What do you do?
It’s simply not possible to function without bank accounts.
In this instance the U S citizen was asked to provide their tax identification number, social security number or evidence that they have initiated the process to obtain this, or have initiated the renunciation process with two weeks or their bank accounts would be frozen and at four weeks they would be closed.
So, why is this happening?
Under the U S FATCA regulations banks are required to follow due diligence procedures to identify accounts owned or controlled by U S citizens. This means they must screen both new and existing accounts to see if they belong to U S persons and conduct periodic reviews to keep accurate records of account holders.
They must also report specific information to the IRS, including the name, address, and taxpayer identification number of U S account holders, and the account number, account balance or value.
Have you or someone you know had this happen to them, or you haven’t provided your bank with the necessary U S identification numbers?
It is happening more and more often and it may happen to you.
At US Global Tax we solve this for clients everyday and advise on Tax and FATCA compliance, Renunciation and obtaining your US identification numbers.
If you have questions or concerns please email:
Shalen in Australia at [email protected], or
Daria in New Zealand at [email protected]
Or me directly at [email protected] or sms +6 4 2 1 9 3 7 5 2 9