US Citizen? No Foreign Bank Account For You!

Activist Post ^ | March 26, 2014 | Jeff Berwick

[dontreadthis]

Many people laughingly remember the image of the Soup Nazi in Seinfeld. If you did anything out of order or that he didn’t like, “No soup for you!”

Sadly, thanks to the upcoming Foreign Account Tax Compliance Act (FATCA) in the US, banks around the world are turning away US passport holders, “No bank account for you!” But you don't even have to do anything wrong other than having been born a US citizen.

Decades ago holding a US passport was a ticket to worldwide opportunity. Today it is nearly the opposite. First it started with the erosion of the US's reputation as a bastion of freedom. Then, legislation-after-legislation made it nearly impossible to do business with US persons as the nation became increasingly paranoid and fixated with raising funds.

[An.American.Expatriate]

The shell bank doesn’t have any US depositors and the actual bank doesn’t care what US regulations are.

You don't have the whole story - every bank is required to certify that they either:
1. have no us account holders, or
2. any accounts of a us person, or where a us person has control, are reported and are not used to avoid taxation.

The "Shell" bank would be required to cease transacting with the actual bank.

To avoid the additional compliance problems - many smaller banks just outright refuse US Customers, in that way they can certify under rule 1. Most others force US Customers to sign draconian release documents which basically allow them to give my account information to any one they desire, at any time, for any reason AND, if any damages occur due to that release, I am the one that is responsible!

[An.American.Expatriate]

Here is a part of what I was forced to sign in order to continue having an account:

"The Client understands that the IRS and the Bank's US Custodian bank, if applicable, may further share the Data with third parties wherever located and whom they deem appropriate, releases the Bank from all liability in connection with the provision of the Data to the IRS and the Bank's custodian bank and assumes responsibility for all consequences and any damages that may arise at any time due to use of the Data by any such third party."

[bjorn14]

I hear Ted Cruz is working on it too.

[bjorn14]

If you are interested.

www.abolishfatca.com

[dontreadthis]

thanks

[Cringing Negativism Network]

America has been going the wrong way now, for an entire generation.

We have exported millions of formerly American jobs, and are racking up (enormous) levels of debt.

Enough.

Bring back American jobs, and stop buying imported everything.

Now.

[RWB Patriot]

This is why I’m not holding my breath on things improving anytime soon. We’re sinking deeper and deeper into a hole, and rather than trying to fix the problems, the government is just looking for more ways to loot.