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Poland to sign FATCA, USA will get information about bank accounts


Cichociemni
3 Jan 2016 #61
If you are working in the US, you'll have to provide information about foreign bank accounts (and similar assets) to the IRS.

Why work in the U.S. then? I don't want Big Brother minding my business.

Once they have this information, they will press the foreign bank into sending you a release form which then allows the bank to send your personal information to the IRS.

They can press the bank all they want, I am not agreeing to any release.

You'd prefer to share with the Russian Federation or ISIS?

Isis would execute people for earning interest in violation of Islamic Sharia law. (Although some Islamic money changers can send money through their networks without using U.S. banks which is a threat to the U.S. based system.) Putin would not be interested in my finances or details. It would just be a business transaction, which is fine with me.
delphiandomine 88 | 18,455
3 Jan 2016 #62
I am going to have this conversation with my Polish lawyer next time we meet for dinner.

Who will tell you that unless you're an extremely valued client of the bank, they're not going to entertain any other proposals.

it appears to me that having Polish citizenship means the government, agencies and courts only recognize that person as a Polish citizen.

You're missing the vital part that while Poland demands you identify yourself as a Polish citizen, the Polish State has no opinion on your dual citizenship. It's not permitted, it's not banned, it's merely dealt with through the obligation for you to identify yourself using a Polish document to the authorities.

However, I don't think they can discriminate against someone born abroad with dual Polish and American citizenship.

There's no discrimination. The law requires you to identify yourself as an American citizen when conducting financial affairs within the Polish banking system. Poland is not breaking any laws by requiring you to do so, because there's no law against holding dual citizenship. The penalties only exist for very specific offences, such as identifying yourself to the Polish authorities using a non-Polish document.

I understand where you're coming from, but Poland has no restriction on holding dual citizenship.

but denying a Polish citizen the right to open an investment account in Poland is plainly discrimination,

There's no such thing as a right to open an investment account.

You'd prefer to share with the Russian Federation or ISIS?

I don't see any harm in sharing information with the Americans, as long as they share information with us. I don't see why Americans should be able to get away with blatant tax evasion in Poland just because they've got Polish citizenship, for instance. The law itself might be insane, but that's an issue for the American people to deal with.

They can press the bank all they want, I am not agreeing to any release.

That's why they won't let you open an account. A basic condition of doing business with a bank here is to agree to the transferring of data. If you don't like it, there are banks in interesting places that won't ask questions.

I'm still waiting for you to outline the parts of the Polish Constitution which prohibits the Polish government from sending your data to the USA.
Crow 149 | 9,405
3 Jan 2016 #63
Its not what USA can do for Poland but what Poland can do for USA. Sign FATCA
Cichociemni
3 Jan 2016 #64
PO already did.
wbj.pl/poland-adopts-fatca/

It will be interesting to see if the PiS regime continues or reneges somehow. They could get a lot of revenue from Polonia by thumbing their noses at Uncle Sam, especially since there is no visa waiver for ordinary Polish citizens. It does appear that this only covers bank accounts. How would Uncle Sam know if I invested in some good real estate property, (maybe through a company)?
delphiandomine 88 | 18,455
4 Jan 2016 #65
It will be interesting to see if the PiS regime continues or reneges somehow.

What a silly thing to speculate about. PiS are very much in America's pocket, and they're not going to do anything to upset America.

They could get a lot of revenue from Polonia by thumbing their noses at Uncle Sam

Not really. The Polonia didn't invest back in the day when the Polish banking system was a free-for-all, so why would they invest now?

especially since there is no visa waiver for ordinary Polish citizens.

Poland puts potentially obtaining the visa waiver above a few dollars from the Polonia.

It does appear that this only covers bank accounts.

For now, anyway.

How would Uncle Sam know if I invested in some good real estate property, (maybe through a company)?

How would you expect to get a return on the property without a bank account in PL?
Crow 149 | 9,405
4 Jan 2016 #66
Things like FATCA prepare us to understand that is USA government in fact our government, too. Just without any legal obligations to us. i know, some may say is controversial but, that`s how it is. Sure, it even sound crazy but its pure reality.
Eff FACTA
20 Jun 2017 #67
My agent in Poland received a FACTA disclosure document from my bank. It is asking for "Client's ID (CIF)", PESEL, "number and series of identity document". I have my PESEL number with me, but not the official piece of paper with the stamp. Should that have an additional number and series printed on it? I also don't understand what the "Client's ID (CIF)" is. Is that something from the bank. I am not in Poland now, am not an American for tax purposes, but don't want my info reported to foreign governments. I only have another day or so to fill out the damn form. Please advise what I need to do.


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