Singapore USD Account.. Good idea?

[Loptr]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

One assumes your from the US ? Then for you no advantage because they will not open the account for you anyway in Singapore

Whoosh....... I am a US citizen and have USD accounts in both SP and HK, so it appears you are wrong, again...

[kbelyeu]

Thanks all for your replies.

Yes, US Citizen and I'm aware that some banks may turn away US citizens who want to set up offshore accounts. However I do know other US citizens that keep dollar accounts in Hong Kong or Singapore. So I'm not convinced it's not allowed.

This is a helpful reply:

Many of us use offshore banks in jersey, Isle of man, cayman islands etc.

I used HSBC for some 15+ years and become just a number for them with little flexibility.

we have figured out that smaller offshore banks are much more safer and user friendly.

many of us would not have heard about small timers such as Nedbank PW, standard bank, etc.

I dont really think it matters much, whether they are based in cayman island or Singapore.

This also:

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

I may just keep it in a US institution.

Any further advice or insight is helpful and appreciated!

Thanks!

In Citibank Singapore definitely doesn't want US citizens, a colleague mine was turned down because he is a US citizen.... This is fact, the only way citi in Singapore will give a US citizen an account is if they live/work in Singapore

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

[Inepto Cracy]

I was in Singapore last week and we were discussing USD Foreign Currency accounts at one of the major banks. If you are American, you are not permitted to open offshore accounts in Singapore. Opening a bank account as a foreigner who is not a resident of Singapore, no chance. Banks and money changers working with USD... won't touch them USD.

Now you ask why the anti American sentiment, two reasons, 1. Money Laundering by the PR of China Chinese and the new International Tax Laws from the USA and Singapore.

Approach the banks in person and inquire about opening an account and you can have the full correct information given to you.

Laughter.gif

Great laugh there. However on a serious note, all US$ bank accounts in Singapore are being closed. No new accounts being opened for foreigners who are not residents of Singapore. New laws from 1ST May 2014. Go check it out in person, you may be in for a big surprise. Enough said, the experts here know it all.

[Suradit69]

If you're American, they won't touch you with a ten foot pole. That said, FATCA has arrived in HK and your ability to open a personal bank account will be severely limited. Singapore, no problem (so long as you're not American) - you may need to make an initial deposit, depending on the bank.

You can check here for banks in Singapore ... or elsewhere including the many in Thailand that are FATCA compliant ... that should have no problems with Americans. In the picture below I ran HSBS Singapore and there seems to be several. You can check on other banks in Singapore by just running the search with "Singapore." There are hundreds of banks that are compliant.

http://apps.irs.gov/app/fatcaFfiList/flu.jsf

In another thread we used the same website to check on banks in Thailand. I specifically ran Bangkok Bank and Kasikorn in Thailand (pictures also shown) but there are many bank in Thailand also that are compliant.

Edited June 27, 2014 by Suradit69

[rkbauer]

I was in Singapore last week and we were discussing USD Foreign Currency accounts at one of the major banks. If you are American, you are not permitted to open offshore accounts in Singapore. Opening a bank account as a foreigner who is not a resident of Singapore, no chance. Banks and money changers working with USD... won't touch them USD.

Now you ask why the anti American sentiment, two reasons, 1. Money Laundering by the PR of China Chinese and the new International Tax Laws from the USA and Singapore.

Approach the banks in person and inquire about opening an account and you can have the full correct information given to you.

Laughter.gif

Great laugh there. However on a serious note, all US$ bank accounts in Singapore are being closed. No new accounts being opened for foreigners who are not residents of Singapore. New laws from 1ST May 2014. Go check it out in person, you may be in for a big surprise. Enough said, the experts here know it all.

I got some letters a few months ago describing FATCA laws and new privacy policies, but that was it. There was no indication that any of my Singaporean accounts would be closed.

The accounts were also opened fairly recently at a time where it was well known that SG banks would need to comply, and they were all in the process of figuring everything out.

[Soutpeel]

Thanks all for your replies.

Yes, US Citizen and I'm aware that some banks may turn away US citizens who want to set up offshore accounts. However I do know other US citizens that keep dollar accounts in Hong Kong or Singapore. So I'm not convinced it's not allowed.

This is a helpful reply:

Many of us use offshore banks in jersey, Isle of man, cayman islands etc.

I used HSBC for some 15+ years and become just a number for them with little flexibility.

we have figured out that smaller offshore banks are much more safer and user friendly.

many of us would not have heard about small timers such as Nedbank PW, standard bank, etc.

I dont really think it matters much, whether they are based in cayman island or Singapore.

This also:

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

I may just keep it in a US institution.

