Two American Tax Laws That Could Bankrupt U.S. Entrepreneurs or Investors Abroad
Silicon Allee Team
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It goes above and beyond just being an entrepreneur. Simply think of the case that you are an individual with access or power of attorney over company accounts as an employee. If these accounts have more than $10k over the year (likely the case in almost any somewhat larger business), you have to disclose this to the US government on the FBAR. If your employer doesn’t want his accounts disclosed to the IRS, you’re out of the a job. A lot of executives have already had this happen to them in France from what I have heard. Further, as a US citizen, a bank is required to file that you are their customer. There are huge penalties for banks not filing the right forms when they have US customers with accounts. It’s super expensive to be compliant hence it’s easier for them to toss you out. I’ve lost multiple accounts this was as the bank unfortunately found it to risky to have me as a client. Finally, in certain cases, say you are married to a wealthy local. You are required to not only file accounts to which you have access but also those of your spouse. There have been many divorces (or revokations of US citizenship) because of this. It really is a big problem for any and all US expats regardless of whether you are an entrepreneur or an employee.

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