- What is the general advice regarding opening accounts in tax heavens like Luxemburg?
Due to US FATCA rules, you will probably find it very difficult to get anything beyond a savings account and a checking account if you are a US citizen or a Green card holder. That is unless your assets on deposit with the bank qualify you for private banking services. The compliance costs are just to high for them to accept clients of the street.
PostFinance, the Swiss postal bank, was one of the last Swiss bank accepting ODC Americans and as of 1.1.2017 the will cease to do so. Clients received letters last month instructing them to move their assets else where before year end or their accounts would be frozen.
You need some professional advice, not a blog site
How small do you think the world is that your identity would be revealed by you identifying your home country?! If you were less evasive in this regard then you wouldn't get posts making assumptions your nationality.- I have investments in my home country (to remain anonymous I will retain the Country name, but it has a different currency),
How small do you think the world is that your identity would be revealed by you identifying your home country?! If you were less evasive in this regard then you wouldn't get posts making assumptions your nationality.
To be honest I'd be surprised that many posters are in similar situations, as it sounds like very complex set up with multiple countries, multiple tax laws and Luxembourg! I think the adviser advice is the best you'll get. Good luck!
But the thread title says you are American!
Get a grip, and pay up for some professional advice - if deed your scenario is real. Why would someone in your situation - who quite clearly understands a lot - would use a blog site as a substitute!!
No US citizens involved here.It is very easy for US citizens living abroad to unwittingly break tax laws of the United Sates and/or of their host country. OP will need to file Irish tax returns because s/he has or will become tax resident in Ireland whilst retaining investment accounts in the United States. In addition, OP will need to file US Federal tax returns because all US citizens, regardless of where in the world they live, are obliged to file. Professional, paid for, assistance is needed from the start. If this is let drift a few years it will cost a lot more to regularise. And for the record, Ireland and the United States do have a double taxation agreement and the tax authorities in both countries share information with each other.
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