Any further advice or insight is helpful and appreciated!

Thanks!

In Citibank Singapore definitely doesn't want US citizens, a colleague mine was turned down because he is a US citizen.... This is fact, the only way citi in Singapore will give a US citizen an account is if they live/work in Singapore

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

Strange a week to set up ?, although I am not US citizen, my Citi gold account was set up in about 4 hours, and walked out with ATM card in hand

[Globalist]

Agree that it makes sense to keep the money outside Thailand if OP plans to buy a condo in Thailand, because when you do buy one, the money has to be transfered into Thailand for that purpose alone.

Whether to keep the money in SG or not is another matter, but why not.

[Loptr]

I was in Singapore last week and we were discussing USD Foreign Currency accounts at one of the major banks. If you are American, you are not permitted to open offshore accounts in Singapore. Opening a bank account as a foreigner who is not a resident of Singapore, no chance. Banks and money changers working with USD... won't touch them USD.

Now you ask why the anti American sentiment, two reasons, 1. Money Laundering by the PR of China Chinese and the new International Tax Laws from the USA and Singapore.

Approach the banks in person and inquire about opening an account and you can have the full correct information given to you.

Laughter.gif

Great laugh there. However on a serious note, all US$ bank accounts in Singapore are being closed. No new accounts being opened for foreigners who are not residents of Singapore. New laws from 1ST May 2014. Go check it out in person, you may be in for a big surprise. Enough said, the experts here know it all.

You are not only wrong, you cannot read either... There are several posts on this thread, including mine, of US citizens with USD accounts in Singers, including new accounts... Please pay attention as there will be questions later...

[Soutpeel]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

[Soutpeel]

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

Did you open it in your own name or a company name ? and you use your US PP or another PP ?

[Inepto Cracy]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

[HerbalEd]

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

Strange a week to set up ?, although I am not US citizen, my Citi gold account was set up in about 4 hours, and walked out with ATM card in hand

So are you are now saying: Yes, Americans can open bank accts. in Singapore, but it takes longer that it does for you to set one up?

Edited June 27, 2014 by HerbalEd

[HerbalEd]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

I'd say the "experts" are the Americans who have stated here that they recently opened bank accts. in S'pore. How many times do they have to say it?

BTW, that Bloomberg article was written over two years ago and refers to "some" banks, not all banks. You can't take that two-year-old article and make a broad sweeping generality that today ALL Americans are being refused accts. at ALL S'pore banks.

Edited June 27, 2014 by HerbalEd

[Soutpeel]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

They experts are the Americans who have stated here that they recently opened bank accts. in S'pore. How many times do they have to say it?

But to date none have started how they opened it, I asked one poster if he had used a US passport or another PP or if the had opened the account in a company name and this poster has yet to answer ?

He mentioned 5 days to open the account with Citi, I know for a fact it only takes a couple of hours to walk out of there with your ATM card and on-line banking set up....so why would it take 5 days ?

If they have done either of the above mentioned they haven't really opened an account as a US citizen in their own names have they ?

[HerbalEd]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

They experts are the Americans who have stated here that they recently opened bank accts. in S'pore. How many times do they have to say it?

But to date none have started how they opened it, I asked one poster if he had used a US passport or another PP or if the had opened the account in a company name and this poster has yet to answer ?

He mentioned 5 days to open the account with Citi, I know for a fact it only takes a couple of hours to walk out of there with your ATM card and on-line banking set up....so why would it take 5 days ?

If they have done either of the above mentioned they haven't really opened an account as a US citizen in their own names have they ?

Not all posters hang around as long as you and I, so just because they don't quickly reply to your questions, doesn't make you right. Why not admit you really don't know the true answer here? For sure, you have no proof. Using that old Bloomberg article as your proof that all S'pore banks refuse new bank accts. to all Americans is very weak evidence, indeed. The article never says that. Also, a lot can change in two years as the new regulations become more clear and the realities set in.

[landslide]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

Exactly right. I do the same with my Fidelity account. Transfer as I need from Fidelity to Bangkok Bank, generally a 24 hour transaction, and no fees.

[Soutpeel]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

They experts are the Americans who have stated here that they recently opened bank accts. in S'pore. How many times do they have to say it?

But to date none have started how they opened it, I asked one poster if he had used a US passport or another PP or if the had opened the account in a company name and this poster has yet to answer ?

He mentioned 5 days to open the account with Citi, I know for a fact it only takes a couple of hours to walk out of there with your ATM card and on-line banking set up....so why would it take 5 days ?

If they have done either of the above mentioned they haven't really opened an account as a US citizen in their own names have they ?

