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  1. #1
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    Default Banco Santa Cruz

    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 ?

  2. #2
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    I've had an account there for years; only have to show my passport, never asked for social security #.

  3. #3
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    Google Wikipedia (and other sites) under FATCA.

  4. #4
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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.

  5. #5
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    There are plenty of other banks in the DR.

  6. #6
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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.

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  8. #7
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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.

  9. #8
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    Quote Originally Posted by drescape24 View Post
    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".

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  10. #9
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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.

  11. #10
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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!

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