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Originally Posted by Baronvonellis
I'm sure a billionaire can afford to hire a good accountant to take care of all the IRS issues.
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I agree there are no problems money can't gloss over but the IRS issue isn't so much a problem for YOU as for the bank with a result they don't want your business, even if it's BIG business.
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Foreign banks freezing out U.S. millionaires
By Sanat Vallikappen
May 12, 2012
Go away, American millionaires.
That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS Group all say they have turned away business.
“I don’t open U.S. accounts, period,” said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asia’s largest lender, who described regulatory attitudes toward U.S. clients as “Draconian” . . . .
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https://www.washingtonpost.com/busin...=.2c1db2dd4436
But I suppose those are just millionaires. Maybe they'd work with a billionaire.
On the other hand, poor little me had to fill out 9 copies of IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) this year. It's ugly out there.