FATCA info request from bank

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Lon
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FATCA info request from bank

Postby Lon » Mon Jun 11, 2018 5:00 pm

I have been asked by my bank to supply personal identification information one of which is attached – "Natural Person Waiver" and a W9 form, under the FATCA act,. I called BCP about this and they said I have 15 days to fill out these forms or they will cancel my account because they need this information to continue dealing with US banks or something like that. Has anyone else had to fill out these forms? I am very suspicious of providing personal information with all of the scandals there have been lately about invasion of privacy. How do I really know if this information will not be shared with others? All I have is the bank's assurance, but we all know those kinds of assurances are often very hollow. Let me know your experience with FATCA. I have people who have told me to just ignore this which I have done in the past, but now the bank is threatening to cancel my account if I don't provide it. Does anyone have any advice, legal or otherwise, about this?


Alpineprince
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Re: FATCA info request from bank

Postby Alpineprince » Mon Jun 11, 2018 5:41 pm

What country are you a citizen of?
Ever had more than 10K in this account?
Ever filed a FBAR in the USA?
Lon
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Re: FATCA info request from bank

Postby Lon » Mon Jun 11, 2018 5:56 pm

Alpineprince wrote:What country are you a citizen of? I am a citizen of both Peru and the US.
Ever had more than 10K in this account? I have never had more than $10,000 in this account. It's a local currency account and I rarely make more than 2000 Soles per month
Ever filed a FBAR in the USA?
I'm not sure what that is, but I once had more than $10,000 around 10 years ago, but that was all invested in my current apartment. So now my local account balanceIs never more than 2000 soles, but usually much less since I have to spend almost all of it every month just to pay my bills.
woodchuck
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Re: FATCA info request from bank

Postby woodchuck » Mon Jun 11, 2018 7:44 pm

How are you my friend Lon?
I didn't get the paperwork from any bank, instead from the Peruvian government some 8-9 months ago.
Since all of my income is from Social Security I didn't envision any problems & have not had any.
Countries are going after the "big fish" who have lots of assets & have not declared them for tax purposes.
I would never advise anyone to not follow the law in these kinds of matters.
Best wishes.
Alpineprince
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Re: FATCA info request from bank

Postby Alpineprince » Tue Jun 12, 2018 10:44 am

Lon wrote:
Alpineprince wrote:What country are you a citizen of? I am a citizen of both Peru and the US.
Ever had more than 10K in this account? I have never had more than $10,000 in this account. It's a local currency account and I rarely make more than 2000 Soles per month
Ever filed a FBAR in the USA?
I'm not sure what that is, but I once had more than $10,000 around 10 years ago, but that was all invested in my current apartment. So now my local account balanceIs never more than 2000 soles, but usually much less since I have to spend almost all of it every month just to pay my bills.

I would go ahead and give the bank your information. FBAR is a report you need to file once a year with your taxes if you ever had a balance of more than 10,000USD (combined) in Peruvian bank accounts. Failure to file is subject to a fine of the greater of $25,000 or 10% of the amount. If you never go over this balance you DO NOT have to file the FBAR.
Lon
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Re: FATCA info request from bank

Postby Lon » Tue Jun 12, 2018 11:05 am

Alpineprince wrote:
Lon wrote:
Alpineprince wrote:What country are you a citizen of? I am a citizen of both Peru and the US.
Ever had more than 10K in this account? I have never had more than $10,000 in this account. It's a local currency account and I rarely make more than 2000 Soles per month
Ever filed a FBAR in the USA?
I'm not sure what that is, but I once had more than $10,000 around 10 years ago, but that was all invested in my current apartment. So now my local account balanceIs never more than 2000 soles, but usually much less since I have to spend almost all of it every month just to pay my bills.

I would go ahead and give the bank your information. FBAR is a report you need to file once a year with your taxes if you ever had a balance of more than 10,000USD (combined) in Peruvian bank accounts. Failure to file is subject to a fine of the greater of $25,000 or 10% of the amount. If you never go over this balance you DO NOT have to file the FBAR.


It appears for this publication that I do not have to file this information https://www.irs.gov/businesses/corporat ... ial-assets I do not have assets in these amounts. Ten years ago when I did, I files the 8938 form
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adrian Thorne
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Re: FATCA info request from bank

Postby adrian Thorne » Tue Jun 12, 2018 11:55 am

If you have something you wish to keep hidden go to a lawyer, but I would suggest you go ahead and complete the document. You have nothing to lose, but I promise, your account will be closed if you don't and there is very little you can do to stop them. You may find afterwards it will be impossible to open an account elsewhere.

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