FATCA & How It is Destroying International Commerce

Posted Sep 10, 2014 by Martin Armstrong |

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One reader writes from Belgium:

I’m a Belgian but worked in the USA during 1987-1990 on an expat assignment . My daughter was born in the USA and therefore has dual nationality ( USA and Belgian Citizenship). She is now 26 years old.

Her bank called a few weeks ago and told her that they wanted to close her bank account as on her profile they saw that she was born in the USA and because of this their procedures to comply with FATCA they did not want to service USA citizen anymore .

I advised her to go the USA embasy in Brussels and do the necessary work to cancel her USA citizenship . She was surprised that the fee for this was going to be 450 $ and that as of next week the fee would go increase to 2300$. ( talk about no inflation when paying taxes and dealing with the government !!!).

I wanted to report this to you so you get this story out because I found this an other example of the arrogance of the US Government and find ways to tax anybody in the world they feel. Fatca regulation seems to become an other opportunity to collect money to spend more I suppose.

Greetings
JB

Another Writes about simply trying to withdraw $13,000 in cash from their account:

Hello,

I just went to the bank today and I wanted to pull out $13,000 cash. I didn’t expect to be able to because of the limited amount they keep there. But what surprised me was that I was told I would need a lawyer to go over documents if I wanted to pull out more than $10,000 in cash. I asked the bank who pays for the lawyer and of course they said I would have to pay for a lawyer to get money out of my bank in cash…needless to say this 25 year old won’t be leaving more than 3000 in his bank account anymore and will be documenting it all in case the cops try to claim my money is illegal money and take it. What a world I get to be an adult in eh?

Thanks for the information,

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