Fatca report?

Alfrankenstein · Mar 30, 2023

If an offshore bank or financial institution isnt reporting a u.s. legal resident, how might they circumvent around this?

Sols · Mar 30, 2023

Banks in non-FATCA territories can still sign up for FATCA individually report to the US. By doing so, the bank may be able to avoid the 30% USD penalty for FATCA non-compliance.

Banks in FATCA territories can only avoid reporting US persons by not opening accounts for US persons or by knowingly opening accounts with fraudulent details (i.e. not declaring a US person as a US person).

Alfrankenstein · Mar 31, 2023

Sols said:
Banks in non-FATCA territories can still sign up for FATCA individually report to the US. By doing so, the bank may be able to avoid the 30% USD penalty for FATCA non-compliance.

Banks in FATCA territories can only avoid reporting US persons by not opening accounts for US persons or by knowingly opening accounts with fraudulent details (i.e. not declaring a US person as a US person).

But if a bank or financial institution in brazil isnt reporting a u.s. legal permanent resident who has deposited a lot of money there that wont disclose the origin of the source of funds, how would they give this person a debit card to use in the u.s. then?

Sols · Mar 31, 2023

Alfrankenstein said:
But if a bank or financial institution in brazil isnt reporting a u.s. legal permanent resident who has deposited a lot of money there that wont disclose the origin of the source of funds, how would they give this person a debit card to use in the u.s. then?

They can't because they don't do what you describe.

You are being scammed.