Would someone mind telling me why Americans seem to have a very difficult time setting up any non-US located bank account?

[rrandalph]

Of all the banks I have looked at, it seems that setting up an EU-based account as an American is almost always not offered (unlike as a EU citizen, which I am also, but apparently there is a residency requirement here as well.)

Maybe it's something obvious, but I am just missing it. Thanks!

 

[Cetme308win]

Because Uncle Sam started to arrest foreign bankers that didn't complied with US regulations and their request to share data of all the americans with an account there.
Obviously bank secrecy was a fact then and they weren't allowed to share such data so the best way of not having problems was not allowing americans there lol

 

[Golden Fleece]

The answer is FATCA. Yet another nightmare from the Obama Administration.

FATCA reporting requirements for banks have become quite extensive, and many banks choose to avoid it altogether by simply refusing to work with American clients. Regardless of whether US expats are well-established citizens or not, the reporting requirements are simply not worth the effort for banks. US citizens may find that they are unable to open accounts or have been dropped by their current bank (sometimes without notice).

FATCA: 5 Things You Need to Know

Learn the crucial FATCA filing tips to comply with legislation against tax evasion, avoid penalties, and disclose offshore assets. Expert guidance provided.

www.greenbacktaxservices.com

 

[rrandalph]

Great, thank you for the information about FATCA--I've heard of it before but never put the pieces together.

 

[Vampp]

@Golden Fleece , socialists really love to tax people who actually take risks.

Got a email from Revolut claiming FATCA.
I plan to move to the US in the next year or so, but the European entities won't have a way to know this, I'll keep my national ID and everything and renew it for verifications.
I'm still learning, but the Wyoming LLC seems like a good way to invest, own assets etc. The only thing is not to have too much profit.