[JeromeLon]

You mentioned it. FATCA is not targeting US citizens abroad, it's targeting financial organisations who have US citizens as clients. So, many banks around the world will have "Are you a US citizen" as one of the first questions to open an account, and if the answer is yes, they will politely decline any further requests.

[nickthemagicman]

Are there NO workarounds?

I noticed you said 'many' and not 'all' banks.

It looks like these banks work for expats.

https://dutchreview.com/expat/best-banks-expats-netherlands/

Something doesn't add up.

From a non rich persons perspective it appears that person gave up her citizenship so she could essentially have a better selection of banks and to not have to use a VPN?

It seems like a US citizenship is worth it?

The actual real problems are not clear to me.

[a3e3]

That page describes the situation for expats in general. It's different for U.S. citizens.

Bunq, the first bank that's listed, has special requirements: https://together.bunq.com/d/2318-why-are-there-special-regul...

With an SSN you can open a basic checking and savings account. However, you'll be denied for any type of investments. This also means U.S. citizens can't participate in pension plans of Dutch employees.

Even local crypto exchanges are refusing service: https://bitonic.nl/en/faq/33/what-is-a-us-person

Meanwhile, banks and brokers in the U.S. require a permanent residential address. For example, Wealthfront states they don't "support clients residing outside of the U.S., including U.S. citizens residing abroad".

Additionally, The Netherlands has a wealth tax. Even on unrealized gains. Each year you pay taxes on stocks you haven't sold yet. Then, when you actually do sell, you can't use the previous years of Dutch taxes that you've paid to offset the U.S. capital gains tax.

It's especially complicated for so called Accidental Americans. Many of whom don't have or know their SSN. To get one you must submit your birth certificate and US passport. If you don't have those it's quite difficult to get them.

When you finally obtain your SSN, renouncing is a challenge in itself. It requires filing tax returns for the past 3 years + 6 years of FBAR (you'll most likely need an accountant for this or face steep penalties), pay $2300 to renounce, and then file another tax return for the year in which you renounced.

[cinquemb]

> Even local crypto exchanges are refusing service

As long as one has non-US local friends/family who can cash out, I don't think this matters much (albeit in a local currency)

I think in this day in age, all of this is really depends on ones personal preference in how deeply they want to tie themselves directly to the traditional banking system (and traditional asset classes/financing/jobs/organizations) without even trying to give up US citizenship (because obviously, the process is a PITA).

[bellyfullofbac]

She also wrote "Without an address in the US, I can’t open an investment account there; with US nationality, it is becoming more and more difficult to do any investment or borrowing outside of the US.".

Yeah, how to remain non rich: keep your money in a savings account and not invest in stocks, etc. Want to start a business? Need a loan for that? Sorry...

Also that webpage doesn't even say those banks accept American clients, "expats" don't mean American, EU freedom of movement and ease of getting work visa means there's people from all over the world in the EU, either temporarily or permanently.

Addendum: I've also talked to someone who said she couldn't take some jobs because if she has access to the company's bank account, she has to report that to the IRS, maybe even the amount in that account, which of course no foreign company would volunteer unless they really have to.