MikeB Posted January 9, 2015 Posted January 9, 2015 Sorry, I may have given out wrong info, she was half asleep when I first asked. On further questioning she says the form didn't specify US citizen - just Philippines citizen or "Other", and no reference to dual. If that's the case a dual citizen could truthfully answer that they are one or the other. Keep in mind that's 1 branch of 1 bank. I would have her go in without you and look at the exact wording of what they want her to sign. 1 Link to comment Share on other sites More sharing options...
DavidK Posted January 9, 2015 Posted January 9, 2015 US Government regulations are now very complex and intrusive for all banks. If you US citizens didn't keep on insisting on not paying your due taxes we wouldn't have these problems :-) Many banks are refusing to open accounts for US persons as the work they have to do on US related accounts is so onerous. Still it's kept many Compliance and Legal people in the banks gainfully employed. Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted January 9, 2015 Posted January 9, 2015 Many banks are refusing to open accounts for US persons as the work they have to do on US related accounts is so onerous Thats a very broad statement. Please give a link or an example. Link to comment Share on other sites More sharing options...
Mike S Posted January 9, 2015 Author Posted January 9, 2015 I'm wondering since my wife is a dual citizen can she get away opening an account and not reveal to the Philippine bank the fact she is dual citizen? Interpid ..... this conversation came up during the transfer of our accounts and the manager said she is telling people to only use their Filipino passport info and NOT the USA passport for dual citizenship as it only asks for one not both .... if there is any problem the bank will have to notify the account holder if the info is not excepted and they will have to file a form giving them the right to send the account info to the IRS .... :hystery: ... Dave I only keep a one month supply of funds in my dollar account each month and a few thousand in a checking account ..... (ooooops I mean to say J only keeps that in HER accounts) ..... :mocking: .... got to get used to that .... :hystery: .... the rest of our funds are kept in my sock :rolleyes: .... out of site of prying eyes and sniffing noses .... :thumbsup: :cheersty: 3 Link to comment Share on other sites More sharing options...
robert k Posted January 9, 2015 Posted January 9, 2015 Careful socking it away, I believe it was a couple in Florida whose dog found their cash stash and chowed down. They say the dog ate $900 but the bank could or were only willing to recognize $800, when it was picked from the poop. Personally I think they should have sold the dog for $50,000 or however much someone would pay for a dog that would poop money, before the money stopped flowing :tiphat: 5 Link to comment Share on other sites More sharing options...
GregZ Posted January 9, 2015 Posted January 9, 2015 We set up new bank accounts in J's name and closed the ones that were joint accounts You did this just to avoid signing the form to release information to the US IRS? I am trying to see what is gained here since only accounts of >$50k US would get reported, if I understand correctly. My situation hypothetically: If my spouse has her name only on the account and is an RP citizen then she would not have to sign that form. However, when she is put on a married-filing-joint tax return in the USA we would have to disclose that accounts exist there regardless of the value. So I may as well sign the form, get on the account and just keep the balance below $10k US so it doesn't cause me any extra paperwork ! ? 1 Link to comment Share on other sites More sharing options...
MikeB Posted January 9, 2015 Posted January 9, 2015 It's not just bank accounts. Any funds you have in any and every foreign financial entity are included. For example, most life insurance policies. Try figuring out exactly how much should be reported and be sure you don't make a mistake because the penalties are draconian. Wanting to stay completely off the IRS radar in this matter is not necessarily a bad thing, imo. I'm not ready to completely take that step but I've moved most of the funds I had here. When honest, law-abiding citizens fear their own government it's not a good thing. 4 Link to comment Share on other sites More sharing options...
Mike S Posted January 10, 2015 Author Posted January 10, 2015 (edited) You did this just to avoid signing the form to release information to the US IRS? I am trying to see what is gained here since only accounts of >$50k US would get reported, if I understand correctly. Yes supposedly right now that is correct but once you sign the form giving the IRS permission to view your records who's to say that they won't drop the amount or maybe the Phil government would like to view your records ..... when you give away your right to privacy under the Philippine banking law your records are open to ANYONE wishing to review your records ..... there is nothing on the bank form stating that ONLY the IRS has access to the reporting .... JMHO I'm not taking about individuals having access to your Phil accounts but agencies ..... also the $50,000 is the standard set by the IRS other agencies may set theirs a lot lower and the IRS can set their requirement lower in the future if it wants to .... I doubt very seriously if the bank will notify you of any policy change after you sign the discloser form .... again JMHO ... if someone is willing to take that chance then no problem ..... me ... . I'm not :thumbsup: Edited January 10, 2015 by Mike S 2 Link to comment Share on other sites More sharing options...
jon1 Posted January 10, 2015 Posted January 10, 2015 I signed the W9 for my account. I just keep that account within the guidelines at all times. Any large transactions that need to be done are on my wife's account as she is not a US citizen nor has a US tax ID number. If you get her a US tax ID number so that you can list her as a dependent on your taxes, then any income of hers and bank accounts can be subject to the same scrutiny as mine is. It is stupid that we have to do this because of others making huge sums of money (CEOs, huge corporations) and keeping it overseas started all of this crap. I keep the majority of my money in the US where it is insured. An Aussie friend of mine had to file the stupid form for his account in Singapore too. Another Aussie that I know, had to do the same thing for his bank account in the US (he is dual citizen). So it is being done at all ends in a blanket attempt to capture tax revenue. I agree this is job security for the tax lawyers and CPAs. 1 Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted January 10, 2015 Posted January 10, 2015 We set up new bank accounts in J's name and closed the ones that were joint accounts Just wondering what would happen if she dies, are you able to get that money? 1 Link to comment Share on other sites More sharing options...
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