Dutch news website picks up on anti-FATCA feeling in Europe

An English-language news website based in Amsterdam has become the latest non-U.S. media organization to highlight the struggles that overseas-resident Americans – "accidental or otherwise", as it says in its headline – are having, in dealing with the U.S. tax evasion-prevention law known as FATCA. 

  • News

State Dept seeks dismissal of 'accidentals' legal case relating to suspension of voluntary expatriation services

In the latest development in long-running efforts by the France-based Association of Accidental Americans to compel the U.S. government to make life easier for its members and other "accidental Americans," the U.S. State Department has requested that a federal court dismiss a suit that the AAA filed last year, along with 11 individual plaintiffs, arguing that the government's suspension of voluntary expatriation services in U.S. embassies and consulates around the world was a violation of the U.S. constitution.

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Dutch financial arbitration body says Aegon OK to close dual U.S./Dutch citizen's savings account

A Dutch financial arbitration body known as KiFiD has ruled that a local banking operation of Dutch financial services giant Aegon was within its rights to close the savings account of one of its clients who has dual American and Dutch citizenship, because it did so as part of a larger business decision to close the part of its Dutch business in which the account was held to all of its clients in that operation.

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Americans and 'accidentals' in Europe react, after EU's Gentiloni quoted saying FATCA not a bloc issue

European Commissioner for the Economy Paolo Gentiloni has again drawn fierce criticism from Americans and accidental Americans in Europe, with his remarks on the the U.S. Foreign Account Tax Compliance Act (FATCA) – this time for saying that the European Commission is technically unable to directly address problems with "the monitoring and enforcement of EU data protection rules" that he acknowledges FATCA is causing. 

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Potential major precedent seen, as Dutch court rules in favor of 'unintentionally American' pilot Ariës

In a ruling that has left many "accidental Americans" (as well as ordinary American expats) cheering, a Dutch court ruled yesterday (Dec. 29) that a Dutch citizen born in the U.S., but with no other connection to that country, is entitled to keep his accounts with his local bank, even if he doesn't provide it with a U.S. Tax Identification Number (TIN), as long as his total holdings in these accounts don't exceed US$50,000. 

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UK-based wealth platform Nutmeg reported closing doors to American clients, in wake of JP Morgan buyout news

Less than two months after New York-based banking giant JP Morgan Chase announced that it was to buy what claims to be the UK's "first and now largest" digital wealth manager, that wealth manager – Nutmeg Saving & Investment Ltd – is telling its American clients that they must leave, a Mail on Sunday story is reporting.

According to the MoS, Nutmeg "withdrew its services to 'U.S. tax residents' via an email" last month, "warning them it was closing their accounts". 

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Opinion

FBARs (FinCEN Form 114s), Form 8938s and Form 8966s: not just one but three ways Uncle Sam monitors Americans’ overseas holdings

FBARs (FinCEN Form 114s), Form 8938s and Form 8966s: not just one but three ways Uncle Sam monitors Americans’ overseas holdings

More American expats are familiar these days than they used to be with Foreign Bank Account Reports (“FBARs”), aka FinCEN Form 114s – which need to be filed by American...

Apr-07-2022