Monday, November 10, 2014

USCs and LPRs Who Are Having Their Non-U.S. Accounts Closed: Is it hype or is it real?

1.  Wall Street Journal: Expats Left Frustrated as Banks Cut Services Abroad Americans Overseas Struggle With Implications of Crackdown on Money Laundering and Tax Evasion (11 Sept 2014)
2.  Wall Street Journal – Opinion (Colleen Graffy): How to Lose Friends, Citizens and Influence; The U.S. Foreign Account Tax Compliance Act seeks to co-opt foreign banks as long-arm enforcement
3.  Association of Americans Resident Overseas: Americans Abroad are Denied Access to Banking and Investment Opportunities
4.  Time Magazine: Swiss Banks Tell American Expats to Empty Their Accounts
5.  The Huffington Post (Aug 2014) – Expatriate Tax Sense or Broad-Brush Overreach: The U.S. Foreign Account Tax Compliance Act (FATCA)
6.  The New York Times (April 2013) Overseas Finances Can Trip Up Americans Abroad
7.   American Citizens Abroad which compiles various news accounts of accounts being closed.  

For good practical advice about maintaining or opening foreign accounts, I recommend you read:
American Citizens Abroad: Maintaining Bank Accounts in the United States While You Are Living AbroadRecommended steps for overseas Americans to follow  if a U.S. bank refuses either to open an account or to maintain an account because of the client’s foreign address

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