FATCA REPORTING & OFFSHORE BANKING

[xer cupter]

I am a US Citizen, I am looking into ways to bank somewhere without being reported. Are there any options at all?

 

[LegitBananas]

US is‍ arguably the toughest one to escape. Your absolute best shot is probably getting dual citizenship⁠ since fatca is tied with pretty much every country. Or, you could just permanently leave⁤ the US.

 

[Sols]

There are a few options but not in any countries you'd probably want to bank.‌

Leaving the US will not change anything, unless you leave the US, obtain a second‍ citizenship, and lie to your bank about not being a US person. When/if they bank⁠ finds out, you will be reported. Funds may be frozen, too. It's not a pleasant⁤ experience.

 

[HeidiInTheAlps]

Do all banks ask if you are a US tax person?

 

[Sols]

Yes, except maybe small rural banks in developing countries that don't have access to‍ international currencies.

 

[HeidiInTheAlps]

I know some banks ask where you were born, and if USA=Yes, you get flagged.‌ Since that's me anyway, I'm not sure how that would work if I renounced. Do‍ I then I have to take that proof everywhere I go? I do have an⁠ EU passport.