Aquaponicsman Posted September 16, 2013 Report Share Posted September 16, 2013 http://money.cnn.com/2013/09/15/news/banks-americans-lockout/index.html?iid=Lead Banks lock out Americans over new tax law The moderator cut the article as it is copyright protected. Do not post copyright material on this webboard. Links only please. Link to comment Share on other sites More sharing options...
Aquaponicsman Posted September 16, 2013 Author Report Share Posted September 16, 2013 There is something seriously wrong when a country passes laws that are so onerous and burdensome that the citizens from that country are essentially banned by the world from participating in the rest of the world's free market or being able to live like any other person in the world, outside their own country. The US government would not tolerate US citizens or US businesses discriminating against people from any other country, but seems to have no problem turning its own citizens into pariahs that will be discriminated against by every single country in the world -- essentially denying citizens the freedom to travel and live where one chooses, because of the bully tactics of their obviously non-representative government. Link to comment Share on other sites More sharing options...
Mainecoons Posted September 16, 2013 Report Share Posted September 16, 2013 I think you are missing the point. The banks won't do business with Americans at all, cheats or otherwise. The paperwork is too onerous. That is the gist of this story. . Don't be surprise to see the same thing happen here soon Link to comment Share on other sites More sharing options...
bwhite1948 Posted September 16, 2013 Report Share Posted September 16, 2013 I have lived at Lakeside for 11+ years fulltime and have never opened a Mexican bank account. So I don't see why this is a big deal for expats, especially non-working expats. Link to comment Share on other sites More sharing options...
RVGRINGO Posted September 16, 2013 Report Share Posted September 16, 2013 Until they block our ATM card usage !!!!! Link to comment Share on other sites More sharing options...
jrm30655 Posted September 16, 2013 Report Share Posted September 16, 2013 The US is the only country that I know of that has decided that if you are born in their country, the government has the right to tax your income worldwide. Arrogant bastards, aren't they? Link to comment Share on other sites More sharing options...
Sunshine Girl Posted September 16, 2013 Report Share Posted September 16, 2013 http://aaro.org/denied-bank-accounts If you have your retirement pension currently being deposited into a US acoount, then you are running the risk of having that account closed and/or cashed out. All US citizens abroad are faced with this issue. Some of the issues are outlined in this article. Link to comment Share on other sites More sharing options...
ComputerGuy Posted September 16, 2013 Report Share Posted September 16, 2013 Just so everyone knows: It is not illegal, not at all, to post any material available on the Web, as long as you cite the source. Ever. Unless you piss off the gov't. Link to comment Share on other sites More sharing options...
John Shrall Posted September 16, 2013 Report Share Posted September 16, 2013 The unintended consequences of FATCA provide a good reason to pursue Mexican citizenship, especially for those who live in Mexico full time with no exit strategy to return to the US. While visiting Boquete in Panama I heard the same stories - Americans were being turned away from Panamanian banks because of the costly US reporting requirements. As a Mexican citizen there is no requirement to provide a US Social Security number to banks and brokerage houses like Actinver and Multiva so nothing is reported back to the IRS. It seems like the US is trying to say that all people who live outside the country are tax cheats, hiding money in "off-shore accounts". US expatriates around the world are going to suffer from this misguided belief. Having lived in Mexico 10 years, I can't imagine doing without my Mexican debit card, credit card and other Mexican banking services. The IAVE card is great for tolls on the cuotas but requires a Mexican credit card. Link to comment Share on other sites More sharing options...
Travis Posted September 17, 2013 Report Share Posted September 17, 2013 Your otherwise interesting and informative post has an error in it. The IAVE program (which is great) doesn't require a Mexican credit card. You can deposit money into the account in advance with cash and have a pre-paid balance. They didn't know how to open a cash-only IAVE account at the Bancomer in Ajijic when I enrolled last year, but the Chapala branch knew what to do. Link to comment Share on other sites More sharing options...
Canamex Posted September 17, 2013 Report Share Posted September 17, 2013 The silliest thing about this search for lost revenues is that they just refuse to tax the top 2% of corporate America sufficiently. They'd rather waste taxpayer money on more bureaucrats to find the overseas tax cheats. Link to comment Share on other sites More sharing options...
bmh Posted September 17, 2013 Report Share Posted September 17, 2013 Good point Canmex but the real big tax cheats have advisers who know how to get around just about anything so the ones getting hurt are the little guys who do not have much for a change.... I think something has gone wrong with the US after 9/11. In the long run Osama Ben Laden won, the change in the country is unbelievable. Link to comment Share on other sites More sharing options...
Aquaponicsman Posted September 17, 2013 Author Report Share Posted September 17, 2013 Judge Rules that Reposting an Entire Article Without Permission Is ‘Fair Use’ Link to comment Share on other sites More sharing options...
geeser Posted September 17, 2013 Report Share Posted September 17, 2013 HookemHorns thinks only Tax Cheats use foreign bank accounts. That's naive however. We now know the biggest tax cheats were those who were appointed to cabinet positions in 2008, Geithner, Summers and lesser government employees owed hundreds of thousands and had to pay up when the spotlight hit them. But it was only after they got scruitinized before assuming cabinet positions. So maybe they should not allow government employees to open accounts in DC. Link to comment Share on other sites More sharing options...
Xcalaker Posted September 17, 2013 Report Share Posted September 17, 2013 Curious.. Have anyone heard DEFINITIVELY how the larger/medium Mexican banks (i.e Bancomer, Banorte, Santadner, ScotiaBank / Multiva, Actinver, CiBanco, etc.) are going to comply with FACTA? Are they going to 'close out' or deny US citizen accounts? FYI. USA & Mexico had entered into the FACTA agreement http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-11-19-2012.pdf Link to comment Share on other sites More sharing options...
CocinaMod Posted September 17, 2013 Report Share Posted September 17, 2013 Keep the personal attacks out of it. Closed. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.