As an American opening a Bank Account in Taiwan?

Hi there,

I just went to Taishin bank to open an account and they presented me with IRS tax forms. ?!? I was pretty outraged and walked out amazed that America is such a pathetic land of slavery and tyranny that it even capable of dominating it’s hapless citizens in foreign nations.

Suffice to say i’m not opening any account in Taiwan if it isn’t private from American dictators. I’ll keep my money in a safe or something.

Anyone able to get around this tyranny? I heard some banks are better than others?

Any recommendations?

(P.S. I don’t need advice from gutless conformists who have no ability to do anything except what the system tells them and is miserably and proud of taking it in the @$$… so just keep those comments to yourself.)

Get used to it…big brother has gone global.
For the most part, if banks want US citizen’s money, that is the price of playing.
For the US citizen, there are few choices. An investment account (stocks, bonds, mutual funds, etc) must be reported as well.
The only loophole I see is take your cash and buy precious metals. Stick the PM in a safe deposit box.
The new reporting requirements currently do not require real estate or precious metals to be reported.
Of course if you need to purchase something, you will need to turn the asset back into cash. Since real estate isn’t very liquid, gold coins or bars are my best suggestion.

That is Fatca, in operation. No solution!

Isn’t it true that the banks will only report you if your balance is >= $50,000? So, if you tell the bank your initial balance will be much smaller, they will still ask you to fill out the IRS form?

I just tried to open an account at CTBC and had the same problem! Do any Americans have advice about this? The bank suggested opening an account at the post office and keeping my money there… What do you think?

Sure, you could open a post office account.

But try Cathay United Bank or Mega Bank and see what they say.

Is that US$50,000 or NT$50,000?

[quote=“pacman7331”]Hi there,

I just went to Taishin bank to open an account and they presented me with IRS tax forms. ?!? I was pretty outraged and walked out amazed that America is such a pathetic land of slavery and tyranny that it even capable of dominating it’s hapless citizens in foreign nations.

Suffice to say I’m not opening any account in Taiwan if it isn’t private from American dictators. I’ll keep my money in a safe or something.

Anyone able to get around this tyranny? I heard some banks are better than others?

Any recommendations?

(P.S. I don’t need advice from gutless conformists who have no ability to do anything except what the system tells them and is miserably and proud of taking it in the @$$… so just keep those comments to yourself.)[/quote]

Your options are to get a safe or be a conformist. The bank won’t agree to not file the forms if you promise to keep the balance low. It would be interesting if the PO bank was a workable workaround. I doubt it but someone should report back about that.

Filing the form doesn’t mean that you will owe any taxes as long as you have a modest balance in the account. If you want more info about this there are a few long FATCA and similar threads.

[quote=“pacman7331”]Hi there,

I just went to Taishin bank to open an account and they presented me with IRS tax forms. ?!? I was pretty outraged and walked out amazed that America is such a pathetic land of slavery and tyranny that it even capable of dominating it’s hapless citizens in foreign nations.

Suffice to say I’m not opening any account in Taiwan if it isn’t private from American dictators. I’ll keep my money in a safe or something.

Anyone able to get around this tyranny? I heard some banks are better than others?

Any recommendations?

(P.S. I don’t need advice from gutless conformists who have no ability to do anything except what the system tells them and is miserably and proud of taking it in the @$$… so just keep those comments to yourself.)[/quote]

Righteous indignation.

The U.S. of A is the ONLY country in the world who does this. Modern-day imperialism. Pathetic.

While I’m as against FATCA as anyone else, it’s not tyranny. This was passed by our elected officials. The only ones you can blame are the people who voted them into office.

Yeah, I just went in to a bank here to open up a ‘gold book’, which lets you easily invest in/trade gold, and I was presented with the same form - and ended up with a similar feeling. I walked out, too.

My initial findings suggest that it won’t impact most of our lives; the government is looking for wealthy (wealthier, anyways) individuals who are skirting taxes by moving/ while living overseas.

Either way - new laws or not - we are supposed to be filing taxes, so Uncle Sam knows what we’ve got. This way, it’s harder to lie, is all. Personally, I have never had to pay a cent to date.

My take so far is this: if you’ve got so much cash that you are hiding it Uncle Sam, then you have fewer problems than most of us do.

Don’t sweat it, either way.

Looking at the big picture, it’s probably a good thing… I mean, once we stop spending more on national defense than the next 20-some countries.

They just want to know where you’re keeping their money in case they need it later, which they probably will.

But it’s actually worse. It’s hard to find investment options even if you are transparent on your holdings and pay your taxes. In Taiwan you can buy currency and metals. No stocks. In America, financial firms are preventing me from buying mutual funds, even in American accounts, as an American, because I live overseas. Buying stock is still OK. ETFs might be OK. The whole thing is just become a hassle to be an American. The half-joke in the office the other day was, “buy Swiss watches”.

americansabroad.org/issues/bank … trictions/

[quote=“pilam99”] In America, financial firms are preventing me from buying mutual funds, even in American accounts, as an American, because I live overseas. Buying stock is still OK. ETFs might be OK. The whole thing is just become a hassle to be an American. The half-joke in the office the other day was, “buy Swiss watches”.

americansabroad.org/issues/bank … trictions/[/quote]

In your US accounts, can you keep an US address (parents, siblings?), so the firm would not know you are overseas?

[quote=“fh2000”][quote=“pilam99”] In America, financial firms are preventing me from buying mutual funds, even in American accounts, as an American, because I live overseas. Buying stock is still OK. ETFs might be OK. The whole thing is just become a hassle to be an American. The half-joke in the office the other day was, “buy Swiss watches”.

americansabroad.org/issues/bank … trictions/[/quote]

In your US accounts, can you keep an US address (parents, siblings?), so the firm would not know you are overseas?[/quote]

Some track IP address of logins from web banking to validate location and I had one block me from access to my acct because my IP was in a different country from my mailing address (when I still kept my address America based). In some cases now, I need to be able to react to a SMS to a US based phone # to access my account (got a new iPad). I am easily traceable to being overseas in several ways. I’m not trying to sound paranoid of the gov’t but I really don’t want to lie and then have an investment account frozen (assuming they cannot seize it) and then have an even bigger hassle.

[quote=“pilam99”][quote=“fh2000”][quote=“pilam99”] In America, financial firms are preventing me from buying mutual funds, even in American accounts, as an American, because I live overseas. Buying stock is still OK. ETFs might be OK. The whole thing is just become a hassle to be an American. The half-joke in the office the other day was, “buy Swiss watches”.

americansabroad.org/issues/bank … trictions/[/quote]

In your US accounts, can you keep an US address (parents, siblings?), so the firm would not know you are overseas?[/quote]

Some track IP address of logins from web banking to validate location and I had one block me from access to my acct because my IP was in a different country from my mailing address (when I still kept my address America based). In some cases now, I need to be able to react to a SMS to a US based phone # to access my account (got a new iPad). I am easily traceable to being overseas in several ways. I’m not trying to sound paranoid of the gov’t but I really don’t want to lie and then have an investment account frozen (assuming they cannot seize it) and then have an even bigger hassle.[/quote]

Did they actually say that being in a different country than your mailing address was an issue?

I think most likely they are tracking IP addresses as a means of fraud prevention. Such as a foreigner hacking your account and stealing your money.

Just use an American VPN, problem solved