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Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. Here is Switzerland having a US passport is a good reason to be banishe
by greatpatton 7y ago
Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. Here is Switzerland having a US passport is a good reason to be banished from your physical bank very quickly. US passport holders are seen as a liability and not as a customer. That's also one of the reason that make renouncement of US citizenship quite popular in Switzerland if you have dual citizenship.
- raverbashing 7y agoThis. This is the right answer
- ttoinou 7y agoI've been told it's not just being US citizen but also, for example, being US tax resident for the current year
- Havoc 7y agoUS citizens and us tax residents are essentially the same burden here. Nobody wants to deal with that unless the potential profits outway the additional costs of the admin
- s_dev 7y ago>Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. So this is a competitive advantage of N26 over Revolut?
- beberlei 7y agomaybe they just don't know yet that they don't want to accept people with US passports :-)