My friend has dual citizenship (Switzerland & USA) because his mom is from the USA, but he has always lived in Switzerland. One of his bank accounts got closed when they found out he wasn’t just Swiss, but had US American citizenship too. I guess this is another case of things that only work if you’re rich.
He’s getting so annoyed with the USA’s tax overreach. He can’t get banking easily, can’t do the standard retirement savings, because they usually invest in bonds and using “foreign” bonds from the perspective of the USA’s IRS would cost him extra and he has to file taxes. Apparently even getting rid of US American citizenship is expensive and slow, and they don’t offer the “Service” in the embassy in Switzerland, he’d have to go to Paris.
That’s not about the rich, most banks these days just don’t want to service US citizens without a premium, because it puts a lot of bureaucracy on them. Blame the US government.
My friend has dual citizenship (Switzerland & USA) because his mom is from the USA, but he has always lived in Switzerland. One of his bank accounts got closed when they found out he wasn’t just Swiss, but had US American citizenship too. I guess this is another case of things that only work if you’re rich.
He’s getting so annoyed with the USA’s tax overreach. He can’t get banking easily, can’t do the standard retirement savings, because they usually invest in bonds and using “foreign” bonds from the perspective of the USA’s IRS would cost him extra and he has to file taxes. Apparently even getting rid of US American citizenship is expensive and slow, and they don’t offer the “Service” in the embassy in Switzerland, he’d have to go to Paris.
That’s not about the rich, most banks these days just don’t want to service US citizens without a premium, because it puts a lot of bureaucracy on them. Blame the US government.