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Again, IANAL, and I'm Canadian with a US bank account but yet to "do business" in the US (just having an expense account does not qualify in most/all jurisdicti

Again, IANAL, and I'm Canadian with a US bank account but yet to "do business" in the US (just having an expense account does not qualify in most/all jurisdictions): Having a US phone number does not make you a US resident -- but having a US bank account means proving to the IRS and your bank that they should not withhold any taxes on your personal account. Having a US phone number does not in any way on its own require you to fill out IRS forms. Having a bank account does because your assets could be frozen, hence W8 and W9. Having a company in the US means potential tax returns, because now you're officially doing business federally and also at a state level for your company. Even then, you are NOT a US resident personally, unless you physically reside within the US more than X% of the year. There are also many different tax treaties under which your W8 forms can provide exemptions, though some declarations might still require annual filing to declare you're not a resident, or pay taxes on dividends. Your US company is considered a US person, however.

germanier 11y ago
Sure, that is correct in theory. In practice most European banks won't touch you with a ten-foot pole if they even just suspect you might need to fulfill US reporting obligations. Therefore they use a much broader definition This is not only about tax but all the cost associated in dealing with all the forms which makes you an expensive customer.
- lstamour 11y ago
  But if you simply own shares in a US company, surely banks will deal with you then? Or if you get paid by a US company as a foreigner? It also is probably on a bank-by-bank basis that things are handled. FATCA was introduced in 2012 but it's been 4 years, long enough that there should be one or two banks at least who will play nice... To be clear, in Canada, my understanding is that it's very hard to get a bank account as a US person unless actually in Canada. But top banks and some credit unions are prepared to handle FATCA-required forms and reporting. Big difference too between foreigners with US interests and actual US persons with foreign interests, I would think...

germanier 11y ago

Sure, that is correct in theory. In practice most European banks won't touch you with a ten-foot pole if they even just suspect you might need to fulfill US reporting obligations. Therefore they use a much broader definition This is not only about tax but all the cost associated in dealing with all the forms which makes you an expensive customer.

lstamour 11y ago
But if you simply own shares in a US company, surely banks will deal with you then? Or if you get paid by a US company as a foreigner? It also is probably on a bank-by-bank basis that things are handled. FATCA was introduced in 2012 but it's been 4 years, long enough that there should be one or two banks at least who will play nice... To be clear, in Canada, my understanding is that it's very hard to get a bank account as a US person unless actually in Canada. But top banks and some credit unions are prepared to handle FATCA-required forms and reporting. Big difference too between foreigners with US interests and actual US persons with foreign interests, I would think...