Tradfi is increasingly becoming a dog shit product.
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Advent of FATCA means it's hell for normal Americans to bank overseas.
You're basically locking yourself into a tiny box by carrying tradfi products. Most lower middle class people will never notice because if you do things like "receve paycheck, go to grocery store" then you'll never see all the walls built around you. But people with money notice.
If your other passport shows you were born in US your bank will still hold you to FATCA controls, and even if it doesn't show that then they're still bound to FATCA and can be punished if it's uncovered you're a US citizen.
Comments
Tradfi is increasingly becoming a dog shit product.
[ ]
Advent of FATCA means it's hell for normal Americans to bank overseas.
You're basically locking yourself into a tiny box by carrying tradfi products. Most lower middle class people will never notice because if you do things like "receve paycheck, go to grocery store" then you'll never see all the walls built around you. But people with money notice.
skill issue.
you need more money.
Yeah but even with more money your foreign bank is required to rat you out with no warrant, not appealing.
unless you have more than 1 passport
If your other passport shows you were born in US your bank will still hold you to FATCA controls, and even if it doesn't show that then they're still bound to FATCA and can be punished if it's uncovered you're a US citizen.
So sad.
Reminds me of Elon Musk recently complaining about how hard it is to be a billionaire.
It's hilarious how much Americans would be willing to sabotage themselves if only they could inconvenience the accountant or lawyer of a billionaire.