[stefan_]

And hopefully they won't ever need a European bank account, or any other kind of financial service. All I ever signed up for, besides asking for citizenship, also explicitly asked for having US citizenship. Presumably checking that box is the immediate end of the application process.

[cedilla]

It's not. Checking it means however that the bank will report certain information to US authorities.

[mrsaint]

Perhaps we're just lucky, but our Swiss bank was okay with it. We only had to guarantee to have a licensed US tax advisor prepare our US tax returns, filing requirements, FATCA/FBAR etc.

While Swiss banks are a bit crazy about anything related to the US (three years ago or so they just stopped accepting US checks from one month to the next, even though they had previously charged a crazy amount of money for it to be cashed in), I heard that banks in neighboring countries such as Germany are less concerned as long as your bank advisor follows some general guidelines.

[charlesdm]

I personally would not have gotten the US citizenship due to the negative tax consequences (global taxation), but to each their own. Unless you own substantial assets they can still renounce it in the future if interested.

[1996]

With a Swiss passport and the place of birth being Switzerland, nobody will ever ask them.

If they are asked if they have other citizenship, they can always say Germany - end of the inquiry.

[sangnoir]

Banks ask everyone during application if applicant have a US citizenship, because of some anti-terror-funding law which non-American banks find onerous. Are you saying the kids should lie and deny being American?

[Grazester]

It's not about anti terrorism measures. It about fatca

https://www.irs.gov/businesses/corporations/foreign-account-...

[sangnoir]

Thanks for the correction!

[charlesdm]

FATCA is a pain though

[nix23]

>Are you saying the kids should lie and deny being American?

No, you just don't have to say it, you have a swiss passport and that's it.

[stefan_]

That's the point. The question is specifically US citizenship because of the onerous reporting requirements it ensues that none of them want to deal with.