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US Citizen? No Foreign Bank Account For You!
Activist Post ^ | March 26, 2014 | Jeff Berwick

Posted on 03/29/2014 7:50:16 PM PDT by dontreadthis

Many people laughingly remember the image of the Soup Nazi in Seinfeld. If you did anything out of order or that he didn’t like, “No soup for you!”

Sadly, thanks to the upcoming Foreign Account Tax Compliance Act (FATCA) in the US, banks around the world are turning away US passport holders, “No bank account for you!” But you don't even have to do anything wrong other than having been born a US citizen.

Decades ago holding a US passport was a ticket to worldwide opportunity. Today it is nearly the opposite. First it started with the erosion of the US's reputation as a bastion of freedom. Then, legislation-after-legislation made it nearly impossible to do business with US persons as the nation became increasingly paranoid and fixated with raising funds.

(Excerpt) Read more at activistpost.com ...


TOPICS: News/Current Events
KEYWORDS: bankaccounts; economy; fatca; foreignbankaccount; uscitizen

1 posted on 03/29/2014 7:50:16 PM PDT by dontreadthis
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To: dontreadthis

I don’t believe it for a minute. How are all those folks going to hide their billions? I cannot imagine Switzerland, Caymen Islands, etc are going to turn away the extreme wealthy Americans.


2 posted on 03/29/2014 8:08:17 PM PDT by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
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To: napscoordinator

This hurts many, many more “little people”. I have no idea how US citizens can work abroad. Well, no problem - they can come home, be unemployed, and get a crazy check with a little ingenuity.


3 posted on 03/29/2014 8:10:47 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: napscoordinator

No, they turn away middle class expats - that’s who - making it much more difficult for them to do business overseas. There are reasons the Senate Parasite Class passed FATCA - and why Rand Paul is virtually the only member trying to reverse it.


4 posted on 03/29/2014 8:11:55 PM PDT by Mr. Jeeves ([CTRL-GALT-DELETE])
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To: napscoordinator

Not only that, but it’d take just days to get a passport from another country if you know what you’re doing.


5 posted on 03/29/2014 8:12:29 PM PDT by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
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To: dontreadthis

Actually, it’s worse than my previous post described - how can US citizens spend a few months training people to support US products in other countries? Or set up an office? It might be easier to just move the entire operation somewhere else...


6 posted on 03/29/2014 8:14:09 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: dontreadthis

the article only mentioned st vincent which i would not consider a tax haven even tho shiff had his stuff there. no mention of Anguilla or Nevis. but i know it’s been getting harder. Union Island (part of Grenadines) did have a revolt where they burned the post office. I think the building is still a shell.


7 posted on 03/29/2014 8:14:41 PM PDT by kvanbrunt2 (civil law: commanding what is right and prohibiting what is wrong Blackstone Commentaries I p44)
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To: napscoordinator

even back in the ‘90s, Jordan Belfort (Wolf of Wallstreet) had to use his wife’s aunt to open and fund a Swiss account, so I don’t know


8 posted on 03/29/2014 8:17:02 PM PDT by dontreadthis
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To: napscoordinator

“I cannot imagine Switzerland, Caymen Islands, etc are going to turn away the extreme wealthy Americans.”

That’s funny. This is not even an issue.


9 posted on 03/29/2014 8:17:06 PM PDT by max americana (fired liberals in our company last election, and I laughed while they cried (true story))
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To: dontreadthis

A lot of Latin American countries didn’t get the memo. Most require you to deposit a minimum amount in a local bank in order to obtain a resident visa.


10 posted on 03/29/2014 8:23:22 PM PDT by shove_it (my real nickname is Otter)
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To: napscoordinator

“those folks” are not we the rabble....don’t forget that......their laws affect only us...


11 posted on 03/29/2014 8:23:57 PM PDT by cherry
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To: dontreadthis

I imagine that some trusted source will establish microbanks for a limited number of American clientele, both for a fee and for business courtesy.

In either case, each microbank will have an equally discreet US equivalent, so if you say, deposit $100,000 in the US branch, an encrypted message tells their twin in the other country that you have a “line of credit”, of say, $90,000, no questions asked.

For maximum security, no data would be transmitted at all, using human couriers back and forth say once a week.


12 posted on 03/29/2014 8:33:02 PM PDT by yefragetuwrabrumuy (WoT News: Rantburg.com)
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To: yefragetuwrabrumuy

“for a limited number of American clientele”
I guess that leaves me out


13 posted on 03/29/2014 8:56:01 PM PDT by dontreadthis
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To: shove_it

Many of the Latin American countries also require a minimum monthly income and I presume this is accomplished by wire transfer. Maybe I am saying the same thing as you are, just put differently.


14 posted on 03/29/2014 9:00:33 PM PDT by miele man
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To: dontreadthis

Prelude to capital controls in the next economic ‘emergency’ (which is likely not far off).

