for the U.S. Citizen!
Nestmann Group, Ltd.
by P. T. Freeman: Are
You the Property of Your Government?
I arrived here
in the Commonwealth of Dominica earlier this week. Its always
a pleasure to come here; I go through the residents
line at passport control and the official stamps my Dominica passport
with the notation RR for returning resident.
with my friend and colleague Mark Nestmann. Were here to follow
up on pending applications for citizenship in the governments
Economic Citizenship Programme. The Nestmann Group, Ltd. is an authorized
agent for this programme indeed, it is the only company in
the United States with this designation. While here, were
also meeting with our attorney as well as various government officials.
I had a personal
reason to visit as well, as I wanted to open an account at a local
bank. After calling for an appointment, I went to the bank at the
appointed time. Since Ive had a continuous banking relationship
with this particular bank for more than a decade, I didnt
think opening another account there would be difficult, although
I knew I would need to update some of the personal information they
had on file.
turned out to be more complex than I had anticipated. To begin with,
I presented the bank representative with my Dominica passport, drivers
license, along with proof of residential address. Since I already
have a relationship with the bank, it didnt require additional
reference letters or other aspects of Dominicas recently updated
Know Your Customer rules.
as the account officer was entering my information into her computer,
I heard an audible beep. She frowned, looked closely at the screen,
and then looked at my Dominica passport. She then said uh
oh! You were born in the United States? I told her that yes,
I had been born there. This may be a problem, she responded.
Ill have to talk to our compliance department.
She then asked
me what ties I had to the United States, to which I replied only
family. Im no longer a U.S. citizen. I also explained
that I could prove my non-U.S. citizen status with a CLN, or Certificate
of Loss of U.S. Nationality.
officer then made a phone call to another department I assume
the compliance department giving a brief description of the
situation. She told the person on the other end that the client
is no longer a U.S. national. After that she hung up the phone,
asked for a copy of the CLN. Once I produced it, she then said no
problem, sir. Were happy to open this account and have you
as a client.
This is just
one more illustration of the fact that Americans are no longer welcome
at the vast majority of foreign banks. Even if you produce a valid
non-U.S. passport when you try to open an account, your U.S. citizenship as
indicated by the birthplace listed on your passport may make
you ineligible for the account.
to give up U.S. citizenship is a serious one. I took this step nearly
15 years ago. You should take this step only after consulting with
your family and professional advisors. But its the only way
that U.S. citizens and long-term residents can eliminate U.S. tax
liability on their non-U.S. income, wherever they live. And while
The Nestmann Group, Ltd. has some relationships with foreign banks
that still take U.S. citizens, the vast majority of the worlds
banks are willing to work only with non-U.S. citizen clients.
For more information
on second passports or expatriation, please contact us for a consultation.
with permission from The
Nestmann Group, Ltd.
Freeman is a friend, business partner, and former U.S. citizen who
now resides in the Caribbean.
© 2013 Mark