With all the hyperbole and rhetoric I thought this "technicality" would be helpful, especially to uninformed readers.Technicality. You are completely ignoring the point.
With all the hyperbole and rhetoric I thought this "technicality" would be helpful, especially to uninformed readers.Technicality. You are completely ignoring the point.
With all the hyperbole and rhetoric I thought this "technicality" would be helpful, especially to uninformed readers.
I'm afraid of being refused a UK bank account when I return to the UK, or of having to pay extra fees just to get basic service.
Nun, if you were to return to the UK and renounce US citizenship, would you be able to keep your US investments? I believe a UK citizen cannot use Vanguard (US), for example, though perhaps an existing customer may be able to keep an account by some means.
So I assume eligible deferred compensation is retirement funds and if I waive the US/UK tax treaty exemption I end up as a non-resident alien without the advantages of the tax treaty and I they'll be 30% withholding on income from my retirement accounts and I'll have to file a 1040 to claim the tax back.....7a Do you have any eligible deferred compensation items? Checking the “Yes” box is an irrevocable waiver of any right to claim any reduction in withholding for such eligible deferred compensation item under any
treaty with the United States . . . . . . . . . . . . . Yes No
Experience has shown that many people do not read all the posts, just the last few, and some not even that, and when they post, it is sometimes out of context. The issue of mutual fund taxation was not part of the original thread. If you want to introduce it, fine, but in that case it would be helpful to make sure it is "technically" defined correctly.By the time readers get to this point in the thread they are informed.
You shouldn't have a problem since you will be a UK citizen residing in the UK with a UK address. You will also, presumably, have your National Insurance number.
Yes to all of those, but I'll also have to answer "YES" when they ask me if I'm a US citizen and deal with whatever consequences that has.
Not really. The post appears to disagree with a comment of mine, but instead of indicating why it only links to an external document that may or not be related. A brief summary would inform the causal readers and also give those interested enough information to know whether they should pursue the link or not.
Experience has shown that many people do not read all the posts, just the last few, and some not even that, and when they post, it is sometimes out of context. The issue of mutual fund taxation was not part of the original thread. If you want to introduce it, fine, but in that case it would be helpful to make sure it is "technically" defined correctly.
Interesting, but I thought Vadio was refused a "higher yielding account" not a basic bank account, so the issues might be more to do with foreign trusts and PFIC.
When will they ask if you are a US citizen? I've not seen an application form for opening a bank in the UK for a long time. As a result of the new legislation does the application form specifically ask everyone in the UK that applies for a bank account if they are also citizens of the USA?
When will they ask if you are a US citizen? I've not seen an application form for opening a bank in the UK for a long time. As a result of the new legislation does the application form specifically ask everyone in the UK that applies for a bank account if they are also citizens of the USA?
There has been a request for all the account holders citizenships on the application forms from several Banks and Building Societies for several years. Others are now starting to ask that question. In days past, you could open an account with your driving license. The new photo license now gives your country of birth. At the tailend of last year, I did some movement between accounts in one of the larger building societies. I've always made it clear I'm a USC. During the process, a screen came up saying "WARNING: YANK" (Well, maybe not that blatant.)
Many institutions are issuing new 'Terms and Conditions'. If you read those carefully, you discover some of the changes involve the ability of the bank to supply details of the account to 'foreign' authorities, beyond those requested for criminal inquiries.
I believe that UK bank applications ask for nationality now.
It only asks for one nationality, right?
It only asks for one nationality, right? If you have UK nationality and are residing in the UK with a UK address, why would the bank need to know other nationalities? HMRC will need to know about the US nationality and US income etc.
No, not on all the applications. Some applications ask for 'all' or 'other' nationalities.
The bank needs to ask if you are a US citizen to comply with FATCA.
A Treasury source said the difficulties in implementing FATCA (the Foreign Account Tax Compliance Act) are considerable, as the legislation goes further than anything the UK has had to deal with before.
However, it is understood to be seeking a ‘country to country’ solution which may build on the existing tax treaty the UK has with the US. It is hoped this will reduce the systems UK institutions will have to introduce, and minimise the burden.
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Originally set to come into force in January 2013, certain aspects of FATCA have been postponed until 2014 and 2015. FFIs, including banks, pension schemes and asset managers, will have to register with the IRS by June 2013.
The bank needs to ask if you are a US citizen to comply with FATCA. The UK has agreed to take all the US citizen information from UK financial institutions and pass it on to the US......this gets around the problems this would have cause if the banks had to communicate directly with the US.
Joint Statement regarding an Intergovernmental Approach to Improving International Tax Compliance and Implementing FATCA - HM Treasury
I had a look at an on-line application for HSBC (which is my UK bank) and didn't see it asking for a list of other nationalities
Sure, but I don't see why it would prevent you from opening an account since you will a UK citizen residing in the UK.
From the above:
5. In this regard the United States is willing to reciprocate in collecting and exchanging on an automatic basis information on accounts held in US financial institutions by residents of France, Germany, Italy, Spain and the United Kingdom. The approach under discussion, therefore, would enhance compliance and facilitate enforcement to the benefit of all parties.
7. In light of these considerations, the United States, France, Germany, Italy, Spain and the United Kingdom have agreed to explore a common approach to FATCA implementation through domestic reporting and reciprocal automatic exchange and based on existing bilateral tax treaties.
I know I should know the answer to this, but I don't. Has the legislation proposed in both the House and Senate relating to the reciprocal exchange been passed? I seem to remember that it was facing opposition from the banking communities in Florida.
Have we established that UK banks are refusing accounts to dual US/UK and US citizens, or is this an expression of a fear we hope does not come about?
Have we established that UK banks are refusing accounts to dual US/UK and US citizens, or is this an expression of a fear we hope does not come about?
An instant chat window opened while I was reading so I asked if I could open a checking account, explaining that I have UK and US nationalities and currently live in the USA. The lady had to go away and check, took her 7 minutes, then she came and confirmed that I did spend most of my time in the USA. She said that I would be able to open an International Barclays account in £ while living in the USA and sent me the following link if I wanted to proceed. I also confirmed with her that on return to the UK I could open an account regardless of my dual status.To open one of our bank accounts in branch we need confirmation of who you are and where you live to meet government regulations. We need two original documents (not photocopies) from the lists below.
To confirm who you are, we need one of the following:
To confirm where you live, we need one of the following:
- Full, current UK passport
- Full, current foreign passport
- Current passport in your former name. Make sure you also supply supporting documents regarding your change of name, such as a marriage certificate, Decree Nisi with birth certificate or Deed Poll document
- Current UK photocard driving licence or UK full paper driving licence
- A current Blue Disabled driver's pass
- European Union member state identity card
- A current firearms licence
- Police warrant card
- UK Armed Forces ID card
If you're applying for a joint account, we will need this identification from both of you, although you don't have to visit the branch at the same time.
- Current UK photocard driving licence or UK full paper driving licence (if you haven't already used this to prove who you are)
- Current European Union member state identity card
- UK bank statement that's less than 3 months old (internet statements are not acceptable)
- UK credit card statement that's less than 3 months old (internet statements are not acceptable)
- UK mortgage statement that's less than 3 months old (internet statements are not acceptable)
- Foreign bank statement
- Gas, water, electric, cable TV or landline (not mobile) phone bill that's less than 3 months old
- Local authority council tax bill issued within the current financial year
- Council rent book (must be current)
- Household or motor insurance certificate issued within the last 12 months
If you have any questions about the documents you need including other options available, please speak to a Personal Banker at any branch.