If an offshore bank or financial institution isnt reporting a u.s. legal resident, how might they circumvent around this?
Fatca report?
- Thread starter Alfrankenstein
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Banks in non-FATCA territories can still sign up for FATCA individually report to the US. By doing so, the bank may be able to avoid the 30% USD penalty for FATCA non-compliance.
Banks in FATCA territories can only avoid reporting US persons by not opening accounts for US persons or by knowingly opening accounts with fraudulent details (i.e. not declaring a US person as a US person).
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This is the probably the answer to your question.
Banks in FATCA territories can only avoid reporting US persons by not opening accounts for US persons or by knowingly opening accounts with fraudulent details (i.e. not declaring a US person as a US person).
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This is the probably the answer to your question.
But if a bank or financial institution in brazil isnt reporting a u.s. legal permanent resident who has deposited a lot of money there that wont disclose the origin of the source of funds, how would they give this person a debit card to use in the u.s. then?
They can't because they don't do what you describe.
You are being scammed.
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This is the probably the answer to your question.
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