Dutch banks are freezing accounts under FATCA

Dutch banks have started freezing the accounts of dozens of ‘accidental' Americans in the Netherlands because they have failed to provide them with their US tax information numbers (TINs), a requirement under FATCA. According to local news outlet Reporter Radio, the accounts have been suspended in an attempt for the banks to get in touch with those customers and collect the required information under FATCA rules. FATCA was passed in 2010 and forces banks wanting to operate in the US to report any assets held by American citizens overseas. While the measure is aimed at tax avoidance, i...