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She is like any ten-year old. She enjoys
dancing, gymnastics, Judo, playing piano, shopping.
Because she lives near Zurich, she speaks
high-German, but also understands Swiss German and is improving her English.
Next year she will start French.
She has everything a child needs except one…A
bank account.
Her parents would love to open one for her,
but they can’t. Nor can she open one herself.
Why?
She’s an American. Her American father made
the mistake of declaring her an American citizen. Ten years ago it was a good
idea. Now it is a sentence to limited financial possibilities for life if you
are a dual or an expat.
It is not the banks’ fault.
FATCA. That is the excuse the US is using
to pressure every non-US bank to report US citizens accounts or face 30% fines
on US assets and being shut out of the financial market. Although they have
spent billions all over the world to put systems in place to comply, the easier way is to close off all banking
to American ex-pats.
Thus this child has been denied even a
kiddie account because of the damned blue passport.
Although her father grew up in the US, the family’s life is almost 100% outside the US.
They don’t foresee ever going to the states except perhaps for a holiday and then maybe not even then.
Her father reported something strange had happened."A bank called me yesterday, asking if they could destroy my application for my daughter.
Her father reported something strange had happened."A bank called me yesterday, asking if they could destroy my application for my daughter.
Her father is also a renounced American, done so
he could bank. He will pay the $2,350 it costs
for his daughter to buy her way out and have an ordinary financial future, but
he is not happy about the amount.
Thus, if he wants to save for his daughter education,
he better buy gold and a piggy bank and pray when she is 18 she can shed her
American nationality and open a bank account, buy insurance, make investments,
have a credit or debit card, get a loan.
In other words...lead a normal financial life.
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