.
Thanks