Netherlands: FATCA issues encountered by Dutch citizens with U.S. nationality

Netherlands: FATCA issues encountered by Dutch citizens

An official with the Dutch Finance Ministry sent a letter to parliament to answer certain questions about issues and challenges under the FATCA regime encountered by Dutch citizens who have U.S. nationality.


Some of the challenges addressed in the letter concern:

  • Issues when banks refuse to provide financial services on the basis of the FATCA legislation
  • Issues related to U.S. sanctions versus requirements to keep an account open in accordance with the Dutch current account directive or EU regulations
  • Issues related to a lack of a taxpayer identification number (TIN)
  • Issues regarding frozen or blocked accounts for Dutch nationals with U.S. nationality by various banks
  • Issues when accounts are closed because of a lack of a social security number (SSN) or a TIN
  • Issues when banks threaten to close an account because of noncompliance due to an incomplete form when individuals have not provided their personal U.S. tax status

Read a September 2020 report [PDF 138 KB] prepared by the KPMG member firm in the Netherlands

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