The traditional banking system was already bad enough, but now with banks around the world rushing to comply with the Foreign Account Tax Compliance Act (FATCA) it is beginning to reach extreme levels. And it isn't just affecting the most financially restricted people on Earth: US citizens ... it is affecting everyone.
Take myself for example. I operate numerous businesses worldwide. I am a Canadian citizen as well as the citizen of a Caribbean country and our business operations are also operated out of a non-tax jurisdiction in the Caribbean. On top of that we hold no bank accounts, whatsoever, in the US ... instead, we have bank accounts all over the world.
Yet, in the last two months we have had our accounts or transactions frozen, denied or questioned in different jurisdictions at least ten times. And we have had countless other problems over the last two years.
Here are just a list of the most recent:
We got FATCA'ED. We received a FATCA notice from one of our banks in Eastern Europe. They told us that we must comply and contact them immediately. We contacted them and let them know that the company is not a US company and no US citizen is involved with the company nor the bank account. They told us that one of the phone numbers they had on file for us was a US number and therefore they'd have to close our account. We informed them that the number they had was a virtual Skype number, one of many we have, that forwarded to the property departments in our companies around the world. We are still dealing with this issue.
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