Deutsche Bank in Belgium has asked its clients
who are US taxpayers to close their accounts by June. In a letter, the bank said, “it is no longer
allowed to use Internet, email, phone or fax to serve [US] retail clients.” This is because of FATCA (The Foreign Account
Tax Compliance Act) which is being phased in.
It required foreign banks to provide the IRS all financial information
on all US taxpayers. The penalties are
draconian: a bank can be fined 30% of its annual US income for missing a single
individual.
Americans have become pariahs to foreign
financial institutions. When I was
living in Singapore several years ago, UBS announced that it would no longer
accept any US citizens or green card holders as clients whether or not they
lived abroad. Will more individual
Americans follow Pfizer and renounce their citizenship?
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