Q: I am an American citizen living abroad and my Foreign Bank is requesting my Social Security Number, do I have to comply and if so, why?
A:
Due to the implementation of FATCA, foreign banks are required to document all U.S. persons and report certain financial information to the Internal Revenue Service. A U.S. citizen choosing not to provide their Tax Identification Number ("TIN") (often a Social Security Number) may result in the Foreign Bank closing their accounts or applying withholding on any payments made to the U.S. Person
.
|