Overseas Banking To Become More Difficult For Us Expats

[earthdome]

‘Turned Away’

That view is shared by Richard L. Weisman, Hong Kong-based head of law firm Baker & McKenzie LLP’s global tax practice.

“U.S. expatriates already face severe U.S. tax rules related to their non-U.S. income and investments,” Weisman said. “Fatca will increase the extent to which they are turned away by non-U.S. financial institutions.”

Tan of DBS said she refers Americans seeking private- banking services to U.S. institutions with operations in Singapore such as Citigroup Inc. ©, Bank of America, Morgan Stanley, Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co., which are able to open securities accounts for Americans because they’re regulated by U.S. authorities. Such accounts allow purchases of investment products without restricting Americans to cash and time-deposit accounts.

While that may be easy for Americans in Singapore, those who live elsewhere face obstacles. Before Fatca, U.S. citizens in Bangkok or Manila could find investment opportunities through non-U.S. banks such as HSBC. Now their only option is to fly to cities where U.S. firms operate.

Link to full article: http://mobile.bloomb...rule-looms.html

No wonder there is a growing trend of US Citizens renouncing their citizenship: http://www.nytimes.c...us/26expat.html

Edited July 16, 2012 by earthdome

[Old55]

Copy to a readable color.

‘Turned Away’

That view is shared by Richard L. Weisman, Hong Kong-based head of law firm Baker & McKenzie LLP’s global tax practice.

“U.S. expatriates already face severe U.S. tax rules related to their non-U.S. income and investments,” Weisman said. “Fatca will increase the extent to which they are turned away by non-U.S. financial institutions.”

Tan of DBS said she refers Americans seeking private- banking services to U.S. institutions with operations in Singapore such as Citigroup Inc. ©, Bank of America, Morgan Stanley, Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co., which are able to open securities accounts for Americans because they’re regulated by U.S. authorities. Such accounts allow purchases of investment products without restricting Americans to cash and time-deposit accounts.

While that may be easy for Americans in Singapore, those who live elsewhere face obstacles. Before Fatca, U.S. citizens in Bangkok or Manila could find investment opportunities through non-U.S. banks such as HSBC. Now their only option is to fly to cities where U.S. firms operate.

Link to full article: http://mobile.bloomb...rule-looms.html

No wonder there is a growing trend of US Citizens renouncing their citizenship: http://www.nytimes.c...us/26expat.html

Edited July 17, 2012 by Old55

[Mike S]

I don't understand why would my investing in say the Phil. stock exchange effect my doing so if I live here in the Phils ...... also ALL those banks you mentioned will be required to report any and all transactions to the US Government so they can observe your accounts ...... as fr as I know ONLY banks that have branches in the US will be forced to do this (I believe ... next year but not certain) ..... my bank here has assured me that they will not have to comply with the US wishes and they are very much aware of the new rulings ...... I maybe way off base here but I feel this is just a scare tactic so everyone will use banks that have to report to the various US Governmental agencies ..... and if you think it is bad this year wait for the next few years when executive privilege really takes effect ...... that's why I moved all my money out of the US except my SS check each month ........ IMHO

[simplymikee]

I don't understand why would my investing in say the Phil. stock exchange effect my doing so if I live here in the Phils ...... also ALL those banks you mentioned will be required to report any and all transactions to the US Government so they can observe your accounts ...... as fr as I know ONLY banks that have branches in the US will be forced to do this (I believe ... next year but not certain) ..... my bank here has assured me that they will not have to comply with the US wishes and they are very much aware of the new rulings ...... I maybe way off base here but I feel this is just a scare tactic so everyone will use banks that have to report to the various US Governmental agencies ..... and if you think it is bad this year wait for the next few years when executive privilege really takes effect ...... that's why I moved all my money out of the US except my SS check each month ........ IMHO

I agree. This is part of overall totalitarian shift of USA; they will increase efforts to control US Citizens access to their own money.

Maybe you can answer my other question here about SS Direct Deposits?