For Americans who wish to have a bank account outside of the USSA, this may be the most important post we've written yet.
Things are moving incredibly fast. We wrote this only a little over two weeks ago in “Getting Your Gold Out Of Dodge“:
“The US Government has been closing as many doors as possible. It has been years since a US citizen has been accepted in any other country as a stock brokerage client as the SEC has used the threat of their black helicopters to ensure that no one dare accept those with a US passport as a client. And now, with the Foreign Account Tax Compliance Act, or FATCA passed in 2010 and some of its legislation coming into effect this year, it all but ensures that soon no bank anywhere in the world will accept US citizens as clients…”
We got our first verification of this inevitability today. An associate of ours who helps clients open up bank accounts in Riga, Latvia, sent us a frazzled message.
“You won't believe this,” he said.
“We probably will,” we responded. After all the things we've seen covering the collapse of the western nation-state and monetary system, nothing surprises us anymore.
“Rietumu bank,”… (one of the best and most important banks in Latvia), “… called me today. From now on they won't accept US clients.”
“We told you we wouldn't be surprised,” we said… feeling a bit bad for making light of a situation that was seriously affecting his business we moved on… “FACTA?”
“They wouldn't say… but obviously that's why,” he said. “I just thank goodness they didn't say they were going to close existing US accounts… you know how many clients I have there?”
“You know that's next right?”
He sighed deeply, “I know,” his voice lowered, “… I know.”
He is one of our top associates in helping people open foreign bank accounts (a service you will hear more about soon) and he is now in panic mode… as he should be. Not for his Australian clients… or Chinese… or Lebanese. Just for his American clients. The US Government has declared all-out war on US citizens' ability to hold their money outside of the country. After all, it's not your money, it's Obama's!
I asked our associate what he is going to do. He responded, “The only thing they can do at this point… run, not walk, to get a second passport before it is too late.”
WHAT CAN YOU DO
If you are American and have a foreign bank account in which you don't want to have to repatriate your funds back to the US you've just been given the wake-up call of a lifetime. For some it would mean owning up to funds for which they haven't filed obscure forms, such as the Report of Foreign Bank Account (FBAR) form… or the FATCA form 8938. Don't know what those are? You are not alone… but if you didn't file for it last year and you had a foreign bank account you will be facing jailtime if you have to repatriate the funds. For others, it would mean having their last vestige of financial independence taken away… now all their eggs will literally be in one basket (in the US)… and the US Government is intent on those eggs becoming scrambled.
We fully expect numerous international banks to follow Rietumu's lead… which means that time is running out. But it's still not too late to do something. They key is to get a second foreign passport before all international banks stop accepting US citizens as clients. How long will that be? No one knows. But we are probably talking months not years.
The good news is that there are numerous passports you can get in a matter of months. We've been scouring the world looking for any way to secure these types of passports and there are many options at present (Consult with our passport professionals at TDVPassports.com). It'll cost some money. But you just have to ask what having your own financial privacy and independence is worth and make that decision.
Rietumu Bank isn't closing accounts for citizens of the Dominican Republic. Or St. Kitts and Nevis… or almost any other nation except the US at this time. Although we will not be surprised at all to see some of the other Western nations use the same scare tactics to make foreign banks close accounts for their citizens soon.
If you are a citizen of places like Canada, the UK or Western Europe you are being given a preview of what your future holds. If you are a US citizen, you had best not walk, you should be running to secure a passport in which you can conduct your affairs internationally. There will not be any second chances once the door shuts.
TDV Passports is a residency and passport consultancy and facilitation service for those looking to acquire a foreign residency or a second passport. We offer consultancy to discuss what the best options for you and your family may be and offer numerous services to help get residency or passports. Start your journey to freedom today.
