Banks the world over used to go GAGA for Americans —now we’re HIV+ lepers.
The IRS went to all major overseas banks and said, “Ya know we can’t FORCE ya to give up all financial info on Americans keeping accounts with you..”
(throws switchblade into dart board for effect)
“...but if we find a SINGLE case of an American depositor who has evaded US tax..? Well, we’re going to charge you a 30% penalty on EVERY transaction you had that went through ANY American bank during that year -maybe BILLIONS of transactions. CAPICHE..?”
Voila..!
They don’t want to hear from ANY of us —just TOO risky to accept deposits from Americans.
We got that after A SINGLE black Prez.
THANK YOU, OBAMA. Now we really ARE ugly Americans.
You’re right, of course, about how difficult it is to get a bank account abroad and that many banks won’t even accept Americans under any circumstances.
Vanuatu is a great place, and the national bank doesn’t provide the IRS with any info. Of course this was last time I checked about 2-yrs ago or so.
And where are the bank-owned Republicans on repealing FATCA? Except for Rand Paul not one peep out of them.