| ▲ | lazide a day ago |
| Not just because of either - many countries tax and treat citizen/permanent resident accounts wildly differently than non-citizen and non permanent resident accounts. India has a whole swath of different account types based on this criteria, with wildly different rules. China too. |
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| ▲ | fakedang a day ago | parent [-] |
| NRI accounts are different in that they're localized. You don't have UBS in Switzerland asking me if I'm an Indian citizen or resident, like they do for the US. |
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| ▲ | lazide a day ago | parent [-] | | Indian banks will absolutely demand the information we’re talking about. | | |
| ▲ | fakedang 19 hours ago | parent [-] | | Sure, as it is in their purview within India. But does UBS or Santander ask their clients in Europe if they're specifically an Indian citizen or resident? Does RBS send a form to a prospective client asking them to explicitly check off if they're a citizen/resident of India or China or wherever? | | |
| ▲ | lazide 19 hours ago | parent [-] | | My point is that the US gov’t asking US banks to verify citizenship/residency of account holders in the US is not that unusual, if looking at the norm internationally. What is your point? | | |
| ▲ | fakedang 11 hours ago | parent [-] | | My point is and always was about US government rules forcing foreign banks in third countries to check for US citizenship and residency specifically. Otherwise citizenship checks have always been a thing everywhere. But in order to comply with the US rules, banks have to maintain a separate documented US FATCA section altogether in their enrollment process, even if they are in some unrelated third country. | | |
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