Raiffeisen announces today they will give notice to all American customers (approx. 1000). Does anyone know about the details of this? I.e., if this is only for customers living in the US or also for those living here? Is it mainly investment accounts for also normal salary and mortgage accounts?
The situation for Americans seems to be further deteriorating. No finance institutions want anything to do with Americans because of the new FATCA regulations from the US.

http://www.videoportal.sf.tv/video?i...8-fed8e581a043

Well, according to the Tagi:

http://www.tagesanzeiger.ch/wirtscha...story/29184554

«Wir werden uns in der nächsten Zeit von den Kunden trennen, die in den USA steuerpflichtig sind», sagte Raiffeisen-Sprecher Franz Würth auf Anfrage der Nachrichtenagentur sda. "

Roughly: clients who are liable for US taxes.

(Again, if you are affected, please write your congresspersons - and please tell your story to ACA.)

It's fast approaching the point that Post Finance will be the only option for the US people that are resident here.

This leaves me wondering if Post Finance are set up to be able to deal with the FACTA requirements, and if so, how PF are going to fund the extra administrative work. Perhaps US customers will, in future, be subject to a surcharge, perhaps this cost will be spread amongst all customers of PF.

If it's the latter then I'll resent it quite considerably. Not because I begrudge paying 10-20 franks per year in support of our US brethren, but because I, as a PF customer, will certainly begrudge having to pay up for the "illegal" actions of a government that I have absolutely nothing to do with whatsoever.

We will see.

By the way an an unauthorised translation (by me, as I read it) of Meloncollie's quote from the Tagi

"in the near future we're going to give the boot to our customers that are liable for taxes in the US."

I'm no expert, but I'm pretty sure it's the accounts that are being terminated, not the customers

I'm sure some sicko will come along and type 'shame' any second now...

Shame ..........

Okay, I will try to remain factual, my wording gives away the irritation that is below the surface.

Sicko.......

only on weekends

Credit Suisse also allows American customers. I have heard that UBS
does as well, but I cannot confirm it personally.

American who banks with UBS here. It helps to be near the Baden branch (ABB has a LOT of expats) and they have an American Specialist there.

Wonder how many US citizens will be renouncing this year? I heard more than 500 already renounced in Q1, and with FATCA preparations coming up end of this year, it will pick up.

What's crazy is that the ones who are renouncing are actually paying taxes to the US (because you can't renounce unless you can prove that you have filed tax returns for the past few years).

So I can't see how this is helping the US government.

The people who I know who are non-compliant aren't about to come clean now.

I also know quite a few who are non-compliant. As long as they have no US indicia, I don't really see any reason to worry if they don't ever plan on returning to the US or using a US passport.

Unless, of course, the US decides to use its military to go on a witchhunt of expats hiding abroad (even then, there is no full record of all US citizens abroad).

Unfortunately the US is the only western country that treats its overseas citizens with such disregard. This is self-destructive for the US but those in the government don’t see this. Citizenship based taxation puts Americans at a clear competitive disadvantage.
Instead of easing the situation, they keep making the tax compliance more complicated and severe. Also have you noticed as Americans are being blatantly discriminated against, the US embassy in Bern hasn’t lifted a figure. The renunciations will probably increase but this will be made increasingly difficult. For example the exit tax was begun a few years ago and there is legislation pending to punish further those who renounce. This is being initiated by Senator Schumer who is furious that the multi-millionaires Eduardo Severin (Facebook) and Denish Rich(ex-wife of Glencore founder) have renounced.

what should they do?

Lose some weight?

In the past, renunciations were something reserved mainly for the rich. With the new extraterritorial draconian and badly formulated laws, ordinary expats desiring normal banking services in order to lead normal lives will renounce.

The US government and it's representatives abroad haven't reacted simply because they don't know how to react to US citizens having their checking accounts cut. FATCA is very bad policy but they can't admit it and lose face under today's highly politically charged fiscal environment.

The only thing we can hope for is for foreign governments to create anti-FATCA laws which reciprocally penalize US companies and banks abroad if banks from those countries face the consequences of FATCA non-compliance. US congressmen will then feel the pain in their pockets when US companies start complaining at home and start cutting re-election campaign support.

oooh, I am so writing (another) letter to Senator Schumer...

Why would he care?