I am a US citizen. Say I open up an account with a Taiwan bank. Will the bank share info with the IRS if the IRS requests such info from them? Or will the bank tell the IRS to shove off?
First of all, let me say that I have been monitoring these Legal Forums for many years and I have never heard of anyone running across the type of problem you describe.
Secondly, in the way of a more round-about discussion of this issue, let me make reference to the 2008 American Chamber of Commerce WHITE PAPER, published in the May 2008 “Taiwan Business TOPICS” magazine, by the American Chamber of Commerce in Taipei. On page 17 are the “Requests to Washington.” Issue #4 is a request to “End tax-policy discrimination against US citizens overseas.” This section begins as follows:
[color=#8000FF]AmCham Taipei joins the Asia Pacific Council of American Chambers of Commerce (APCAC) in urging the US government to cease taxing the income of Americans working abroad so as to enhance the global competitiveness of US Companies. The United States is the only industrialized country that subjects its expatriate citizens to income tax on their overseas earnings.[/color]
However, I am unaware that the US government has taken any action on AmCham’s proposals.