Not all posters hang around as long as you and I, so just because they don't quickly reply to your questions, doesn't make you right. Why not admit you really don't know the true answer here? For sure, you have no proof. Using that old Bloomberg article as your proof that all S'pore banks refuse new bank accts. to all Americans is very weak evidence, indeed. The article never says that. Also, a lot can change in two years as the new regulations become more clear and the realities set in.

As stated a colleague from the US who works in Thailand was refused an "offshore" account by Citi on the basis of being from the US, I know for a fact because he told me, and because I had referred him to citi, I queried this with my relationship manager and was told the same thing so how is this weak evidence it came from the horses mouth ? and have stated true answers, so this is the proof I have

But seeing as we are querying proof, please link me to something which shows a US citizen can open an account in their own names, without using another nationalites passport, or a shelf company and being completely non resident in Singapore ?

In the second link I provided, related to Standard Chartered in Singapore, it states categorically they will not open an account for US citizens or green card holders....so in terms of SC at least its stated as fact

At the end of the day I couldn't care less if a US citizen gets an account or does, I have an account with Citi in Singapore and I am very happy with their service to date, which is all that matters to me

[HerbalEd]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

They experts are the Americans who have stated here that they recently opened bank accts. in S'pore. How many times do they have to say it?

But to date none have started how they opened it, I asked one poster if he had used a US passport or another PP or if the had opened the account in a company name and this poster has yet to answer ?

He mentioned 5 days to open the account with Citi, I know for a fact it only takes a couple of hours to walk out of there with your ATM card and on-line banking set up....so why would it take 5 days ?

If they have done either of the above mentioned they haven't really opened an account as a US citizen in their own names have they ?

Not all posters hang around as long as you and I, so just because they don't quickly reply to your questions, doesn't make you right. Why not admit you really don't know the true answer here? For sure, you have no proof. Using that old Bloomberg article as your proof that all S'pore banks refuse new bank accts. to all Americans is very weak evidence, indeed. The article never says that. Also, a lot can change in two years as the new regulations become more clear and the realities set in.

As stated a colleague from the US who works in Thailand was refused an "offshore" account by Citi on the basis of being from the US, I know for a fact because he told me, and because I had referred him to citi, I queried this with my relationship manager and was told the same thing so how is this weak evidence it came from the horses mouth ? and have stated true answers, so this is the proof I have

But seeing as we are querying proof, please link me to something which shows a US citizen can open an account in their own names, without using another nationalites passport, or a shelf company and being completely non resident in Singapore ?

In the second link I provided, related to Standard Chartered in Singapore, it states categorically they will not open an account for US citizens or green card holders....so in terms of SC at least its stated as fact

At the end of the day I couldn't care less if a US citizen gets an account or does, I have an account with Citi in Singapore and I am very happy with their service to date, which is all that matters to me

I'm not arguing that "some" Americans aren't being refused S'pore bank accts. by "some" banks in "some" situations. But you're saying that all S'pore banks are refusing all Americans, and that is not the case.

Also, if what you say is true, do you actually think they'd refuse an American an acct., but let that same person open an acct. for a shell company?

[spidermike007]

If you're American, they won't touch you with a ten foot pole. That said, FATCA has arrived in HK and your ability to open a personal bank account will be severely limited. Singapore, no problem (so long as you're not American) - you may need to make an initial deposit, depending on the bank.

Yes, it seems due to the fabulously wise and noble US banking laws, many banks do not want to deal with Americans anymore.m have heard of people with very substantial assets being turned down by banks in Singapore. Apparently, it costs a lot to comply with the new Mussolini laws the US has dreamed up. Is it about income tax. I doubt it. I believe the motives on the part of the US govt. and intelligence agencies is far, far more sinister than that.

Spidermike

Chaiyaphum, Thailand

Sent from my iPad using Thaivisa Connect Thailand mobile app

[Soutpeel]

The bloomberg article I was referring to and another link to a set up through Singapore/Standard Chartered which says specifically No US citizens or gree card holders

http://www.bloomberg.com/news/2012-05-08/u-s-millionaires-told-go-away-as-tax-evasion-rule-looms.html

http://offshorebanking.artisteer.net/offshore-packages/seychelles-ibc-singapore-acct/

Soutpeel, the experts have gone very quiet now. Guess we will braai some tsjoppies and sit back and relax now. Thread died.

They experts are the Americans who have stated here that they recently opened bank accts. in S'pore. How many times do they have to say it?

But to date none have started how they opened it, I asked one poster if he had used a US passport or another PP or if the had opened the account in a company name and this poster has yet to answer ?

