3 ms·
These requirements apply to all American citizens, not only wealthy people. I lived in Switzerland briefly and had a bank account there; it was closed (along wi
by leereeves 5y ago
These requirements apply to all American citizens, not only wealthy people. I lived in Switzerland briefly and had a bank account there; it was closed (along with all other Americans' accounts) because the bank didn't want the burden of reporting.
As gutitout said, "the US goes so far that foreign banks would rather not deal with you at all." And the worst burden of that falls on average citizens living abroad, not on the wealthy who just move their money to a different haven.
- eevilspock 5y agoNot sure why you're getting downvoted. I have a close friend who moved back to Taiwan from the US and many banks have told her exactly this. She want to renounce her US citizenship because it is making life hard for her. (Note: I am pro all the reporting requirements. But the parent comment is factually true.)
- izacus 5y ago> These requirements apply to all American citizens, not only wealthy people. I lived in Switzerland briefly and had a bank account there; it was closed (along with all other Americans' accounts) because the bank didn't want the burden of reporting. Yup, can confirm - a large majority of smaller banks will not open a bank account for US citizens in Switzerland. The few larger ones will, but there's extra paperwork you need to fill out.
- deleted 5y ago[deleted]
- wil421 5y agoI have doubts about your statement that all Americans accounts were closed. The US State department says otherwise and provides links and resources. https://ch.usembassy.gov/u-s-citizen-services/local-resources-of-u-s-citizens/living-in-ch/banking-resources/ https://ch.usembassy.gov/u-s-citizen-services/local-resource...
- leereeves 5y agoSorry about the confusion. I meant all Americans' accounts with that bank, not all Americans' accounts in the entire country. That link also confirms what I said: it clearly says the reporting requirements apply to all "U.S. citizens and residents with...any foreign financial accounts", and it provides a list of some banks that still accept American account holders because many do not.
- wil421 5y agoMakes sense. My research also suggested it would be difficult outside of the major cities.