Janet,
Most likely, sooner or later, you would be left with no option but to renounce your US citizenship under duress.
That is what happened to me in Israel.
The largest bank in Israel, Bank HaPoalim, took a very large sum in my deposit accounts on January 1, 2013. The purported reason: FATCA compliance. It should be noted that the Bank did so while FATCA was not in force in effect in the US (as stated in the article you linked, it would become effective only on July 1, 2014). Moreover, there was no basis for such actions in the law of the State of Israel.
However, the conduct of bank HaPoalim was patronized by Stanley Fischer, then Governor of Bank of Israel, and one of the leaders of the global banking cartel. Today he is No 2 in the Fed...
Former senior US State Department Counsel, Attorney James Jatras, Washington DC, issued an opinion letter in my case, stating that conduct of Stanley Fischer "makes no sense at all" and most likely was retaliation against me by the US and Israeli governments in collusion with the banks.
Likewise, the Israeli Supreme Court refused to register my petition to compel Stanley Fischer to perform his duties, pursuant to the law of the State of Israel.
In short - the story of collusion of the banks and the courts in state organized crime against the citizens of the respective nations is spreading into nations that are under US domination.
My luck was that I managed to gain protection of the German government against the US and Israeli governments. Three days after filing a request for protection with the German Consul in Israel, Bank HaPoalim returned my money. Moreover, later the Bank denied that any of it ever took place, regardless of documents, both from the Bank and from Stanley Fischer to the contrary...
There is no way to know the true number of Americans who renounced citizenship in recent years because of FATCA. You may get a feeling for the wave of renouncement in the Isaac Brook Society web site and discussion groups. The site also documents that US consulates worldwide are placing hurdles in the way of Americans, who try to renounce citizenship.
Renouncing US citizenship was not easy for me either. The US Consulate, Jerusalem, Jerusalem (that is the official name of that consulate) scheduled me to enter that fortress outside of working hours (probably my appearance was never listed on the Calendar of the Consulate either), when there was nobody in the building except for security personnel and conducted fraud on me in that matter as well. Although I paid the exorbitant fees of $600, the Consult refused to duly perform the Oath of Renouncement, and issued false certifications on the documents. Again, the issue was resolved only after I reported it to the German government.
As also seen in the NSA Snowden affair, Germany today is the center of what is left of the "Free World"
FATCA is nothing but an extension of the NSA global surveillance scheme. Under FATCA the US government claims that it has the right to know of any penny spent by anybody holding US citizenship worldwide, even if that person (e.g. children of US citizens, born and living abroad) never set foot in the US and never did any business in the US.
FATCA will become another block in undermining US financial hegemony. Banks in China, Russia, other BRIC nations, in Europe, will either refuse to cooperate at all, or close the accounts of US citizens and US corporations. That process is moving forward, like the boycott on the US dollar as the international trade currency, much faster than ever anticipated.
Effectively, FATCA and similar measures are establishing a worldwide the Digital Curtain, which will separate the US and its appendices from the rest of the world, as forcefully as the infamous Iron Curtain of the Soviet block.
To me and many others in such predicament, renouncing US citizenship is done under duress, and only means dissent with the current illegitimate regime, which renounced the US Constitution. You are still and always be One of the People of the United States. Perhaps, after the US Constitution is restored (if it ever happens during our lifetime), such Americans would be able to regain their citizenship, the same process, called "repatriation", which was instituted in Germany after the fall of Nazism.
jz
LINKS:
[1] 13-01-14 Fraudulent renunciation of US citizenship records, issued by the US Consulate, Jerusalem
[2] 13-01-14 Correspondence with the US Consulate in Jerusalem, in re: Fraud in administration of Oath of Renunciation of US Citizenship
[3] 13-01-17 PRESS RELEASE: Fraud in the US Consulate, Jerusalem, denying the right to renounce US citizenship
[4] 13-02-02 Renouncing US Citizenship
___
Wednesday, June 4, 2014
US Expats in Mexico Left Stranded In Latest FATCA Escalation
Jeff BerwickActivist Post
As the first set of Foreign Account Tax Compliance Act (FATCA) compliance issues for banks worldwide is set to come into effect on July 1 we have seen a flurry of banks around the world advising US citizens that they will be immediately closing their accounts.
None has been so far reaching as this notice sent to US citizens who have accounts at Banamex USA in Mexico this week, however.
Banamex USA's parent, Banamex, is the second largest bank in Mexico and there are over 1 million US citizens living in Mexico, by far the largest amount of any country, and so this news will be felt over a very widespread area.
