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0 pointsanotherhue4y ago0 comments

That is correct, but you are still not.

Many financial institutions will block US taxable people due to the complications supporting them. Especially if you're a peasant whose support costs will exceed your value to the institution.

Additionally, you must still file taxes every year, and declare all bank accounts on which you are a signatory (under threat of seizure), or for which your spouse is a signatory.

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7 comments · 3 top-level

nobody99994y ago· 4 in thread

>Many financial institutions will block US taxable people due to the complications supporting time

My apologies. I don't understand the second half of that sentence. Would you please explain?

CalRobert4y ago

I was just shot down by most brokerages in Europe because I'm a US/Irish dual citizen. Interactive Brokers finally said "yes". Meanwhile, every account I have been able to open asks if I'm a US citizen and demands my (US) details - they do this even if you've never set foot in the US before.

anotherhueOP4y ago

Typo. Time == them.

Few non-us financial institutions are willing to shoulder the burden of supporting the US Gov. Requirements. So they ask "are you a US taxable person?" "sorry we cannot offer you services at this time".

nobody99994y ago

>Few non-us financial institutions are willing to shoulder the burden of supporting the US Gov. Requirements. So they ask "are you a US taxable person?" "sorry we cannot offer you services at this time".

Gotcha. I poked around online after reading your comment and it does seem that FATCA[0] is causing issues for American expats.

That's a shame. :(

[0] https://www.congress.gov/bill/111th-congress/house-bill/3933...

shapefrog4y ago

As a financial institution outside the US, if you have a US taxable customer, you effectively come under the jurisdiction of the US governement, along with all their forms.

MandieD4y ago

Another confirmation here: I, an American citizen living and working in Germany, have been able to get simple checking accounts, but no one will open a regular brokerage or tax-advantaged retirement account for me. However, that's kind of ok, because if I were stupid enough to buy ETFs outside the US market, I’d be in for some spectacular US taxes on them (look up “PFIC”)

However, to top that off, the few brokerages in the US that will openly serve Americans living abroad (Schwab) can no longer allow those of us living in the EU to buy boring index funds or any other sort of ETF on the US market because they don’t comply with the EU’s new customer disclosure rules.

japanuspus4y ago

Can confirm. My son was born in the US (and still holds on to his citizenship), and it has been quite a bit of work to set up bank accounts for him.

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