And therefore the point to take from this is, in case of dual citizenship, never use your US passport for banking anywhere but US.
- Thread starter windeguy
- Start date
Rumor on opening a new bank account
And therefore the point to take from this is, in case of dual citizenship, never use your US passport for banking anywhere but US.
As illogical and burdensome the banking is in the DR, this whole thing of ID and reporting is being pushed by uncle Sam to all financial institutions overseas and domestically in the USA.
Hell, it used to be easy to send a few hundreds or thousands with Xoom or any other money transfer agency but nowadays they want to know everything also.
Welcome to "freedom" and post 9/11. Some things got to give :bored:
In some cases - like this - the USA is quite isolated... shunned might be a strong word
I don't think so
Shunned is what we hear....No thanks Yank...........
I don't think so
Shunned is what we hear....No thanks Yank...........
Most major banks including my bank (Chase...the largest US bank) will not write a letter confirming that the account is good standing. I would assume the SSA would have the same policy
My bank, SunTrust, the largest regional bank in the US, had no problem giving me that letter.
I gave my bank here a copy of the SSA 1099 Form that they mail to you every year. It can be downloaded off the SSA site, also.
Didn't they ask you to certify, notarize, legalize and apostate it? - such stupid morons do not get that the rest of the world does not operate under such scrutiny and low morals as they do.
This is true for most financial institutions in the USA, but the DR banks would not get the idea of self honesty.
The U.S. ATM that I used did not charge; however, Banreservas did charge an international ATM fee of USD$5. I rarely use ATMs; however, I was in the U.S. and realized that I had to have movement in the account.
William, it is not "may" but "are" driven by US anti-money laundering policies. I still remember the assistant manager calling me over and presenting me with a US taxpayer ID verification form. She just shrugged. Now, my account is linked to my cedula. I do not use a US passport there. It did not matter. The cedula, when initially issued, had Estados Unidos de Norte for citizenship.
A good friend of mine who post here on a regular
basis had his account "flagged" since October of 2015.
Lol, indeed the times they are a changing... Kinda
funny though, every time he goes in to the local branch
they tell him they need some additional information,
his response is always the same, manana.
This has been going on for several years now...
Lol, indeed the times they are a changing.
Dominican banks could care less about where and how you
make your money. This all stems from the pressure they are
under from the USA. I experienced the same headaches while
living in S.E. Asia..
Serious about putting a stop to money laundering? How many
of the sports betting parlors are owned by politicians or their
families? Give me a kfcungi break.
That's exactly what I said in my post - it's not the banks. The pressure is coming from the US and FACTA. This is why European banks don't even want American account holders.
You can no longer open an account here without filling out a 1099 Form and providing a SSA or pension statement. Tourists now have their passports locked and data is entered in the computers, residents now have their finger prints scanned when entering, residencies must now be started in your home country, bank account info is now required for many residencies, you have to buy repatriation insurance, residency renewal appointments are now issued by computer online and you have to go at that specific time and date. Definitely, "the times they are a changin"
The IRS couldn't care less about what Dominicans are doing with their money at the Bancas.
This is from KPMG - "The General Directrate of Internal Taxes (DGII), has released information on a new platform that will allow financial entities in the Dominican Republic to comply with the provisions set forth in the FATCA agreement signed between the Dominican Republic and the United States of America."
I have read articles of US citizens living and working abroad considering relinquishing their US Citizenship because their retroactive tax bill was huge because of the many years accumulating income overseas without giving Uncle Sam his "Taste".
I have read articles of US citizens living and working abroad considering relinquishing their US Citizenship because their retroactive tax bill was huge because of the many years accumulating income overseas without giving Uncle Sam his "Taste".
FATCA applies only to US citizens. I understand how every thread tends to wander to different sub-topics and even entirely different topics.
My original question was about anyone here for more than two months on a tourist card having an issue opening an account.
My original question was about anyone here for more than two months on a tourist card having an issue opening an account.
Correct. And one must first activate from the smartphone. Without it you cannot access it online from your computer either.
CATCH 22.
Third World is Third World. Sad.
As I said before; two different banks told me a gringo must be in the country legally at the time they want to open the account. So the answer to your question is no, they can't open one if they have overstayed their tourist visa.
Thank you. Then the rumor I asked about in the original post is indeed a fact and not just a rumor.
I'm still waiting for the odd idiot to suggest....
Just slide a few pesos across the counter..Problem over.
Seriously, there seems to be a focus on legitimacy these days....
Something all visitors should keep in mind....
Sliding by - like the old days - seems to be a memory
A brave new world awaits...........perhaps.....
in the country of the unknown
Just slide a few pesos across the counter..Problem over.
Seriously, there seems to be a focus on legitimacy these days....
Something all visitors should keep in mind....
Sliding by - like the old days - seems to be a memory
A brave new world awaits...........perhaps.....
in the country of the unknown