He mentioned 5 days to open the account with Citi, I know for a fact it only takes a couple of hours to walk out of there with your ATM card and on-line banking set up....so why would it take 5 days ?

If they have done either of the above mentioned they haven't really opened an account as a US citizen in their own names have they ?

Not all posters hang around as long as you and I, so just because they don't quickly reply to your questions, doesn't make you right. Why not admit you really don't know the true answer here? For sure, you have no proof. Using that old Bloomberg article as your proof that all S'pore banks refuse new bank accts. to all Americans is very weak evidence, indeed. The article never says that. Also, a lot can change in two years as the new regulations become more clear and the realities set in.

As stated a colleague from the US who works in Thailand was refused an "offshore" account by Citi on the basis of being from the US, I know for a fact because he told me, and because I had referred him to citi, I queried this with my relationship manager and was told the same thing so how is this weak evidence it came from the horses mouth ? and have stated true answers, so this is the proof I have

But seeing as we are querying proof, please link me to something which shows a US citizen can open an account in their own names, without using another nationalites passport, or a shelf company and being completely non resident in Singapore ?

In the second link I provided, related to Standard Chartered in Singapore, it states categorically they will not open an account for US citizens or green card holders....so in terms of SC at least its stated as fact

At the end of the day I couldn't care less if a US citizen gets an account or does, I have an account with Citi in Singapore and I am very happy with their service to date, which is all that matters to me

I'm not arguing that "some" Americans aren't being refused S'pore bank accts. by "some" banks in "some" situations. But you're saying that all S'pore banks are refusing all Americans, and that is not the case.

Also, if what you say is true, do you actually think they'd refuse an American an acct., but let that same person open an acct. for a shell company?

Er yes, you obviously have no idea how a shelf company works do you ?...... The legal entity opening the account is the shelf company, which is the "legal person"the nationality of the directors of the shelf company is irrelevant so yes they could refuse the individuals account but open one for a shelf company with the same person Bering the/ a director of that company

[Bpuumike]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

not yet.

Yeap pretty sure its coming

I have 'offshore' multicurrency accounts with a UK major in Jersey. The accounts are processed by computers on the mainland and even statements are issued from there.

I'm too lazy and it's too much hassle with anti-money laundering procedures to change but yes, Singapore could be a good alternative.

[Soutpeel]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

not yet.

Yeap pretty sure its coming

I have 'offshore' multicurrency accounts with a UK major in Jersey. The accounts are processed by computers on the mainland and even statements are issued from there.

I'm too lazy and it's too much hassle with anti-money laundering procedures to change but yes, Singapore could be a good alternative.

I bailed Jersey years ago when the rumours where going around of a 20% odd withholding tax being put on EU "citizens" accounts not living in Europe, it was obviously a rumour, but it was enough for me to get out and move the account to Singapore, besides the service was getting crap anyway

[Inepto Cracy]

Let me be more blunt this time round. American citizens and those with American passports are not allowed to hold nor open Singapore Bank accounts period, as the Americans would say.

Go there and see for yourself.

They don't want your business nor your dollars. I personally witnessed two men get turned away and and asked to leave a very high end watch shop. I also witnessed three youngish girls being denied changing their US$ travelers cheques at official money changers and the unofficial one on separate days. When I inquired at the many banks I visited, I was informed it was all to do with the USA's great new tax laws and that Singaporeans will not tell untruths about them hiding money in Singapore. Money laundering also reared its ugly head, that was because of the very wealthy son of a Top Chinese government official, who took his Ferrari and crashed it into a Taxi killing every one in the taxi and himself. The Singapore government was keen to find out how he had so much money at his young age and found a long money laundering line up. That is the truth, Singapore just closed all the loopholes.

Now, then I ask an American citizen with a USA passport to go down to Singapore in the near future, open a bank account, any account and bring us proof, take out your details of a personal nature, scan it and show us.

Question asked earlier about Shells accounts, yes the squeeze is on and the BIG companies are being asked to remove their funds or have them sealed. Wake up Americans your government is changing your world so fast you cant see it coming.

BTW, new banger for you all, you have to take your money out of Thailand back to the States to have it counted and assessed for tax by the IRS. Then you pay tax in the States and you can bring it back to Thailand..... watch this space carefully. You voted your government in, go complain to them.

I hope the Chinese don't ask for their loans to the US back, then you're ffff er finished. My stutter got in the way then.

As you can see I am not American, but right or wrong I do support all your troops at home and abroad who are getting the short straws.

That's me done now.

Modified due to a few spelling errors, can't have that can we?

Edited June 27, 2014 by Inepto Cracy

[Torrens54]

Sorry to ask a dumb question, but what do the Singapore Banks have against Americans?

