Quote:
Originally Posted by RummyBoy
An American friend of mine is having a problem opening a bank account in a foreign country as he resides outside, anyone else had a similar problem?
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Many banks outside the US do not want to touch an American unless you are dealing with a lot of money.
Quote:
Originally Posted by FreeOnes Petra
This is becoming more and more common with the whole FACTA BS that's requiring foreign banks to report accounts to the US.
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Bingo
Quote:
Originally Posted by RummyBoy
Im skeptical.
As a matter of FACTA, America is land of the FREE.
FREEDOM & LIBERTY
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Nothing free in America. Especially the people.
Quote:
Originally Posted by DWB
Hit Google, you will find a LOT of Americans are having the same problem. Banks are also closing their accounts.
Sign of the times for American expats. Another reason people are renouncing their citizenship in record numbers, even surpassing last year's number already.
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Correct.
Quote:
Originally Posted by DukeSkywalker
i beleive if you renounce you have to give the us gubment 1/2 of all your assets just because. That sucks.
ds
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There is an exit tax. It is far less, around 10% of the assets you declare and that they are aware of.
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Open offshore, and contract with a local to be your Proxy Director, preferably an Accountant or Lawyer. Have them sign a carefully drafted statement that they are indeed only a Proxy, and that your friend is the true beneficiary, also have the Proxy sign the resignation form in advance but not date it, and last ... make sure the bank has written instructions from the Proxy, that there is no transactions do be done in bank, but only online. Have immediate possession of the security device and change all user IDs and Passwords.
Good luck!