Mastodawn

"US Person": is a red flag for financial institutions in Europe

"US Person": is a red flag for financial institutions in Europe - Lemmy.World

I saw some posts about american wanting to move to Europe; so just before you guys make the move, double-triple check insurances/banks, because literally every time I (not american) do smth financially related in France, they ask me if I am american? If yes, they won’t even open accounts/ give me insurance etc… Sounds discriminatory but apperently because legal I dont know if that expands to any other field

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PlutoniumAcid Mar 10

Google FATCA, the US Foreign Account Tax Compliance Act.

Anyone anywhere in the world that is either US citizen, or a green card holder, or in other ways related to Murica, must pay US taxes. It’s insane, but the US tax system is powerful enough to bully all other countries into compliance.

Don’t get me started. 🤮

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P03 Locke Mar 10

Citizenship isn’t free. You don’t get to have your cake and eat it, too.

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Thteven Mar 10

If you renounce your citizenship the US government still expects you to pay taxes for the next 10 fucking years. Do you think that sounds reasonable too?

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🇰 🌀 🇱 🇦 🇳 🇦 🇰 🇮 Mar 10

I’m wondering how the fuck are they even gonna know you paid them or not. If I am living in Germany, with a German employer, why the fuck are they telling the US what my wages are?

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mcv

Because otherwise none of their customers will be able to do business with the US. They would like their customers to be able to do business with the US, so their only options are to either follow reporting rules for US Persons, or avoid having US Persons as customer. It sucks, but it’s the US government forcing this on everybody, and because of the economic dominance of the US, the rest of the world has no choice but to comply.

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FosterMolasses Mar 11

Ah, there’s the solution.

Stop doing business with the US.

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traxex Mar 11

I only see this as a win.