Expat Forum For People Moving Overseas And Living Abroad banner

1 - 3 of 3 Posts

·
Registered
Joined
·
40 Posts
Discussion Starter · #1 ·
Hi everyone,

I've lived in the UK for the last four years and I bank with HSBC here.

Does anyone know if HSBC UK will be closing US citizens' accounts because of FATCA? I've only found a few articles about this (which I can't link yet).

I am not super wealthy but I think I need to file form 8938.

Any more information would be greatly appreciated.

Thanks,
LondonResident
 

·
Administrator
Joined
·
50,384 Posts
About two years ago, I got a letter from HSBC saying that they were going to close out all savings accounts for customers resident outside the UK. In my case (I have a checking account and a savings account with HSBC) they were supposed to roll the balance in my savings account into my checking account. But nothing was said about my nationality, just my residence outside the UK.

Two years later, they have done nothing. And I have had no further communication from them. If they haven't done any purge of foreign residents' accounts, I don't think they are planning to do anything about US citizens with accounts.

OTOH, given the big penalties HSBC has paid due to violations of US banking laws, I would kind of assume that they will be reporting account information to the IRS, just as the IRS has requested.
Cheers,
Be
 
1 - 3 of 3 Posts
Top