dominican passport and origin of birth

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AtomicPhil

Member
Feb 6, 2012
69
0
6
A, A
hey i got a question out of millions, both my parents are both dominican just to give you an idea incase it makes a difference if your just someone getting citizenship out of marriage or business. so i am currently being processed since january and wont be getting much until november of this year so says the nyc dr consulate. now when i receive my passport would it shows the origin of my birthplace such as the u.s ? or also my cedula ? and may i also use my family address in the d.r for my cedula? i ask about the origin of the birth place since i am looking to open an offshore bank account for investment purposes and most deny anyone that has links to the u.s . anyone know of anything about this or what does it show on your identifications ?
 
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Alltimegreat

Member
Nov 16, 2012
604
1
18
My understanding of the current situation is:

The US government has agreements with almost every country on earth now requiring the other countries to report accounts of US citizens to the IRS (FBAR/FACTA, etc.). Some foreign banks will refuse to open accounts for Americans for this reason. Also part of these agreements includes accounting for US citizens with dual passports. So a bank in Switzerland for example is required to report you to the IRS (if they even allow you to open an account) if you show up with a Dominican passport showing a place of birth in the US. The only way to safely and legally open such accounts is to renounce your US citizenship (which however is only possible if you have a clean tax record) and then obtain a certificate with apostille proving you're no longer a US citizen.

As a US citizen (regardless of whether you have any additional passports), you are required to report all foreign-based income as well as all foreign bank accounts (if the combined amount is over $10,000) to the IRS annually. Reporting foreign-earned investment income is particularly tedious. Failure to report foreign income or bank accounts to the IRS can have serious criminal consequences nowadays (in addition to stiff fines). Some people move abroad and forget about their US tax filing obligations and eventually pay dearly.

My advice to you would be to consult a qualified tax attorney in the US about this before doing something you might regret.
 
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