[Soutpeel]

Sorry to ask a dumb question, but what do the Singapore Banks have against Americans?

They don't, if there is anyone to blame, blame the IRS, they started all of this, as far as I am aware, they don't want the hassles dealing with US citizens opening " offshore" accounts

[Inepto Cracy]

Sorry to ask a dumb question, but what do the Singapore Banks have against Americans?

IRS, tax laws, money laundering trails, snooping and spying by the CIA and they don't want the hassle that Switzerland has now with having to open up hidden bank accounts held by Americans, so the IRS can check them out. Big brother is watching you all the time.

[ChoakMyDee]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

[HerbalEd]

Let me be more blunt this time round. American citizens and those with American passports are not allowed to hold nor open Singapore Bank accounts period, as the Americans would say.

Go there and see for yourself.

They don't want your business nor your dollars. I personally witnessed two men get turned away and and asked to leave a very high end watch shop. I also witnessed three youngish girls being denied changing their US$ travelers cheques at official money changers and the unofficial one on separate days. When I inquired at the many banks I visited, I was informed it was all to do with the USA's great new tax laws and that Singaporeans will not tell untruths about them hiding money in Singapore. Money laundering also reared its ugly head, that was because of the very wealthy son of a Top Chinese government official, who took his Ferrari and crashed it into a Taxi killing every one in the taxi and himself. The Singapore government was keen to find out how he had so much money at his young age and found a long money laundering line up. That is the truth, Singapore just closed all the loopholes.

Now, then I ask an American citizen with a USA passport to go down to Singapore in the near future, open a bank account, any account and bring us proof, take out your details of a personal nature, scan it and show us.

Question asked earlier about Shells accounts, yes the squeeze is on and the BIG companies are being asked to remove their funds or have them sealed. Wake up Americans your government is changing your world so fast you cant see it coming.

BTW, new banger for you all, you have to take your money out of Thailand back to the States to have it counted and assessed for tax by the IRS. Then you pay tax in the States and you can bring it back to Thailand..... watch this space carefully. You voted your government in, go complain to them.

I hope the Chinese don't ask for their loans to the US back, then you're ffff er finished. My stutter got in the way then.

As you can see I am not American, but right or wrong I do support all your troops at home and abroad who are getting the short straws.

That's me done now.

Modified due to a few spelling errors, can't have that can we?

Re. your statement: "BTW, new banger for you all, you have to take your money out of Thailand back to the States to have it counted and assessed for tax by the IRS. Then you pay tax in the States and you can bring it back to Thailand."

This smells of troll bait, but I'll bite.

Your statement is absurd. If it were true ... which it isn't ... then it would apply to all Americans' foreign bank accts. in every foreign country. And every American with foreign bank accts. ... hundreds-of-thousands of them ... would have to fly back to USA with their foreign-acct. money in hand ... then go to an IRS office to have their money counted. Really?? 555 Can you imagine IRS's logistical nightmare, increased staff, and the great additional expense to actually do this?

All that IRS requires me to do is list my foreign bank accts. on my tax forms. That and nothing more.

[Inepto Cracy]

Sir no troll bait. Let me be more specific. This applies to Asia with specific interest to US citizens living in Thailand and also married to Thai persons. A good friend of mine has been recalled to the States just for this purpose. Just filling your online forms is no longer good enough. He says according to the IRS, this application applies to all US Citizens and will be randomly selected was the PC term used by the IRS. He and his lawyers and accountants recon it will be 6 to 8 months of scrutiny in the states to clear his IRS commitments. No troll intended, just giving you the the info from the IRS. A very early good morning to you sir.

[HerbalEd]

Sir no troll bait. Let me be more specific. This applies to Asia with specific interest to US citizens living in Thailand and also married to Thai persons. A good friend of mine has been recalled to the States just for this purpose. Just filling your online forms is no longer good enough. He says according to the IRS, this application applies to all US Citizens and will be randomly selected was the PC term used by the IRS. He and his lawyers and accountants recon it will be 6 to 8 months of scrutiny in the states to clear his IRS commitments. No troll intended, just giving you the the info from the IRS. A very early good morning to you sir.

I have filed my US taxes from Thailand for several years now with no problems what-so-ever. However, for as long as there has been an IRS all taxpayers have been subject to a possible audit my IRS. Who gets an audit is sometimes random, but most often is because the IRS sees something they think suspicious.

However, just because you know of one American living in Thailand who has had an audit by IRS, does not at all mean that all American's living abroad with foreign-bark accts. are now required to do as your post said. It's very silly to draw such a broad-sweeping conclusion based upon one incident.

Edited June 27, 2014 by HerbalEd