Today, I learned from Raiffeisen that they do not refinance mortgages to “US persons”.
Expatica“We will soon shed those American clients who are taxable in the United States,” bank spokesman Franz Wuerth
On this, the US government writes:
U.S. Department of Housing and Urban DevelopmentHousing discrimination based on your race, color, national origin, religion, sex, family status, or disability is illegal by federal law. If you have been trying to buy or rent a home or apartment and you believe your rights have been violated, you can file a fair housing complaint.
According to the US government, it is housing discrimination and illegal under US federal law to deny an individual a mortgage based on their national origin. Raiffeisen is responding to US policy and thus the US government is responsible for creating a situation which discriminates against individuals of American origin in violation of US federal laws. Yet, Raiffeisen is not alone in yielding to this illegal discrimination against Americans pressured by the US government.
Investment EuropeCo-op, another retail bank, also announced it had stopped doing business with its US clients, according to the French news agency AFP.
This problem is not limited to one country. In violation of US federal laws, the US government is pressuring banks around the world to discriminate against American citizens, denying them the right to have a home.
Bank CainvestBank Cainvest offers private banking services to Non-US clients only.
Royal Bank of ScotlandAny brokerage and investment advisory services described herein are not intended for US Persons. Furthermore, any solicitation on this web site of retail banking services (including accepting and/or soliciting deposits), insurance services, mortgage and/or consumer lending services or credit card services is not intended for US Persons.
SwedbankThe Bank does not offer or sell investment deposit to US persons and the Client hereby confirms to the Bank that it is not a US person. The Bank has the right to terminate the agreement immediately if the Client is a US person or becomes a US person during the term of the agreement.
To counter this problem, the US government has several options:
- Switch to territorial taxation
- Reverse the current policy which is causing illegal housing discrimination
- Finance the homes and provide banking services to US persons abroad
- Encourage and expedite renunciations by paying US citizens to renounce their American citizenship.
Housing discrimination can be reported here.