Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 03.10.2013, 15:56
Newbie 1st class
 
Join Date: Dec 2006
Location: Geneva
Posts: 18
Groaned at 2 Times in 1 Post
Thanked 5 Times in 3 Posts
dathrilla has no particular reputation at present
Credit suisse & PostFinance - W9 form and waiver forms

Hi,

As an American student (Dual national) in CH, I have a student account with CS and have never worked in CH. They asked me to fill out the forms and send it ;otherwise, my account will be closed.

What does Congress want from a broke student that has 50 CHF in his account??

Unbelievable.
Reply With Quote
  #2  
Old 03.10.2013, 16:02
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 11,073
Groaned at 85 Times in 81 Posts
Thanked 18,602 Times in 8,291 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Credit suisse - W9 form and waiver forms

The tens of millions you're hiding from them in your other account, no? See this long-running thread for all kinds of stories (there are others too, but this is the most popular lately).

http://www.englishforum.ch/finance-b...xperience.html
Reply With Quote
  #3  
Old 03.10.2013, 16:03
Newbie 1st class
 
Join Date: Dec 2006
Location: Geneva
Posts: 18
Groaned at 2 Times in 1 Post
Thanked 5 Times in 3 Posts
dathrilla has no particular reputation at present
Re: Credit suisse - W9 form and waiver forms

Thanks!

I don't know what to do...
Reply With Quote
  #4  
Old 03.10.2013, 16:12
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 11,073
Groaned at 85 Times in 81 Posts
Thanked 18,602 Times in 8,291 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Credit suisse - W9 form and waiver forms

A few options:

1 - Ignore and let the account be closed. Note that if you want an account anywhere else they'll require the same forms.

2 - Sign the forms and send them back. It's annoying and stupid and invasive and a dozen other things I can think of, but as you have nothing to hide it's not THAT big of a deal. Just keep your account balances low, report on taxes as required, etc. What I hate is the principle of it - that I have to waive my rights under Swiss law (where I live, and therefore the laws that should apply) in order to comply with U.S. law.

3 - If you're a dual citizen, consider if it's worthwhile for you to keep the blue passport. I have no other citizenship options, so my choices were only 1 or 2.
Reply With Quote
  #5  
Old 03.10.2013, 16:28
Newbie 1st class
 
Join Date: Dec 2006
Location: Geneva
Posts: 18
Groaned at 2 Times in 1 Post
Thanked 5 Times in 3 Posts
dathrilla has no particular reputation at present
Re: Credit suisse - W9 form and waiver forms

Quote:
View Post
A few options:

1 - Ignore and let the account be closed. Note that if you want an account anywhere else they'll require the same forms.

2 - Sign the forms and send them back. It's annoying and stupid and invasive and a dozen other things I can think of, but as you have nothing to hide it's not THAT big of a deal. Just keep your account balances low, report on taxes as required, etc. What I hate is the principle of it - that I have to waive my rights under Swiss law (where I live, and therefore the laws that should apply) in order to comply with U.S. law.

3 - If you're a dual citizen, consider if it's worthwhile for you to keep the blue passport. I have no other citizenship options, so my choices were only 1 or 2.
Regarding option number 2, Does the waiver solely apply to CS or will the IRS have access to any other potential bank accounts in my name in CH?
Reply With Quote
  #6  
Old 03.10.2013, 16:35
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 31,387
Groaned at 2,324 Times in 1,692 Posts
Thanked 38,053 Times in 17,971 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Credit suisse - W9 form and waiver forms

Quote:
View Post
Regarding option number 2, Does the waiver solely apply to CS or will the IRS have access to any other potential bank accounts in my name in CH?
All accounts, anywhere on the planet.

Tom
Reply With Quote
This user would like to thank st2lemans for this useful post:
  #7  
Old 03.10.2013, 16:17
Corbets's Avatar
Forum Legend
 
Join Date: Mar 2007
Location: DK - previously Zug
Posts: 3,323
Groaned at 168 Times in 122 Posts
Thanked 6,707 Times in 2,237 Posts
Corbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond repute
Re: Credit suisse - W9 form and waiver forms

Quote:
View Post
Hi,

As an American student (Dual national) in CH, I have a student account with CS and have never worked in CH. They asked me to fill out the forms and send it ;otherwise, my account will be closed.

What does Congress want from a broke student that has 50 CHF in his account??

Unbelievable.
Congres doesn't want anything from you - yet. They will want a fair bit in a couple years, but that's an aside. The key point is that they're forcing the banks to go through a lot of annoying processes in order to identify Americans who *might* have untaxed money hidden somewhere.

Oh, and it gets worse - when I attempted to open a new account with CS at the end of 2012, they told me I needed to have a tax accountant certify that I had paid my American taxes within one year. Keep in mind, it can cost upwards of 3 grand to have your expat taxes done professionally. I decided to keep my other account instead.
__________________
I'm likely typing from an iPad. Please disregard odd word usage.
Reply With Quote
The following 2 users would like to thank Corbets for this useful post:
  #8  
Old 04.10.2013, 20:04
Member
 
Join Date: Sep 2013
Location: Zürich
Posts: 139
Groaned at 24 Times in 7 Posts
Thanked 80 Times in 47 Posts
Lammhaxe has slipped a little
Re: Credit suisse - W9 form and waiver forms

Quote:
View Post
Hi,

As an American student (Dual national) in CH, I have a student account with CS and have never worked in CH. They asked me to fill out the forms and send it ;otherwise, my account will be closed.

