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Yep, just see what happened with FATCA. Where is the US data on EU citizens hiding assets in the US? Are American's asked when they open a bank account if they

Yep, just see what happened with FATCA. Where is the US data on EU citizens hiding assets in the US? Are American's asked when they open a bank account if they are a citizen of another country? Every time I open an account in Switzerland I am specifically asked if I am a US citizen and many banks will not accept your business if you are. If the US bank doesn't hold up their part of FATCA nothing happens. If a Swiss bank doesn't follow FATCA they can have their ability to deal in dollars removed which is the death of a bank.

7steps2much 5y ago
What you are looking for is the Common Reporting Standard: https://en.m.wikipedia.org/wiki/Common_Reporting_Standard https://en.m.wikipedia.org/wiki/Common_Reporting_Standard So the information is still being exchanged, but as i understand it most stuff is essentially handled by local tax authorities, so for most people they don't need to care about it or fill out forms.
nitrogen 5y ago
Are American's asked when they open a bank account if they are a citizen of another country? As far as I remember, yes, asking citizenship and residency status is part of KYC (know your customer) regulations.
CogitoCogito 5y ago
Are American banks required by FATCA to report the same sort of data on EU citizens as EU banks are on American citizens? I.e. are you saying that the US isn't meeting its obligations? I always just assumed the US had negotiated an unequal deal. edit: Yeah so it seems FATCA never intended any sort of reciprocity: https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act#Criticism https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance... Also maybe my statement above "...the US had negotiated..." seems off since it doesn't really appear like the US negotiated much at all. Looks more like they just demand it. edit: Reading that Wikipedia article makes this seem like an even bigger clusterfuck than I ever expected and I have dealt with and hated the implications of FATCA for years.

7steps2much 5y ago

What you are looking for is the Common Reporting Standard: https://en.m.wikipedia.org/wiki/Common_Reporting_Standard https://en.m.wikipedia.org/wiki/Common_Reporting_Standard So the information is still being exchanged, but as i understand it most stuff is essentially handled by local tax authorities, so for most people they don't need to care about it or fill out forms.

nitrogen 5y ago

Are American's asked when they open a bank account if they are a citizen of another country? As far as I remember, yes, asking citizenship and residency status is part of KYC (know your customer) regulations.

CogitoCogito 5y ago

Are American banks required by FATCA to report the same sort of data on EU citizens as EU banks are on American citizens? I.e. are you saying that the US isn't meeting its obligations? I always just assumed the US had negotiated an unequal deal. edit: Yeah so it seems FATCA never intended any sort of reciprocity: https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act#Criticism https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance... Also maybe my statement above "...the US had negotiated..." seems off since it doesn't really appear like the US negotiated much at all. Looks more like they just demand it. edit: Reading that Wikipedia article makes this seem like an even bigger clusterfuck than I ever expected and I have dealt with and hated the implications of FATCA for years.