US born Britons facing major issues as a result of US tax rules

US born individuals who don’t hold US nationality are facing asset freeze over the impossibility to provide US tax numbers.

Given the US tax law developments banks fear accepting relationships or maintaining business relationships with client linked to the US, making them subject to specific data collection measures and refusing business or freezing assets based on a one size fits all rule.

According to reported information there are somewhere between 300,000 and 500,000 accidental Americans in the EU, who know face complex banking and financial relationships given their inability to produce specific US documentations which they simply cannot access or possess.

This situation shows that financial and credit institutions are failing to clearly understand US rules for taxation.

To increase complexity, in some cases US tax authorities impose penalties and interest on unknown penalties to accidental citizens who after are to decided whether they resign to their citizenship or pay significant amounts to the US tax authorities. 5as per reported information).



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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