Singapore Expats

FATCA + your non-US bank account(s)

Discuss the different banking options, rates, offers and perks.
Post Reply
User avatar
taxico
Director
Director
Posts: 3333
Joined: Sat, 10 May 2008 6:05 pm
Location: Existential dilemma!

FATCA + your non-US bank account(s)

Post by taxico » Thu, 07 May 2015 9:00 pm

has anyone else gotten calls/letters from banks about your bank deposits...?
Aut viam ad caelum inveniam aut faciam

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 40512
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 21
Location: Retired on the Little Red Dot

Re: FATCA + your non-US bank account(s)

Post by sundaymorningstaple » Thu, 07 May 2015 9:09 pm

Not yet, but I reckon it will come in due time thanks to that asshole in the whitehouse.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

User avatar
taxico
Director
Director
Posts: 3333
Joined: Sat, 10 May 2008 6:05 pm
Location: Existential dilemma!

Re: FATCA + your non-US bank account(s)

Post by taxico » Thu, 07 May 2015 9:26 pm

i had a reply that i deleted. will repost at a later time...

i didn't realize there's a banking sub-forum now. feel free to move this there...!
Aut viam ad caelum inveniam aut faciam

User avatar
maneo
Reporter
Reporter
Posts: 757
Joined: Sat, 15 Mar 2008 2:46 pm
Location: Tropical cosmopolitan island

Re: FATCA + your non-US bank account(s)

Post by maneo » Fri, 08 May 2015 7:20 pm

taxico wrote:has anyone else gotten calls/letters from banks about your bank deposits...?
Not yet.
What was the nature of the call?

User avatar
PNGMK
Moderator
Moderator
Posts: 9177
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 10
Location: Sinkapore

Re: FATCA + your non-US bank account(s)

Post by PNGMK » Mon, 11 May 2015 9:11 am

If it's like my wife's call it's along the lines of either identify or withdraw and close account. She is now down to one account (at Standard Chartered) from her previous 4.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

GSM8
Chatter
Chatter
Posts: 218
Joined: Sat, 14 Dec 2013 11:01 pm
Location: Singapore

Re: FATCA + your non-US bank account(s)

Post by GSM8 » Mon, 11 May 2015 10:37 am

Frankly, FATCA is not the underlying problem here. The idiotic US policy of citizenship based taxation is. Blaming FATCA is somewhat akin to shooting the messenger

User avatar
Wd40
Director
Director
Posts: 4637
Joined: Tue, 04 Dec 2012 10:53 am
Answers: 1
Location: SIndiapore

Re: FATCA + your non-US bank account(s)

Post by Wd40 » Mon, 11 May 2015 11:13 am

GSM8 wrote:Frankly, FATCA is not the underlying problem here. The idiotic US policy of citizenship based taxation is. Blaming FATCA is somewhat akin to shooting the messenger
Not just citizenship. FATCA affects you even if you go and work in the US for short term. There is a section in the FACTA declaration that asks whether you had substantial presense in the US.

Here is the definition:
Do you meet substantial presence test (only if you
are NOT a US Citizen or US Green Card Holder)*

*Generally, you will meet substantial present test in US if you were physically present in the United States on at least -
1. 31 days during the current calendar year, and
2. 183 days during current year and preceding two years, counting
• All the days you were present in the current year (+)
• 1/3 of the days you were present in the first year before the current year (+)
• 1/6 of the days you were present in the second year before the current year
For exemptions, as applicable, kindly refer http://www.irs.gov/Individuals/Internat ... sence-Test

User avatar
maneo
Reporter
Reporter
Posts: 757
Joined: Sat, 15 Mar 2008 2:46 pm
Location: Tropical cosmopolitan island

Re: FATCA + your non-US bank account(s)

Post by maneo » Mon, 11 May 2015 11:41 am

PNGMK wrote:If it's like my wife's call it's along the lines of either identify or withdraw and close account. She is now down to one account (at Standard Chartered) from her previous 4.
Isn't she is a US citizen?
If the call is to identify, then just confirm that she is a US citizen and keep the accounts.
With all this FATCA excitement it has become difficult for US citizens to open new accounts.

Am assuming, of course, that you have been dutifully reporting these accounts in your annual FBARs.
8-)

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Credit Card & Banking in Singapore”

Who is online

Users browsing this forum: No registered users and 2 guests