ACA event in London 3 Nov 2015

May be of interest to some.  Topics listed on the flyer:

- Becoming compliant with the IRS (Streamlined Procedures)
- Future planning which covering moving back or retiring to the US
- Planning points for bi-national couples
- Inheritance tax planning for non-doms becoming deemed domiciled for Inheritance tax purposes
- Pension accumulation strategies
- The impact of proposed Non-Dom changes on the US community in the UK
- Selling your home and the US tax bite
- Latest on our list of Friendly Financial Institution (FFIs): Banks, investment advisers, brokers,
custodians, and others that welcome American clients
- Obtaining a US bank account even if you reside outside the United States. Introducing a revolutionary new service for ACA members

https://americansabroad.org/news-and-events/events/

I'd like to see the list of Friendly Financial Institutions!

I'd like to see the list of Friendly Financial Institutions!

Metro Bank
Not sure about anyone else!

I'd like to see the list of Friendly Financial Institutions!

I think they get a little sticker to put in the window.

Metro Bank
Not sure about anyone else!

Does a single item constitute a "list" ;-)

I went to Metro Bank's website and I see they ask for valid passports as proof of ID. As a UK/US dual citizen (UK by birth) I could just present my British passport to a bank and not mention my US citizenship unless explicitly asked. It it the case that the UK Government and UK financial institutions will treat a UK/US dual citizen as a US citizen and basically ignore their UK citizenship and potentially deny services to them in their own country?

(Is) it the case that the UK Government and UK financial institutions will treat a UK/US dual citizen as a US citizen and basically ignore their UK citizenship and potentially deny services to them in their own country?

That has been happening in Switzerland, Germany, the Netherlands, and elsewhere by either some or most (CH) FIs. A dual US/other country person is viewed as a US person resident in the country for financial purposes even though they have the citizenship of that other country.

The EU Commission has adopted a directive that would give access to a basic bank account to all EU consumers, regardless of residence and irrespective of their financial situation. Question: does each FI have to make provisions for accounts if there are alternate facilities available, for example through a "national" bank?

http://europa.eu/rapid/press-release_STATEMENT-14-123_en.htm

The initial response of a US citizen to being required to hand over banking information to the IRS is a Constitutional one ie "unreasonable search......." but as this is being done by a foreign Government (at the asking of the US) I can see big holes in that argument and you agree to the "search" when you open the account. It's the presumption of guilt that annoys me most.

If I return to the UK I will avoid financial reporting by keeping my UK accounts below $10k, that's if I can open a bank account.

The initial response of a US citizen to being required to hand over banking information to the IRS is a Constitutional one ie "unreasonable search......." but as this is being done by a foreign Government (at the asking of the US) I can see big holes in that argument and you agree to the "search" when you open the account. It's the presumption of guilt that annoys me most.

UK banks aren't foreign banks from the point of view of UK residents/citizens.

What annoys me most about the whole situation is the US attempt to redefine my very ordinary domestic banking transactions as "offshore."

The initial response of a US citizen to being required to hand over banking information to the IRS is a Constitutional one ie "unreasonable search......." but as this is being done by a foreign Government (at the asking of the US) I can see big holes in that argument and you agree to the "search" when you open the account. It's the presumption of guilt that annoys me most.

The ongoing court case in southern Ohio is pursuing the Constitutional avenue. The plaintiffs (supported by Republicans Overseas) lost a first round battle due to a huge own goal. The plaintiffs claim damage of loss of US constitutional rights. The Dept. of Justice lawyers argued it was not the US Government which was the villain, it was the governments and banks and other FFIs in their respective countries which were denying them a right to banking facilities. The plaintiffs therefore lacked "standing", and the Govt. won the initial battle.


This was broadcast prior to the initial hearing and ruling.

If we look at the ACA meeting agenda:

- Becoming compliant with the IRS (Streamlined Procedures
Could be of interest to all.

- Future planning which covering moving back or retiring to the US
Self-explanatory and is only of interest to those committed to moving back to the US one day. Granted, that is probably a large majority of US expats in the UK.

- Planning points for bi-national couples
This is a big one, and should be of great interest to many, BUT, I'll wager it will concern only HNWI's.

- Inheritance tax planning for non-doms becoming deemed domiciled for Inheritance tax purposes
Although this could be of interest to many, I'll again wager it's aimed at HNWI's.

- Pension accumulation strategies
HNWI's. It won't be for the average SIPP or employer defined contribution.

- The impact of proposed Non-Dom changes on the US community in the UK
There are probably very few on this site considering paying the Non-Dom charges.

- Selling your home and the US tax bite
This should be a good one, and for everybody, although the end sales pitch may be for complicated alternative methods of ownership.

- Latest on our list of Friendly Financial Institution (FFIs): Banks, investment advisers, brokers custodians, and others that welcome American clients
Right now, all UK banks and building societies are friendly.  The pitch here is for investment advisors and brokers. Again, I'm betting no problems for those with $5M to invest.

- Obtaining a US bank account even if you reside outside the United States. Introducing a revolutionary new service for ACA members
This will be interesting since ACA has always proclaimed Americans abroad have every right to open a US bank account, in the US, in spite of the banks claiming KYC regulations prevent it.

UK banks aren't foreign banks from the point of view of UK residents/citizens.

What annoys me most about the whole situation is the US attempt to redefine my very ordinary domestic banking transactions as "offshore."

Perspective is everything.

The HNW angle is worrying. I see lots of US citizens getting fleeced because they are scared. For regular Americans the issues are annoying, but UK pension funds aren't an issue if properly handled. The only troublesome area is investing money in collective funds outside of pension funds if you haven't planned ahead and opened a US Vanguard account before you left.

Perspective is everything.

Innit