Notices have begun to be sent by Banamex USA, a bank operating in Mexico and used by many American expats in Mexico, to all US citizens notifying them that their accounts will be closed within 30 days.
Here, here and here you will find three separate online discussions surrounding Banamex USA's summary closure of Americans' accounts.
In most of the forums people know the reason why - FATCA - but in one of the forums in particular the people are not even aware of FATCA and its implications. This action by Banamex USA is, of course, because of FATCA, which has forced 77,000 banks in 70 countries to surrender all information on American customers to the Internal Revenue Service (IRS) or be extorted and possibly put out of business altogether.
Banamex USA, a subsidary of Citibank with its headquarters in Los Angeles, has sent letters to many US customers informing them that their accounts will be closed June 30. As one online commenter wrote:
No more SS check deposits: no more linking of accounts to Banamex Mexico, no more credit card, no more ATM for free, no more nada.One customer was told that it was a "bank decision" with no reason given why. This move has left former account holders scrambling to find a bank that will let them open an account without their presence in Mexico, something likely impossible to find.
It does not appear that all accounts will be closed, but nobody knows Banamex USA's strategy here, even banking insiders in the US who we have contacted who are confused about what is going on.
What's for sure is this: Are you an American expatriate living abroad or an American currently thinking of moving abroad? This could and likely will happen to you.
OPTIONS FOR US EXPATS IN MEXICO
There are many ways to protect yourself and to sidestep many of the issues that FATCA will be bringing upon US citizens trying to transact in the financial system worldwide.
In the case of Americans who live and/or spend a large amount of time each year in Mexico one solution is to attain Mexican citizenship (this is a process that TDV Passports can help with). By doing this you can still have bank accounts in Mexico if you so chose as you can open the account as a Mexican citizen, not as a US citizen, thereby not being restricted by banks that do wish to deal with US citizens due to the egregious nature and expense of filing with the US government all transactions of US citizens.
Having a second citizenship, especially for US citizens, is a very prudent move as it has become very difficult to do anything financially, worldwide, as a US citizen. It also has a tremendous amount of side-benefits including large tax breaks (up to nearly $200,000 per year, tax free, for a married couple if they live outside of the US) ... and if you choose to renounce your US citizenship the benefits can be massive for those with a high net worth or income as this would unchain US citizens from the worldwide taxation imposed on them by the US government.
Other options that are still available to US citizens is to re-organize their affairs internationally using things like offshore trusts which are specifically set-up in a way that FATCA regulations do not apply to it. This is a service, for high net worth (over $1 million) US citizens that is offered exclusively by TDV Wealth Management (TDVWM). TDVWM has recently held two Crisis Conferences in Panama and in Mexico helping US citizens stay ahead of the curve and to organize their affairs prior to events, which we predicted, such as more banks worldwide closing accounts for Americans.
We also predict that more countries in the West will begin to enact FATCA-like controls as the economy in the West continues to fall and governments begin to enact more egregious worldwide taxation laws. In the case of Canadians, for example, many "snowbirds" (those that are retired and usually spend six months or more per year in the US) are beginning to be deemed a "US resident" even without their knowledge and will soon find themselves under attack by the IRS for tax liabilities. As well, the Canadian and US governments have reached all manner of agreements tying the sharing of financial information between the two countries.
As we've researched and written here and at TDV Wealth Management Crisis Conferences (which we will be holding another one soon, likely in Mexico due to recent events), FATCA is very real and Americans abroad will be forced to adapt and quickly. Many might simply end up without a bank account altogether and unable to open one abroad when they get this now all-too-common letter that your bank no longer wants to serve you.
We hate to constantly be the bearer of bad news but those who have been following TDV know that we have been warning of these events for a number of years. And we expect things to go nowhere but downhill from here as governments in the West implement nefarious capital controls such as FATCA.
Stay tuned at The Dollar Vigilante blog as we continue to cover FATCA and its consequences and offer insights, news, analysis and solutions to protect yourself at The Dollar Vigilante newsletter. And pass along this particular news to US citizens who are Mexican expats to inform them to prepare for more bank account closures for US citizens and what they can be doing about it to protect themselves.
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Servicesand host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media including CNBC, CNN and Fox Business.
On Thu, Jun 12, 2014 at 8:34 AM, Janet wrote:
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All comments are welcome... especially any tips regarding corruption of the courts in Los Angeles. Anonymous tips are fine. One simple way to do it is from internet cafes, etc.