Posts Tagged ‘banking’
Financial Institutions: The Challenge. Compelled “U.S. person” status
1. Background Although the Internal Revenue Code properly recognizes your right to choose a nonresident alien status and be unenumerated, banks and financial institutions are so heavily regulated that they often take a position at odds with this lifestyle. As part of their Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance measures, financial institutions…
Read MoreHow to deal with banks auditing your status as an Nonresident Alien after opening a foreign account.
1. Introduction Those who previously and successfully opened a bank account as a nonresident alien by using a W-8 rather than a W-9 may subsequently and sometimes repetitively be contacted by the bank because they their status looks suspicious or out of the norm from other account holders, who are almost universally “U.S. persons” who…
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