Technically, you _can_ have a savings account, but the paperwork burden for the foreign bank is so high that it breaks that product's financial model, so, they

Technically, you _can_ have a savings account, but the paperwork burden for the foreign bank is so high that it breaks that product's financial model, so, they don't make it available to Americans. Living and working in Asia for many years, I always sympathized with the difficulties my American expat friends had in trying to open any sort of local bank account at all, even a current account. Most banks say no the minute they hear you're a US citizen. Not being able to open a bank account in the country in which you live has serious knock-on effects in terms of getting paid, or renting a home. I am eternally amazed that American citizens, who supposedly value personal freedom, put up with having one of the world's most aggressive tax regimes.