Americans' bank issues in France: reader feedback

Americans are subject to income declarations and can be taxed as appropriate in the US no matter where they live in the world. This has caused some problems for US citizens looking to open bank accounts in France.

The Foreign Account Tax Compliance Act (FATCA) law was intended to combat tax evasion by US citizens living abroad. It requires all US citizens and their banks to report their income and assets to the US Internal Revenue Service.

In 2014, three years after FATCA passed into US law, France signed a bilateral agreement obliging financial institutions here to notify US authorities of their American customers.

Read more: 'Accidental Americans' in France fight FATCA in court

Since the regulations came into effect in France, more and more Americans have found it difficult to open an account. In some cases, banks have refused to accept new customers on discovering they are US citizens.

Connexion reader Daear Llais wrote in to say she was 'given the third degree', and faced 'examination and interrogation' when she tried to open an account with HSBC in France.

"It took about 2 weeks with HSBC ...

To read the remaining 85% of this article, you need to either

Subscribe now to The Connexion and benefit from access to our archived articles since 2006

Print + Digital 3 month subscription

Pay every three months. Our most flexible subscription.

Automatic renewal, cancel anytime

€14.25 to France - €18 to EU/UK - €19.50 to rest of the world per quarter including postage

Print + Digital 1 year subscription

1 year of great reading in print and online

Automatic renewal, cancel anytime

€55 to France - €70 to EU/UK - €76 to rest of the world per year including postage

Digital 1 year subscription (Our best value offer)

1 year of great reading online *no paper*

Automatic renewal, cancel anytime

Digital 3 month subscription

3 months of great reading online *no paper*

Automatic renewal, cancel anytime