Introduction – “The Little Red FATCA Book”
More at:
Rumours of Dec. 31/19 bank account closings in the UK, France and Netherlands have renewed an interest in FATCA: "The Little Red #FATCA Book – (Review, Identify and Report on “U.S. Persons”) – How FATCA affects the non-U.S. World" https://t.co/lcA2s2uCQZ via @ExpatriationLaw
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) September 2, 2019
The Two Ugly Faces of FATCA – One for foreign banks and another for US persons
Looking back at FATCA in December of 2013 prior to the IGAs: "The two faces of #FATCA: Public for the banks and private for #Americansabroad" https://t.co/gz0LZDt5Yo via @USCitizenAbroad
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) July 22, 2018
The Obligations of the banks under the IGA
These obligations are described in the FATCA IGA entered into between the United States and the other country. In general the IGA requires non-U.S. banks to “Review, Identify and Report” on U.S. citizens.
The Obligations of the individual taxpayer under IRC 6038D – Form 8938
The mandatory reporting which takes place on Form 8938 is mandated Internal Revenue Code 6038D.
Non-US AKA “Foreign Banks” – The Problem of US Born customers who do NOT have a US Social Security Number are they in danger of their bank accounts being closed?
In what's likely to be seen as a sign that the Dutch authorities see little chance that the US will extend its willingness to overlook FATCA filings of US citzns without SS#s, the Dutch Bankng Assn has posted a video telling Dutch accidntls how to get em https://t.co/tjT321hIcK pic.twitter.com/gs9KmUEAQc
— Helen Burggraf (@helenburggraf) August 31, 2019
Those accused of being U.S. citizens who are NOT U.S. citizens have the opportunity to “self-certify” they are NOT U.S. citizens
They should explore possible relinquishment options which they can use for self-certification of non-USness https://t.co/rkLJBYVv5H
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) August 31, 2019
The Possibility of being “Born In The USA” but NOT being a U.S. citizen
If you are being hounded by a foreign bank for a US Social Security Number and you think you are no longer a US citizen: "Renunciation is one form of relinquishment – It's not the form of relinquishment, but the time of relinquishment" https://t.co/1ETOtX26QI via @ExpatriationLaw
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) September 2, 2019
The Possibility of being “Born Outside The USA”, acquiring U.S. citizenship at birth but NOT being a U.S. citizen today
If you are being hounded by a foreign bank for a US Social Security Number and you think you are no longer a US citizen: "Renunciation is one form of relinquishment – It's not the form of relinquishment, but the time of relinquishment" https://t.co/1ETOtX26QI via @ExpatriationLaw
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) September 2, 2019
Looks like being “Born In The USA” may not be a great thing!
John Richardson – Follow me on Twitter @ExpatriationLaw