Bank account issues??

[A&A]

This article from today's NY Times:

http://www.nytimes.com/2010/04/26/us/26expat.html?ref=global-home

Regarding expats renouncing citizenship due to taxation and banking issues. The big takeaway is apparently some thing buried in the Patriot Act that prevents U.S. banks from keeping an account for someone without a U.S. address.

Please discuss.

 

[Alzinho]

...prevents U.S. banks from keeping an account for someone without a U.S. address.
Please discuss.

Darn it! I'm off to play in the WSOP in June and was hoping that if I win a couple of million dollars that I'd be able to open an account there rather than have to bring it all back in a carrier bag...

 

[Liam3494]

You could always bring it back via Venezuela

 

[gunt86]

Renouncing US citizenship to escape taxation issues doesn't always solve the problem. If the IRS thinks that you renounced your citizenship to get out of paying taxes, they has the legal right to tax you for 10 years following you loss of citizenship. Yes, as absurd as this sounds, it is in fact completely legal and true. YOu give up citizenship n 2010, but if the IRS determines it, you have to pay them taxes on you income in years 2010 to 2020 !!!!

 

[igor]

The big takeaway is apparently some thing buried in the Patriot Act that prevents U.S. banks from keeping an account for someone without a U.S. address.

By paying about 10 bucks per month and filing US postal service form 1583, you can get a mailbox and a representative who is authorized to receive your mail. This will effectively be your US address for any purpose.

Is this too much of a burden?

Even if you don't take Patriot Act into consideration, banks have always had their internal regulations regarding security. There are banks, for example, that don't accept new clients without a land line phone number. Has anyone renounced his citizenship over that as well?