The Foreign Account Tax Compliance Act (FATCA) law was intended to combat tax evasion by US citizens living abroad. It requires all US citizens and their banks to report their income and assets to the US Internal Revenue Service.
In 2014, three years after FATCA passed into US law, France signed a bilateral agreement obliging financial institutions here to notify US authorities of their American customers.
Since the regulations came into effect in France, more and more Americans have found it difficult to open an account. In some cases, banks have refused to accept new customers on discovering they are US citizens.
Connexion reader Daear Llais wrote in to say she was ‘given the third degree’, and faced ‘examination and interrogation’ when she tried to open an account with HSBC in France.
“It took about 2 weeks with HSBC …
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