Now the Bad News. Somewhat.

mpatti65 · 2013-10-27T03:14:02+01:00

Explore the impact of US banks ceasing international transfers on Puerto Rico's finance. Share insights on banking options and regulations.

mpatti65 Active member

Member since 07 October 2013

mpatti65Active member27 October 2013 02:14:02

Well with Chase bank now stopping all transfers of money from the Us to any country on November 17th,and it is precived that all other banks will follow suit, and it is rumored that many banks throughout the world will not open new accounts to american's. How is that going to effect the banks in the P.R.?
I myself see no problems except for P.R. owned banks maybe following suit.
Now this is a good one, good old Switerland folded to Us depands to the law about foreign bank accounts in which citizen;s of the USA hold in their countries. matter of fact , country after country is being bullied by the Us to comply. All except for one tiny little country. Denmark,of all places refuse's to comply.God Bless Denmark.I have friends in 16 countries that are worried about how except for ATM'S, to get funds with.Oh you can live on ATM'S, but big purchase's. Well,i guess someone will think on how to beat the system. Seems the IRS,and the State Dept. is taking another right from us.Oh heck whats another one anyways. Oh your money,none the IRS'S money.I am checling on what my private personal retirement fund is going to do.Nothing if i move to the P.R. and i can still just deposit the fund into a US based bank there in the states. but to move any where else. Ha! good luck with that.
I am keeping up on this every day. My friends know alot more then i do,i just pass someof it on.Take Care. Mark

NomadLawyer Serial expat

Member since 27 September 2010

NomadLawyerSerial expat27 October 2013 12:07:36

693

The law causing all of this chaos and hardship for expat Americans is called the Foreign Account Tax Compliance Act (FATCA) and, like Obamacare, was passed in 2010 when the Democrats controlled both houses of Congress.

FATCA imposes massive compliance costs and potential liabilities on Foreign Financial Institutions (FFIs) who have American account holders. It's a nightmare of a law and is so onerous as to be imperialistic in my opinion.

It's created a lot of work for American expat financial-regulation lawyers like me though!

FATCA doesn't directly affect any PR financial institutions.