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Swiss banks reject Americans because of US legislation, namely FATCA (https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act http
by TechnicalVault 2y ago
Swiss banks reject Americans because of US legislation, namely FATCA (https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act https://home.treasury.gov/policy-issues/tax-policy/foreign-a...) Foreign Account Tax Compliance Act. It's introduced reporting requirements and thus massive costs in having US citizens banking with you, thus it's cheaper to just say no. Rational economic response.
- fakedang 2y agoI know about FATCA, but just to clarify, it's not just Swiss banks. A lot of European banks do so too, unless they're one of the super major ones.
- p_l 2y agoAnd all of them do that because of FATCA. Which frankly speaking should be rejected due to Congress reneging on their side of agreement.
- felsokning 2y ago>...because of US legislation, namely FATCA ... To be clear: The issue with FACTA is that saying "yes" to an American citizen (or national) adds costs to the foreign bank (in free labour on-behalf of the US). The US doesn't fund any of the work of reporting these accounts back to US. Its almost as if the US has internal sources of free labour and expects no repercussions from expecting the same from their international counterparts...