In an update, HSBC is looking for everyone to sign a secrecy wavier, yet they do not want to explain to me what it is and what it will be used for, I have asked more than 4 times and they just keep telling me, sign it or have your account closed. I don’t feel it is right to be threatened without explaination. Isn’t there a law in Taiwan that prohibits banks from doing just this? Banks have to provide customers accurate information and answer questions before signing things, but it seems to me that HSBC either does not know how to answer or simply just doesn’t want to answer. Both of which are bad.
[quote=“JeffG”]Meyers66, what are your specific questions?
In an update, HSBC is looking for everyone to sign a secrecy wavier, yet they do not want to explain to me what it is and what it will be used for, I have asked more than 4 times and they just keep telling me, sign it or have your account closed. I don’t feel it is right to be threatened without explaination. Isn’t there a law in Taiwan that prohibits banks from doing just this? Banks have to provide customers accurate information and answer questions before signing things, but it seems to me that HSBC either does not know how to answer or simply just doesn’t want to answer. Both of which are bad.[/quote]
Looks like if you own a U.S. passport the IRS owns your ass and local laws don’t apply
Just feel grateful if you can keep a bank account overseas as a U.S. citizen for the time being. It’s a privileged they’re letting you have for now
What’s funny about what you say is this… if the IRS pushes hard enough and all of us lose our accounts abroad, there is no way for us to pay our taxes as we have no access to banking services. in my opinion the US gov’t is shooting themselves in the foot in more ways than one… I forsee many people here using their non-US-Citizen spouse bank accounts sooner or later to avoid all of these problems…
More than likely it will just force US citizens to use US banking entities that operate overseas. For example, US banking giant BNY Mellon is welcoming US expats in Hong Kong to open new accounts now that no one else does, and similar services are springing up worldwide to cater to Americans with nowhere else to go
What you said about foreign spouses; I read about some people doing this, having everything solely in their spouse’s name, but if you have power of attorney over their assets then it’s reportable. How long until they try to sniff this out too? For most expats it’s not an option anyway
If you transfer money to your non-U.S. citizen spouse there is an annual limit as to how much can be transferred (I think is US$150,000, but have to look it up again). Any amount over the limit is taxable, similar to gift tax.
Hello Flagman,
Thanks for asking if I have problems. The short answer is yes. I have many problems with FBAR, FACTA, and US taxes. I’m trying to figure out where to ask them.
Here’s my first one: How can I find an IRS Enrolled Agent in Taoyuan City?
I don’t think there are any IRS enrolled agents in Taiwan. I don’t know of any CPAs in Taoyuan either. There are a few in Taipei, but their charge is high and some of them of course will advise you to become compliant, however, each case is different, that may not be the best solution for you, though compliance is always recommended. I am not an accountant nor a lawyer, if you have serious problems you need to find one. There are plenty of CPAs in Taipei, just do a search. Also check the ACA website, there is a list of them there all over the world.
Hi, I would like to subscribe to ACA. But when I see a $70/ year membership fee I turn away. How am I supposed to try the site to see if it is legit?
I would like to be able to subscribe to it for free first to read about their agenda. I won’t pay for things untested/tried.
With all the back and forth between Taiwan and the US I find it difficult to believe there isn’t an Enrolled Agent here. Seems like a great job opportunity if done right.
ACA’s membership fee is not high, and they work behind the scenes for 7.6 million Americans abroad and have done a good job in getting things in front of people who need to see them. Things in Washington are not changed overnight. They now have an office in DC and can directly talk to people when they need to. ACA is legit, I am very sure of this.
As for the list, I am not sure you even have to pay the membership fees to see the list of qualified CPAs.
The IRS has pulled out of every country now leaving Americans abroad feeling even more out of the loop with tax regulations. It should be obvious that the US government cares nothing about us and is not attempting to help.
Maybe one of them can direct you to an Enrolled Agent. Unfortunately, that list only shows mailing addresses. I found at least one of them on LinkedIn, though
Well here’s something new… Shanghai bank is now requesting PROOF that your social security number you write on the w9 FATCA forms is really yours. As the US has taken our SS numbers off our driver’s licenses, most anyway, and which is a good thing, if you don’t have that stupid little blue card you got when you were like 1 year old than you’re pretty much SOL.
Well Chris, as you have been in Taiwan quite awhile, you understand that some companies require certain banks to get your salary, so for those unlucky enough to get stuck with this particular bank they may be in deep doo. Additionally I would not be surprised that other banks may have this same policy or some other idiotic policy against Americans now. It is getting more and more interesting as this goes on.
Partially related: The IRS told my mom she would go to jail unless she paid them 40k plus USD. She got a lawyer. The lawyer said they are bluffing! And, gets better, she said they do it all the time!! The IRS didn’t even show up to court. Cost my mom 2k plus for the lawyer to fight it, but that’s better than 40k…They aren’t trying to help people; they’re trying to extort money…
In any case, neither of my banks here have mentioned an iota about FATCAT.
If my bank asked for my Social Security card, I’d provide the bank with the scanned copy I have, and failing that, ask my dad or sister to fish it out of the box I keep it in back home and mail it to me.
In any case, neither of my banks here have mentioned an iota about FATCAT.
If my bank asked for my Social Security card, I’d provide the bank with the scanned copy I have, and failing that, ask my dad or sister to fish it out of the box I keep it in back home and mail it to me.[/quote]
No, I did mean as a child, I got mine prior to 18 years old, as a matter of fact I remember getting it when I was younger than 10, perhaps things have changed. But at that time we could get them before 18.
My old banks have not contacted me other than HSBC that required all sorts of BS documentation. But opening a new account at just about any bank now will definitely bring it up. And it’s not FATCAT it’s FATCA, as I don’t subscribe to the whole FAT CAT BS. Those guys will never get caught, but they are surely making problems for those of us who attempt to follow the law. And none of this would be an issue if the US finally did the right thing by changing CBT to RBT.
Chris what I am mostly concerned about here is the apathy about the whole thing, the US government says jump so we all need to jump or get left out, and when Taiwan government jumps with them and passes on all the problems and Americans abroad are still apathetic to the whole thing, it bugs me. You have not stated your position on FATCA, but from the messages I can only wonder. Simply bowing down and agreeing to all these new rules is not a good thing in my opinion.
Well, now seems Americans who do not pay taxes could have their passports cancelled. From Forbes…“The State Department could revoke, deny or limit passports for anyone the IRS certifies as having a seriously delinquent tax debt in an amount in excess of $50,000.”
My prediction…eventually U.S. government will ask foreign governments to cancel residency visas for those taxpayers who don’t pay overdue taxes.
I think finding an accountant is not the problem, it is finding an accountant who actually understands how to do expat taxes which are so complicated that a lot of them are clueless. ACA has a list of accountants that do expat taxes, I would highly advise anyone here to use a company on that list if they need an accountant.
