Friday, January 09, 2015

Important information for Jews

"The offering, sale and/or distribution of many of the products or services described on this website are not intended to any Jews. If you intend to obtain any product or service from OurBank that is described on this web site, you must first inform OurBank whether you are a Jew.

This website and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or a solicitation of any offer to sell any securities to Jews. Any brokerage and investment advisory services described herein are not intended for Jews. Furthermore, any solicitation on this web site of banking services (including accepting and/or soliciting deposits), insurance services, mortgage and/or consumer lending services or credit card services is not intended for Jews..."

That's what I just got from my bank. No, the word is not "Jews", but it describes a population group to which I belong. The only reason I withheld the name of the bank is that many banks are displaying the same text, and they have not written it themselves. The word is "US persons", and the guilty parties in this case are the Senate and the House, with the special honorary mentions for  Max Baucus (D–Montana) and Charles Rangel (D–NY), the authors of the Foreign Account Tax Compliance Act of 2009.

(US persons is defined as all US citizens and permanent residents resident in the US, some US citizens resident abroad - they are not saying who, and whether this actually applies to me, and any entity organized or incorporated under the laws of the United States).

This particular law has raised the US citizenship renunciations by a factor of six, which should say something to our Congress, or would have if it weren't, as an old joke says, the opposite of progress.

I am certainly not planning to renounce mine. Seriously, I'd rather vote for Mr. Rangel with a very big cactus, applied anally. But the first thing that comes to mind is banning the population register from identifying me as a US person to anyone, and lying to all the Finnish (and other non-American) financial institutions that I ever deal with that I am not in fact a US person. Funny thing - so far I have always been in compliance with all the US tax laws. Will there be a day when I choose not to report an account just because doing so would "out" me as an American to the bank that holds the account, and cause them to close that account? If that day comes, I will totally do that without feeling guilty in the least.