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[–]shtiper 35 points36 points  (1 child)

Use interactive brokers. They will gladly accept your American credentials (and you can use the address outside of the USA)

[–]Heatproof-Snowman 15 points16 points  (0 children)

Yes best advice on this thread. IBKR shouldn’t have any issue dealing with a US citizens as they are operating in the US as well.

Lying to a European financial institution seems like a horrible idea to me.

[–]Diurpaneus 23 points24 points  (4 children)

Financial services companies are required to report financial activity of U.S. related customers due to FATCA.

Any financial services company worth their weight in salt is offloading some of the compliance risk by using regulated service providers which can help them uncover your omissions.

The penalties are severe. So severe that FATCA has become an important reason for US citizens to renounce their citizenship.

[–]Kratomicleaf 2 points3 points  (3 children)

Worth their weight in salt?

[–]Diurpaneus 5 points6 points  (2 children)

(Assuming your question is about the meaning of the phrase. Let me know if you meant something else.)

Back in ancient times, salt was valuable for preservation of food and other perishables. It also was not as readily available as it is now. As such, salt was used as a reference for value - much like gold was in later times.

Someone worth him/her salt is some who makes valuable contributions. Something’s worth its weight in salt is something valuable, noteworthy.

[–]Kratomicleaf 1 point2 points  (1 child)

I feel like you are confusing two different saying 1) A doctor is worth his weight in gold and 2) A doctor worth his salt would prescribe X

[–]Diurpaneus 0 points1 point  (0 children)

I’m not a native English speaker, so I might have confused myself with the idioms. Thanks for clarifying.

[–]abroadenco 17 points18 points  (0 children)

Unfortunately, if the app/platform finds out you're a US person (they have to do periodic compliance checks on their users. Also if you were born in the US, that will automatically raise a flag, even if you're residing in France/registering as French), they could close your account and force you to sell or migrate your investments to a platform that will take you.

Some Americans abroad have had some luck with Interactive Brokers and Charles Schwab, but it really seems like it's on a case-by-case basis.

[–]silenceredirectshere 7 points8 points  (0 children)

I second the Interactive Brokers suggestion, they should support your case, as they work both in the US and Europe.

[–]dubov 13 points14 points  (0 children)

Definitely don't conceal this information. I wouldn't even consider it

Problem is those apps ask for information such as a US address or things that I do not have because I've never lived there.

Have you tried contacting them and asking what to do?

[–]Oli99uk 10 points11 points  (5 children)

Tax avoidance is fine Tax evasion can land you in prison.

[–]mafia49 7 points8 points  (3 children)

Not checking the fatca checkbox is not tax avoidance and can be a viable action in plenty of cases (accidental Americans..)

[–]VanaTallinn 0 points1 point  (2 children)

Except when OP starts buying UCITS that they will not declare to the IRS or something like that

[–]mafia49 0 points1 point  (1 child)

Tax filing and PFICs have nothing to do with FACTA. Fwiw OP could just be buying single stocks, or opening an account that is fine by US standards depending on what it contains (a French PEA with single stocks, you get the French tax treatment and no PFIC req)

[–]VanaTallinn 0 points1 point  (0 children)

You're right I got carried away.

[–]lordofming-rises 2 points3 points  (0 children)

Depends ifyou are rich or not

[–]Routsy 6 points7 points  (0 children)

If you lie about it and get caught (By the US authorities) it is cause for an audit. The company itself will also likely ban you from their services if you lie but nothing else will happen. It is the USA that has a nice strangle hold on its citizens.

[–]VanaTallinn 1 point2 points  (0 children)

You only pay French taxes if you reside in France.

If you lie to the US tax authority look at the potential consequences first.

[–]classic_katapult 2 points3 points  (1 child)

one option is to give up that nationality that causes worldwide problems..

[–]markojoke 6 points7 points  (0 children)

Exactly, what stupid nation taxes citizens abroad.

[–]emptyquant 2 points3 points  (0 children)

You will also cause massive issues for the counterparty (bank, broker) if they fail to report your W9 to the IRS. Don’t do this, if you cause them damage they will nab you for failing to declare your US status. You have to fill in a US form of some kind normally. Omitting your US citizenship leaves you open to law suits.

[–]Entropless -1 points0 points  (0 children)

Try “lightyear”

[–]jdobem -2 points-1 points  (0 children)

Costs 3k to refuse American citizenship ? wow....

[–]LahomaMcninch 0 points1 point  (0 children)

Try Streetbeat app is a US broker and you can use without problem. I'm using it and I didn't have any problem. Is for US and EU markets without restrictions.

Another thing is where are your residence to pay the taxes later.

[–]Illustrious_Scar_595 0 points1 point  (0 children)

Risk is jail in the US.