This subject has been discussed a lot here. If you search you will find way too much information , but if you can glean through it ,you might find some answers.
From what they wrote me, if I don ́t comply, they will just cancel my account, thus, I complied. Too me, there seemed to be no choice about it.
The short answer is yes. All the banks are requiring their remaining American clients to do this. Most of the smaller banks have already dumped their American clientele. It’s all due to the US foisting it’s FATCA law on the rest of the world because it believes all Americans who live outside the US are default tax cheats. Here’s just a couple of threads on the subject:
Postfinance closing American Accounts?
http://www.englishforum.ch/finance-b…xperience.html
You can also expect to get a letter at some point from PostFinance advising you to become tax compliant if you’re not already. I had mine last week. If you’re not yet tax compliant they strongly advise you to enter the OVD Program and to send them proof that you have done so. If you don’t you’ll find your accounts being closed; it’s part of the FATCA/Swiss-US IGA regulations that any non-compliant account be shut immediately.
My personal response to this FATCA assumed guilty tax crap? I renounced my US citizenship in March and will finish doing my back filing next year.
Wow! Some mod was on the ball there. I started writing my post in answer to one thread and posted it in another. Quick work there folks.
Thanks all! I had searched a little and found some other threads but they all seemed to drift off into rabbit trails. I should have just searched under FATCA. Oh, well, for me now, I'll need to fill out the stupid form.
I know I can not be the first to comment that every time I see FATCA I think "Fat Cat" which surely is a good description of the IRS and US Govt.
yes.
and get it back to the bank in the next few days.
The Big Day for the US government is 31 Dec 2013, which the banks are working towards to get all their i's crossed and t's dotted.
Technically, I have nothing to hide and would publish my privacy data to CNN if I had nothing to worry.
Unfortunately, the more people who have access to data, the greater the probability becomes that such data will fall into the wrong hands and be misused.
With so many Americans currently generalizing against expats and the Swiss in a bigoted manner, data in US hands is clearly unsafe.
It is thus best to hide to be safe. Secrecy protects the innocent from the crimes of the guilty.