Ysc3 Twincharged January 14, 2015 Share January 14, 2015 (edited) FATCA = Foreign Tax Account Tax Compliance Act I just opened a POSBKids account for my newborn (jointly with myself as the parent) ... and also sent them a copy of the birth cert and they approved the account. then last night I received a letter from DBS with a form asking me to declare that we are non US nationals due to the above agreement signed by SG and US govts. is it that all new accounts in SG must do this self declaration ?? my newborn only got SG birthcert ... where to find non-US passport or identity card to submit ?? and when I opened my DBS account 30 years ago, I am very sure I submitted my Pink IC to them for them to photocopy. any bank staff here can advise if this is just part and parcel of opening a new bank account now ? things getting more and more complicated .... Edited January 14, 2015 by Ysc3 ↡ Advertisement Link to post Share on other sites More sharing options...
Sp4wn Turbocharged January 14, 2015 Share January 14, 2015 i had to sign when opening joint account with my wife, iirc. just a few weeks ago. bo bian ... uncle sam is watching liao. i just sign and give them lo. Link to post Share on other sites More sharing options...
1fast1 Supersonic January 14, 2015 Share January 14, 2015 FATCA. Protecting US FATCATS since 2010. Link to post Share on other sites More sharing options...
Myxilplix Turbocharged January 14, 2015 Share January 14, 2015 What happens if one refuses to sign it? Link to post Share on other sites More sharing options...
Jman888 Moderator January 14, 2015 Share January 14, 2015 only DBS or all banks in Singapore? Link to post Share on other sites More sharing options...
Kusje Supersonic January 14, 2015 Share January 14, 2015 Actually, what's the big deal? Since your son is not a US citizen, just sign the form and throw it back to them. What happens if one refuses to sign it? They will close your account. The banks are afraid that USA will make it difficult for them to operate or invest in USA if they do not comply with this regulation. Link to post Share on other sites More sharing options...
Ysc3 Twincharged January 14, 2015 Author Share January 14, 2015 Actually, what's the big deal? Since your son is not a US citizen, just sign the form and throw it back to them. They will close your account. The banks are afraid that USA will make it difficult for them to operate or invest in USA if they do not comply with this regulation. just want to know if this is necessary and if its real or not ... just last week ... read in the Chinese newspapers ... a con-man actually spent $2k to print his own version of a newspaper and then went around with it and cheated some people of almost $300k !! anything is possible !! just need to be careful. Link to post Share on other sites More sharing options...
Windwaver Turbocharged January 14, 2015 Share January 14, 2015 FATCA = Foreign Tax Account Tax Compliance Act I just opened a POSBKids account for my newborn (jointly with myself as the parent) ... and also sent them a copy of the birth cert and they approved the account. then last night I received a letter from DBS with a form asking me to declare that we are non US nationals due to the above agreement signed by SG and US govts. is it that all new accounts in SG must do this self declaration ?? Yes to your question. Existing accounts are also reviewed to make sure they are FATCA compliant. Link to post Share on other sites More sharing options...
Donut Supercharged January 14, 2015 Share January 14, 2015 FATCA = Foreign Tax Account Tax Compliance Act I just opened a POSBKids account for my newborn (jointly with myself as the parent) ... and also sent them a copy of the birth cert and they approved the account. then last night I received a letter from DBS with a form asking me to declare that we are non US nationals due to the above agreement signed by SG and US govts. is it that all new accounts in SG must do this self declaration ?? my newborn only got SG birthcert ... where to find non-US passport or identity card to submit ?? and when I opened my DBS account 30 years ago, I am very sure I submitted my Pink IC to them for them to photocopy. any bank staff here can advise if this is just part and parcel of opening a new bank account now ? things getting more and more complicated .... yes, i kena also... its true. not a scam. the objective of this silly thing is the US garment is going after overseas US citizens for income tax declaration. but my question is why should we be bothered with US law? it's kind of inconveinent for us and why should we compile? do we make every US citizen in US to declare whether they are SG citizens or not? if no, then why should SG citizens do it for US law? If every bigger country pass a similar law like this, then we have to declare for every country? Link to post Share on other sites More sharing options...
Kusje Supersonic January 14, 2015 Share January 14, 2015 yes, i kena also... its true. not a scam. the objective of this silly thing is the US garment is going after overseas US citizens for income tax declaration. but my question is why should we be bothered with US law? it's kind of inconveinent for us and why should we compile? do we make every US citizen in US to declare whether they are SG citizens or not? if no, then why should SG citizens do it for US law? If every bigger country pass a similar law like this, then we have to declare for every country? Actually it is not us that must comply with US law but the banks. What we are complying with is the bank's requirements because they want to operate in the US so they make us suffer for it. We are of course free to find a bank that doesn't have this requirement (which means they don't operate in USA and have no intention of doing so in the future) but I think such a bank is hard to find (maybe some Russian or Iranian banks haha). Link to post Share on other sites More sharing options...
Spring Moderator January 14, 2015 Share January 14, 2015 Yes this is required and you have to fill it up. Nothing to worry about and it's not a scam/trick. Bro @Donut has a point on why must we do this and shouldn't it work both ways? Unfortunately, US is the big brother and like it or not; they can do this whilst many other countries can't get away with it and to add insult to injury, Uncle Sam will say no human rights etc should the situation be reversed lol Even the once mighty Swiss Private Banks have to pay fines to Uncle Sam and also disclose their client names to them. What say small country like us. In fact, I understand there is more legislation on this and the US is all out to get those US Citizens. Swiss Numbered a/cs are almost non-existent these days! 4 Link to post Share on other sites More sharing options...
Myxilplix Turbocharged January 14, 2015 Share January 14, 2015 Charles cheesepie stupiak angmohs. Link to post Share on other sites More sharing options...
Sabian Turbocharged January 14, 2015 Share January 14, 2015 The SWIFT network for fund transfer between banks is controlled by them. So by default, it becomes an extension of US policy. They only need to lock you out of the system and your country die c0ck stand bec all banks suck thumb. Look at the pariah states like Iran, previously Myanmar, N Korea. Link to post Share on other sites More sharing options...
Rollagt 5th Gear January 15, 2015 Share January 15, 2015 Now is US only, slolwy those EU countries will follow suit. Most F.I have to comply since our gahment had agree to help. Link to post Share on other sites More sharing options...
1fast1 Supersonic January 15, 2015 Share January 15, 2015 Now is US only, slolwy those EU countries will follow suit. Most F.I have to comply since our gahment had agree to help. This one we're so on about helping to observe the treaty but the new (and very retarded) LTA practice of dynoing German cars (which is against our earlier agreement)? Not so on. ↡ Advertisement Link to post Share on other sites More sharing options...
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