Business Insider: Dutch Americans could become ‘bankless’

By January 21, 2017Pers

As from 1 January 2017, Dutch people who also hold American citizenship can be rejected by their bank if they cannot give up the hard to get social security number (SSN), reports Business Insider Nederland.

Once the bank rejected these Dutch Americans, it will be very difficult for them to find another European bank that will accept them after such an expulsion. Life will then become quite complicated, as this would mean the end of all payment methods and receiving a salary would then also only be possible in cash. In addition, in this case, mortgages will have to be dissolved too.

Dutch Americans without SSN

According to the Business Insider, banks who keep customers who don’t have a SSN , risk fines or may no longer trade in the US. That includes people who don’t even realize they are Americans, as it wasn’t them, but one of their parents who were born in the United States.

These measures are backed by the American FATCA legislation. Under this legislation, Dutch banks are required to disclose account information of Dutch Americans to the U.S. Government. A tolerance policy applied that this exchange could take place without a Social Security Number (or TIN in banking terms), until 1 January 2017.

Read the entire article on Dutch Americans and the SSN here

Source: Business Insider Nederland

Tax Returns for Dutch Americans

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