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paddyflynn
Joined: 13 Dec 2012
Posts: 26
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 Posted: Sat Apr 25, 2015 11:35 am Post subject: Bank account without FACTA forums? |
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The IRS passed a law called FACTA which requires foreign banks to notify them of all accounts with a balance over $50,000 held by US citizens or residents. The account holder has to authorize this by filling out a W9 form.
Since my balance is well below $50,000, I am not legally required to fill out the W9 form. However, my bank, Vietcombank, requires all US customers to fill out a W9 form, regardless of their account balance. I don't want to provide the US government with information that I am not legally required to give them, so I need to find another bank that will not require me to fill out the W9 form. Does anyone know of any such banks? |
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RustyShackleford
Joined: 13 May 2013
Posts: 449
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| Posted: Sat Apr 25, 2015 8:41 pm Post subject: |
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| As far as I know any bank that is trading internationally will require you to sign such a form. Had to do the same when I came to Spain. I arrived in VN shortly before they passed such measures though. |
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kellrobinson
Joined: 22 Apr 2012
Posts: 33
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| Posted: Sun Aug 09, 2015 4:55 pm Post subject: |
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It's FATCA, not facta
And you should be worried about FBAR, which requires you to report assets over $10k. That's foreign holdings in toto, not per account. |
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