Hello Everyone,
I'm very interested in keeping my financial dealings as private as possible. As a US citizen, that has proven to be challenging with all of the crazy US laws requiring all sorts of information disclosure. So I'm looking at Europe. Many nations in Europe have pretty strong privacy laws that really appeal to me. But I can't find any banks that are willing to do business with US citizens!
Does anyone know any banks where this would not be a problem?
Thanks!
Hi Cypherpunk,
Are you in the US or in Europe? Either way if you opening a foreign bank account you would then have additional reporting requirements that overseas US citizens are subject to. Specifically the foreign bank account rules, which you would be required to file if the aggregate balance of all your foreign bank accounts is more than $10,000 dollars on at least one day of the tax year. Non willful (if you didn't know about it) failure to file results in a fine of up to $10,000 per infringement. Willful failure to file results in up to $100,000 per infringement and you can be criminally prosecuted.
Also from this year foreign banks are required file a report for all their customers who are US citizens, so don't think that opening a bank account in Europe will give you the privacy you are looking for.
Apologies if this is information you already know (re. refernece to the Crazy US laws). Each year it is getting more and more costly to comply with the US tax law if you are a US expat. This is leading to a rise in the number of US citizens abroad giving up their US citizenship. It's just too costly.
Sources :
FBAR -
http://www.americansabroad.org/issues/fbar/FACTA (foreign banks requirements to report to IRS) -
http://www.americansabroad.org/issues/fatca/Cheers
Democratic Republic Of Dave.
