Banco Santa Cruz

Floridaborn

New member
Sep 25, 2010
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We have an account at Banco Santa Cruz, today we were told that all Americans have to give their Social Security numbers to be put on the bank account here, it is a new bank policy "globally". If you refuse, you can't have the bank account. I know in the States we have to give the number to open the account, but here ?? I'm not sure I believe what I was told - we didn't give it, and we can't find any information via google internet about this.

Any other American told this ?
 

Drro

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Mar 22, 2006
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I've had an account there for years; only have to show my passport, never asked for social security #.
 

Floridaborn

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Sep 25, 2010
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They just told us today that they will be telling clients that are American they need their SS # - we have an account there also.
 

Cdn_Gringo

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Apr 29, 2014
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Americans thank your government.

The banks are just complying with IRS requirements under FACTA. All of your financial holdings worldwide is now to be reported directly to the IRS. If banks don't comply, they cannot do business in the US and will receive huge fines.

American's who don't comply with a bank's request for info, will have their accounts closed or be denied the ability to open one.
 

drescape24

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Nov 2, 2011
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It coming from the I.R.S. to report all Americans who have a counts overseas. If B.S.C. doesn't provide the information B.C.S. won't be able to do business in America. Keep your account under $10,000. I was told, I don't know if it's 100% correct, but this tax grab is tied into the A.C.A.
 

AlterEgo

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Jan 9, 2009
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It coming from the I.R.S. to report all Americans who have a counts overseas. If B.S.C. doesn't provide the information B.C.S. won't be able to do business in America. Keep your account under $10,000. I was told, I don't know if it's 100% correct, but this tax grab is tied into the A.C.A.

I believe you're right about the 10K. When we did our taxes for 2013 we told the accountant we had overseas accounts. He asked how much we had in them, and we said at that time maybe $6-8,000. That was the last question, IRS didn't even want to know what country it was in. We just had to disclose that they existed "somewhere".
 

Cdn_Gringo

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Apr 29, 2014
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I don't know for sure as I am not affected by FACTA but I think every account held by a US citizen must be reported.
 

avi8or57

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Nov 25, 2010
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My accountant in New York asked if I had any overseas accounts when I filed last year and I told him yes. He asked if I had more than $10k in the account to which I responded no. He said I had nothing to worry about, didn't ask what bank the account was inor what country for that matter. Heck, I guess they are mostly interested in the heavy hitters overseas since they can't seem to collect enough back in the homeland to fund Obama's wild antics! :angry:
 

drescape24

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Nov 2, 2011
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This is just the beginning imho, the federal government is on a money grab. To much debt and social obligations, and a military that's used as a world police force.
 

thomasj

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Mar 31, 2010
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When I got divorced my ex wife's lawyer made the rounds of Sosua's banks to find out where I had accounts. Santa Cruz freely gave him all my information and upon his request froze my account. No judge necessary. This is a tribal society where everyone is related. Everything is personal favors. Never necessary to adhere to pesky laws on the books.
 

AlterEgo

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Jan 9, 2009
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When I got divorced my ex wife's lawyer made the rounds of Sosua's banks to find out where I had accounts. Santa Cruz freely gave him all my information and upon his request froze my account. No judge necessary. This is a tribal society where everyone is related. Everything is personal favors. Never necessary to adhere to pesky laws on the books.

Wow. Just wow.

Important to remember "we're not in Kansas anymore".
 

drescape24

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Nov 2, 2011
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When I got divorced my ex wife's lawyer made the rounds of Sosua's banks to find out where I had accounts. Santa Cruz freely gave him all my information and upon his request froze my account. No judge necessary. This is a tribal society where everyone is related. Everything is personal favors. Never necessary to adhere to pesky laws on the books.
Wow, but I believe it. Maybe if I ever become one of those evil rich guys I can make a donation and keep my account hidden. Lol
 

the gorgon

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Sep 16, 2010
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My accountant in New York asked if I had any overseas accounts when I filed last year and I told him yes. He asked if I had more than $10k in the account to which I responded no. He said I had nothing to worry about, didn't ask what bank the account was inor what country for that matter. Heck, I guess they are mostly interested in the heavy hitters overseas since they can't seem to collect enough back in the homeland to fund Obama's wild antics! :angry:

actually, the reason why there is not enough tax money to fund Obamas wild antics, as you characterize them, is because there are TRILLIONS of dollars that have been routed through offshore banks to avoid paying taxes in the USA. all these people and corporations are filthy rich, but the greed knows no limit. so, before you go blaming Obama, you had better brush up on your knowledge.
 

tmnyc

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Oct 19, 2006
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It coming from the I.R.S. to report all Americans who have a counts overseas. If B.S.C. doesn't provide the information B.C.S. won't be able to do business in America. Keep your account under $10,000. I was told, I don't know if it's 100% correct, but this tax grab is tied into the A.C.A.

I believe you're right about the 10K. When we did our taxes for 2013 we told the accountant we had overseas accounts. He asked how much we had in them, and we said at that time maybe $6-8,000. That was the last question, IRS didn't even want to know what country it was in. We just had to disclose that they existed "somewhere".

Different reporting requirements/laws are being confused.

Foreign Bank and Financial Accounts (FBAR) "Bank Secrecy Act": This is mostly an anti-money laundering effort. There are several requirements. Comparison of Form 8938 and FBAR Requirements. Requires reporting if your aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. This reporting requirement has been around forever.
So, the correct question by the accountant should have been, "has at any time has your aggregate value of all your foreign accounts exceeded $10K during the reporting year?"

The other is Foreign Account Tax Compliance Act (FATCA). This is why your offshore bank wants your social security #. This is an anti-tax cheat effort. It is a US law that requires US citizens, resident aliens (United States persons), including those living outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients- if these banks which to continue to do business with/in/ the US and with other US banks. Many European banks have recently stopped opening/closed accounts of US persons, to avoid the onerous reporting requirements.

The above acts have also been amended by and/or bolster the "Patriot Act" an anti-terrorist effort.
 

Cdn_Gringo

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Apr 29, 2014
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I was pretty sure that all accounts held by Americans have to be reported to the IRS regardless of balance or activity. I know in Canada which was an early adopter of FACTA, that accounts without the required info were closed and new accounts could not be opened without providing the required identifying info.

I guess the DR is just catching up now with the rest of the world...

Gone are the days with US citizens can easily hang out elsewhere anonymously.
 

Floridaborn

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Sep 25, 2010
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I was pretty sure that all accounts held by Americans have to be reported to the IRS regardless of balance or activity. I know in Canada which was an early adopter of FACTA, that accounts without the required info were closed and new accounts could not be opened without providing the required identifying info.

I guess the DR is just catching up now with the rest of the world...

Gone are the days with US citizens can easily hang out elsewhere anonymously.

I am not against the idea of reporting my account , there's not alot in there anyway. My concern is giving my SS# to anyone in the Dom Rep ! Identity theft is real and I am not a fan of the idea of another me out there ! lol
 

arturo

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Mar 14, 2002
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I think this is a new way to enforce the U.S. tax code and hinder illicit transactions of the sort popular with narcotics trafficers and terrorists. The link you inferred to the Affordable Care Act is not clear to me.

It coming from the I.R.S. to report all Americans who have a counts overseas. If B.S.C. doesn't provide the information B.C.S. won't be able to do business in America. Keep your account under $10,000. I was told, I don't know if it's 100% correct, but this tax grab is tied into the A.C.A.