Should I fill U.S. Tax form if I am student/unemployed in UK?

[Jaggy001]

Originally Posted by dba07

That's nice that you appreciate this law since it does not affect you at the moment. I do not and many others are with me on this. As with other mean spirited laws passed in the last decade or so, it is about control. As usual they make things difficult for the average citizen. The real tax cheats, the ultra rich who are truly motivated to hide assets overseas will use their connections and resources get away with it as usual.

Monitoring citizens closely and bullying other nations' financial institutions into compliance are certainly hallmarks of a progessive, free society aren't they?

By the eBay, weren't there tax cheats in Obama own cabinet? What a farce.

One of the things it has done - and dependent on the country - is made it very difficult for US citizens overseas to open any type of bank account even if they are legal residents of that country and who report all their bank accounts to the IRS. Foreign banks just don't want the hassle.

[Mag3.14]

Originally Posted by Jaggy001

One of the things it has done - and dependent on the country - is made it very difficult for US citizens overseas to open any type of bank account even if they are legal residents of that country and who report all their bank accounts to the IRS. Foreign banks just don't want the hassle.

And your evidence for this is?

[Jaggy001]

Originally Posted by ian6479

And your evidence for this is?

Switzerland is a case in point. The Swiss banks have closed out all accounts held by US citizens and US domiciled persons and will not open new ones. I know this for fact as my son works in Geneva in the banking industry.

http://world.time.com/2013/12/20/swi...heir-accounts/

[reed303]

Originally Posted by ian6479

And your evidence for this is?

This from Banking :: American Citizens Abroad (ACA)

"
FATCA and Bank Secrecy Act legislation, which require reporting of American clients by foreign banks to the IRS and necessitate additional filing requirements through IRS Form 8938 (instituted by FATCA) and Treasury Department Form TD F90-22.1 (the Foreign Bank Account Report—called “FBAR”), are causing some foreign banks and other financial institutions to cut off access by Americans overseas to foreign financial tools, such as, mortgages, bank accounts, insurance policies, and pension funds, all of which are essential financial tools for survival overseas.



At the same time, Patriot Act legislation currently contains guidance that is forcing US banks to close state-side services for Americans who no longer can provide a US mailing address."


Also, my son lives and works in London. He has been unable to open accounts in the UK, and he has had some of his US accounts arbitrarily closed on him. And he is way under the FATCA and FBAR requirements.


As said, this is only hurting the ordinary citizen. The ultra-rich, especially corporations, have the resources to avoid even these draconian laws.