[ExpatInfoDesk]

Posted by Patrick , 1 reply

Hello all, I am dual citizen living in Canada, I wold like to open a Bank of America account from Canada, so when I do decide to move to the US, I will have an account already open with funds available.

What would I need to do, could I complete it online, or would I have to cross the boarder to complete it.

Also I do not a a SSN number. Is it a long process to obtain o a SSN number. I was born in the States and my parents moved to Canada when I was young and never obtained a SSN number.

Thank you in advance.

 

1 reply
Guest

@Patrick
US banks are unlikely to allow you to open an account from abroad, especially if you’re a US citizen and don’t have a SSN.

By what you write about goint to the USA, I have the impression that you’re not aware of what you’re getting yourself into or, more importantly, what obligations you already have to the USA. Are you aware that as a dual citizen, you are required to file yearly tax returns to the IRS? Since you don’t have a SSN, that leads me to believe you aren’t already doing this. Also, if the aggregate value of any accounts outside the USA totals $10000 or more, you have to electronically file yearly FBAR forms to the US treasury and openly declare all your accounts, with highest balances, account numbers, etc. There are extremely punitive fines for not doing all of this. If you are a US citizen, all this applies to you, even if you’ve never lived or worked in the USA, or even if you’ve never been there! Also, due to the FATCA legislation, banks outside the USA are being forced to go on a witch hunt for the IRS, identifiying any and all “US persons” and reporting them to the IRS. If you are not compliant, they may close your accounts or freeze them until you can prove that you are compliant. If you’ve never filed before, you have to file the past 6 years tax returns (including payments, ie. double taxation and penalties). It makes no difference if you’ve already paid taxes in Canada, also many investments that are tax exempt outside the USA are taxable in the USA.

Still interested in going there? If not, you can renounce your US citizenship. However, so many people are caught in the same trap as yourself and its starting to get embarassing for the USA. To curb the number of renunciations, they’ve just QUINTUPLED the fee from $450 to $2350. Also, renunciating does not free you from past tax obligations, only future obligations.

The USA considers dual citizens and expatriates as their property. It’s best to have nothing to do with them.

[Author]

Posts