Sunday, July 12, 2015

UBS is not a foreign bank

One of the many annoying things about FATCA is that they refer to expats having accounts in "FOREIGN BANKS".

Excuse me.

Excuse me!


When I can walk down the street to do my banking at UBS, Raiffeisen or the Post, that is a LOCAL BANK."

For me, Chase, Wells Fargo, CitiBank are foreign banks. I can't have accounts there even if I wanted to because I don't have a US address. I can't have an account there because I'm no longer an American citizen because I had to make a choice between having a bank account in a local bank (read: where I live, work, play, sleep, eat, vote etc.) or be American. Not a choice anyone should have to make.

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