What does Congress want from a broke student that has 50 CHF in his account??

Unbelievable.
Your lucky you're getting an account opened.
Implementing FATCA is actually forcing the swiss banks to shut small accounts starting the million, and only work with the really rich
Reply With Quote
  #9  
Old 05.10.2013, 14:54
Newbie 1st class
 
Join Date: Dec 2006
Location: Geneva
Posts: 18
Groaned at 2 Times in 1 Post
Thanked 5 Times in 3 Posts
dathrilla has no particular reputation at present
Re: Credit suisse - W9 form and waiver forms

Quote:
View Post
Your lucky you're getting an account opened.
Implementing FATCA is actually forcing the swiss banks to shut small accounts starting the million, and only work with the really rich

I had this account since I started uni in 2007. Yes, I am sure you are right. Also, it is interesting to note that the letter was sent by CS's Private Banking division ...
Reply With Quote
  #10  
Old 17.12.2013, 20:18
Newbie 1st class
 
Join Date: Dec 2011
Location: Hergiswil
Posts: 11
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 4 Posts
MrsPractical has no particular reputation at present
PostFinance requiring W-9 (Taxpayer ID) from US customers??

PostFinance is requiring me to fill out a W-9 form (request for taxpayer ID). I am a US citizen living in Switzerland.

Are all other US customers with PostFinance accounts having the same experience?

If so, how are you responding?
Reply With Quote
  #11  
Old 17.12.2013, 20:24
Simeon's Avatar
Member
 
Join Date: Jan 2012
Location: Zürisee
Posts: 241
Groaned at 2 Times in 1 Post
Thanked 320 Times in 159 Posts
Simeon has an excellent reputationSimeon has an excellent reputationSimeon has an excellent reputationSimeon has an excellent reputation
Re: PostFinance requiring W-9 (Taxpayer ID) from US customers??

From what they wrote me, if I don´t comply, they will just cancel my account, thus, I complied. Too me, there seemed to be no choice about it.

This subject has been discussed a lot here. If you search you will find way too much information , but if you can glean through it ,you might find some answers.
Reply With Quote
  #12  
Old 17.12.2013, 21:28
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 22,029
Groaned at 404 Times in 313 Posts
Thanked 16,994 Times in 9,570 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: PostFinance requiring W-9 (Taxpayer ID) from US customers??

The short answer is yes. All the banks are requiring their remaining American clients to do this. Most of the smaller banks have already dumped their American clientele. It's all due to the US foisting it's FATCA law on the rest of the world because it believes all Americans who live outside the US are default tax cheats. Here's just a couple of threads on the subject:

Postfinance closing American Accounts?

http://www.englishforum.ch/finance-b...xperience.html

You can also expect to get a letter at some point from PostFinance advising you to become tax compliant if you're not already. I had mine last week. If you're not yet tax compliant they strongly advise you to enter the OVD Program and to send them proof that you have done so. If you don't you'll find your accounts being closed; it's part of the FATCA/Swiss-US IGA regulations that any non-compliant account be shut immediately.

My personal response to this FATCA assumed guilty tax crap? I renounced my US citizenship in March and will finish doing my back filing next year.

Wow! Some mod was on the ball there. I started writing my post in answer to one thread and posted it in another. Quick work there folks.
Reply With Quote
  #13  
Old 18.12.2013, 07:15
Newbie 1st class
 
Join Date: Dec 2011
Location: Hergiswil
Posts: 11
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 4 Posts
MrsPractical has no particular reputation at present
Re: Credit suisse & PostFinance - W9 form and waiver forms

Thanks all! I had searched a little and found some other threads but they all seemed to drift off into rabbit trails. I should have just searched under FATCA. Oh, well, for me now, I'll need to fill out the stupid form.

I know I can not be the first to comment that every time I see FATCA I think "Fat Cat" which surely is a good description of the IRS and US Govt.
Reply With Quote
  #14  
Old 18.12.2013, 07:43
Rangatiranui's Avatar
Forum Veteran
 
Join Date: Nov 2007
Location: Baden region
Posts: 2,172
Groaned at 14 Times in 13 Posts
Thanked 2,454 Times in 1,080 Posts
Rangatiranui has a reputation beyond reputeRangatiranui has a reputation beyond reputeRangatiranui has a reputation beyond reputeRangatiranui has a reputation beyond reputeRangatiranui has a reputation beyond reputeRangatiranui has a reputation beyond repute
Re: Credit suisse & PostFinance - W9 form and waiver forms

Quote:
View Post
I'll need to fill out the stupid form.

I know I can not be the first to comment that every time I see FATCA I think "Fat Cat" which surely is a good description of the IRS and US Govt.
yes.

and get it back to the bank in the next few days.

The Big Day for the US government is 31 Dec 2013, which the banks are working towards to get all their i's crossed and t's dotted.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
BKB asking for U.S. Tax Compliance Form and U.S. Waiver Form lorien2012 Finance/banking/taxation 19 03.04.2013 21:40
Credit Suisse Credit Cards on an L Permit jerallie Finance/banking/taxation 18 08.12.2011 23:04
Need a bit of help with PostFinance vs Credit Suisse acount re: bill paying... Chuff Finance/banking/taxation 26 28.07.2009 19:54
Green Visa waiver form not removed from Passport BaselLife Other/general 3 30.04.2007 12:06
AECS in Horgen - Credit Suisse's credit card business - somebody work there? Greg530 Finance/banking/taxation 9 15.04.2007 18:05


All times are GMT +2. The time now is 11:19.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0