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So what happens if foreign finance companies accept American residents and citizens?

Discussion in 'BlackHat Lounge' started by Capo Dei Capi, Mar 12, 2015.

  1. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    I see so many companies in financial industries that are located outside of America restricting their services to people who are either U.S. citizens or U.S. residents(green card holders). Can they really get in trouble if they don't get permission to service Americans, or since they are based outside the USA its just a personal choice.
     
  2. UltraLink

    UltraLink Regular Member

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    Short answer is it depends.

    As long as they're not running a scam to exploit US citizens then the US government won't necessarily take any action without a complaint.

    But like I said, it hugely depends on the nature of business and services provided.
     
  3. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    When it comes to financial services like banking accounts etc. most banks reject any US citizens for an account opening because of various reasons and FATCA!
     
  4. luc1fer

    luc1fer Regular Member

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    i dont know if you think on some specific financial institution but ofcourse they can have big problems like money laundering especially if they hiding business offices in offshore locations and do shady illegal things for example like it was with e-gold (shut down by us) , libertyreserve after it was shut down 2-3y ago (by usa again) perfectmoney rise up for many hyip business and much more worse things carders,scammers.. but in start they restrict their service to usa customers thinking they will be more safe, afraid of fbi and ss :)
     
  5. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    Liberty Reserve was shut down because they didn't have a license to operate in panama(?). I was looking at FATCA and omg its freaking horrible, foreign bankers can now be extradited to the U.S. for not providing information to the IRS.

    It seems totally pointless to possess U.S. citizenship these days instead. So many financial services one can't get and then there is world wide taxes as well as a large and growing number of persons in the Blacklist that you can get heavily fined or receive jail time for doing business with.
     
    Last edited: Mar 12, 2015
  6. igniteimages

    igniteimages Regular Member

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    As a general rule most financial institutions won't deal with US citizens.

    For instance in the UK a US citizen cannot take out pretty standard investments.

    As US citizens are taxable on their worldwide assets event if they live in another country it can mean reporting requirements on the institution that they don't want to comply with. Plus products must be US compliant and they don't want to develop them.