Cyprus here we come!


15 posted on 03/29/2014 9:17:26 PM PDT by Lorianne (fedgov, taxporkmoney)
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To: The Antiyuppie

Moving the entire operation someone else is likely and this might have repercussions among foreign businesses and also foreigners who deal with Americans who these foreigners rely on to do business effectively. A foreign bank account is par the course for all successful business people and this will tick off the upper one percent and surely various senators.


16 posted on 03/29/2014 9:59:52 PM PDT by CorporateStepsister (I am NOT going to force a man to make my dreams come true)
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To: dontreadthis

1. Set up a foreign corporation in Canada, UK or Germany etc and use the monthly travel expanse account draw..

2. set up a company in Andorra and use the corporate account

3. Set up a USA brokerage account, not a bank account, deposit the account and use the foreign branch for conversion/withdrawals to foreign investments.

4. Set up a 10% gold roll in Geneva thru Swiss brokers and keep your 10% monetary assets overseas leveraged in gold.....[better than nothing]

5. Set up a registered corporation in Dubai and use the corp banks there for investment monies into the account with a wealthy UAE guy as the aegis...

6. “Borrow money” from an CHRISTIAN/CATHOLIC Indonesian student in USA and pay /wire-let him send back to his indo bank account - usually very very honest as this has been done successfully before


17 posted on 03/29/2014 11:01:17 PM PDT by bunkerhill7 ("The Second Amendment has no limits on firepower"-NY State Senator Kathleen A. Marchione.")
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To: dontreadthis

This will hurt banks with direct dealings in the US, but I think most smaller banks will just set up a shell bank to handle their US-based transactions. The shell bank doesn’t have any US depositors and the actual bank doesn’t care what US regulations are.

The effect will be an expansion of underground banks, exactly opposite what Obama wants.


18 posted on 03/29/2014 11:08:40 PM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: napscoordinator

Believe it. I live and work in Switzerland and a lot of Banks here are unwilling to comply with Obama’s edict, so, they simply refuse to do business with me. A lot of expats here have lost their mortgages as well.


19 posted on 03/30/2014 12:08:17 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: 2ndDivisionVet

That wont work either. The forms that EVERYONE over here must now fill out require you to certify that you are not an American citizen. The Banks here will have to pay heavy fines if they file the papers incorrectly in the US stating they have no US account holders, so they are extremely thorough.


20 posted on 03/30/2014 12:11:47 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: VanShuyten
The shell bank doesn’t have any US depositors and the actual bank doesn’t care what US regulations are.

You don't have the whole story - every bank is required to certify that they either:
1. have no us account holders, or
2. any accounts of a us person, or where a us person has control, are reported and are not used to avoid taxation.

The "Shell" bank would be required to cease transacting with the actual bank.

To avoid the additional compliance problems - many smaller banks just outright refuse US Customers, in that way they can certify under rule 1. Most others force US Customers to sign draconian release documents which basically allow them to give my account information to any one they desire, at any time, for any reason AND, if any damages occur due to that release, I am the one that is responsible!

21 posted on 03/30/2014 12:23:21 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: An.American.Expatriate
Here is a part of what I was forced to sign in order to continue having an account:

"The Client understands that the IRS and the Bank's US Custodian bank, if applicable, may further share the Data with third parties wherever located and whom they deem appropriate, releases the Bank from all liability in connection with the provision of the Data to the IRS and the Bank's custodian bank and assumes responsibility for all consequences and any damages that may arise at any time due to use of the Data by any such third party."

22 posted on 03/30/2014 12:26:21 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: Mr. Jeeves

I hear Ted Cruz is working on it too.


23 posted on 03/30/2014 7:40:30 AM PDT by bjorn14 (Woe to those who call good evil and evil good. Isaiah 5:20)
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To: dontreadthis

If you are interested.

www.abolishfatca.com


24 posted on 03/30/2014 7:46:16 AM PDT by bjorn14 (Woe to those who call good evil and evil good. Isaiah 5:20)
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To: bjorn14

thanks


25 posted on 03/30/2014 8:06:40 AM PDT by dontreadthis
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To: Mr. Jeeves

America has been going the wrong way now, for an entire generation.

We have exported millions of formerly American jobs, and are racking up (enormous) levels of debt.

Enough.

Bring back American jobs, and stop buying imported everything.

Now.


26 posted on 03/30/2014 8:10:30 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: dontreadthis

This is why I’m not holding my breath on things improving anytime soon. We’re sinking deeper and deeper into a hole, and rather than trying to fix the problems, the government is just looking for more ways to loot.


27 posted on 03/31/2014 4:00:20 AM PDT by RWB Patriot ("My ability is a value that must be earned and I don't recognize anyone's need as a claim on me.")
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