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Old 12-07-2013, 05:10 AM
trjqsjxp trjqsjxp is offline
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Stop Double Taxation
Another story of an honest, hard working Belstaff Online Shop Uk US Person and their family being mistreated due to FATCA:I have been living in Switzerland since 1984 and am married to some Swiss national. We possess a house together in Morges and therefore are currently building a chalet in the Valais. With this new construction we obtained a loan from the Zurichbased zweiplus bank, where my hubby had invested some funds. The construction is underway and we recently asked the financial institution for additional funds. Although we are good clients and the loan itself wouldn't raise a problem, the harsh news came that under no circumstance could we have a greater loan; in fact the whole mortgage is questioned, for that sole reason that I am a dual SwissUS national.
We also learned that this bank considers my hubby a dual national as well, which is understandably infuriating. Although Hollister Australia Clothing they have known since the beginning that I am a US national, some recent political decision (internal or external towards the bank) is making them revisit every banking relationship they have with US citizens with immediate effect. I now understand this is a result of banks preparing for the FATCA law.
We have been asked to remove all our assets in the bank (and forced to sell all our stock at great financial loss given the current economy, because we can't obtain additional funds) and to find another bank to refinance our mortgage, under the grounds that zweiplus is no Montblanc Boheme longer allowed to deal with US citizens (or better said, no longer wishes to); they will in fact cease any business relations with any US citizen or anyone with close family ties to one (so my Air Max Tn Australia own children might encounter similar problems in the future).
They referred Timberland Factory Outlet Bicester us to banks who still deal with US citizens (there appears to be a narrow your search), among them the leading Swiss bank UBS where my hubby is, luckily, also a recognised client.
My husband was in touch with UBS right now to negotiate refinancing our mortgage and possibly reinvesting our assets. He was told he has been considered a US citizen for several years and is handled by their special department in charge of such customers (increasingly considered persona non grata). They are willing to refinance our mortgage (in a great financial cost for all of us, as the breach of the mortgage contract has financial repercussions for parties involved) and accept our Barbour London investments (they create it sound like they are doing us a big favor) but have told my hubby that US citizens may no longer be allowed to even own property in Switzerland! I could not believe my ears when I heard this.
We already possess a house in Morges and I have actually been a house owner in Switzerland since 1992! My current mortgage for the Morges house is with the BCV (Banque Cantonale Vaudoise) and they have not informed me of any such change. To this the UBS man replied: "Don't worry, this is coming soon" meaning that all banks will soon be coming down on all of their US customers (and relatives, I might add).
The backdrop of all these interactions with Swiss bankers happens to be: "We are very sorry, this is not our very own doing, but a direct result of the united states FATCA regulations imposed on Swiss banks. We're very sorry to lose you as customers but don't have any choice but to follow the rules".
I would like to add that the reason UBS is actually prepared to help us to a certain Longchamps Singapore extent at least is probably due to the fact that they handle my husband's business and the family's estate. I cannot imagine how they would treat me whether it were not for my husband, and that i hate to observe the stress and anxiety this is creating for him.
The UBS banker even told him it's thanks to his sister being coowner from the building their father recently donated for them, that they are maintaining the mortgage with that estate. Had he been sole owner they would breach the contract because he is considered a dual national (that they is not!) because of his marriage to me. He was even told the only solution would be to divorce!
Obviously this is not only infuriating but downright humiliating. My hubby is putting pressure on me as the source of our problems, and i'm therefore experiencing first hand how these unfair regulations imposed on Swiss banks through the US government are having adverse effects around the lives and wellbeing of US citizens living in this country, to begin putting pressure on dual marriages.
I am seriously considering giving up my US citizenship that we had always been so proud of and which I so Michael Kors Hamilton Saffiano Tote carefully cared for. I have duly filed an american income tax return every year, as my dad rightly taught me, and to this day had never felt shame at being a US citizen. I am not so sure anymore and fear Supra Store what's ahead for us honest citizens who are now being treated as secondclass ones.
I understand the political motivation of the present administration to chase tax evaders and punish banks that contributed to such transactions, but I cry in outrage at the fact that regulations meant to resolve such situations have actually impacted simple and honest, hard working citizens like my husband and myself, as well as in a very negative fashion. I wish to use every means within my power to protest against such rules.
Please everybody, post comments at Genevalunch and/or wherever to support Amy.
Stop Unconstitutional Double TaxationThe USA is probably the only country in the world (besides Eritrea) that attempts to tax the revenue of these of its citizens who live abroad. This really is unfair, violates the Constitution and the International Declaration of Human Rights, along with the constitutions and privacy laws of numerous countries. Stop US double taxation, FATCA and FBAR now! The price of Freedom is Eternal Vigilance (T. Jefferson)
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