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Banks lock out Americans over new tax law


Aquaponicsman

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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.

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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.

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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.

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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.

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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.

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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

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