ZURICH, SWITZERLAND – Ed. note: William Olenick has been active in Republicans Abroad in Switzerland, where he is a longtime resident. He sent the following email letter to friends 28 January; we reprint it in full as part of our coverage of the ongoing problems for US citizens in Switzerland.“Dear all,
Read the article below my comments and you will see why I also have my problems with the banks and I am tax compliant.
For the last 25 years I have been busting open nitch markets for American products, contributing to lowering the trade deficit, developing new markets for US producers, creating employment for my brethren back home, increasing the tax base where they live.
The only way to do this is to be on the ground in the countries you are selling.
In my case, my markets were Europe, North Africa and the Middle East so it made sense to set up a base of operations in Switzerland, as it was close to the markets, was a well run country, my wife happened to be Swiss, from a large, close-knit family, so it was a no brainer.
Two months ago my bank informed me that I could no longer make wire transfers to the states.
That being the case how will I pay my suppliers?
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And here is my comment for William:
Metaphor alert:
William, you are mistaken. I live with Canadians, work with them, and have become one of them. Do you think after having built up a life here in Canada after marrying a Canadian wife that I should move back to the US because of the US wants to me to file taxes and wants my Canadian banking information? LOL
The response is not to return into the loving arms of wife-batterer, but to divorce the sucker and move on. Fair weather sailor, my foot.
No, here’s a better analogy. The bad weather bush pilot. He’s not afraid to go back into flight in risky conditions, and when he does, his plane is taken down along with his cargo and passengers. Discretion is the better part of valor. “There are some old pilots and there are some bold pilots. But there are no old bold pilots.”
My comment for William:
This country is not denying me any banking privileges, I didn’t burn any passport and I am working for change by facing the problem instead of fleeing from it. I don’t know how Europe, America or Asia will fair in the future, so it is best to make the best out of the given situation where one is, regardless if one is welcomed or not.
I’m glad for you that you were able to flee to a place where you feel welcomed while abandoning those whom you left behind. Hopefully, you won’t have to run from that place too.
Who give’s a flying fire truck? Where are those that consider themselves newly discovered Libertarians?
The guy Points out the same problem, Points out the same thought process (that he has to Think what is best for his family), publicizes to the World that it is related to stupid US policies, but his choice of solution is different than the one chosen by ones self?
Why is it that we are not happy with a decision a person has made for himself, which affects only himself?
Are we jealous?
Does his decision affect me or you?
Are we searching for a problem?
Is this the guy that needs to be corrected?
I agree with Mark. Faced with the same difficulties, William made his choice which was to come back. I don’t think anyone can judge or be critical of his choice. He should consider himself lucky that his family was willing to go along. His choice might have been different if his wife was dead against moving to the US.
And I tend to agree with William on another thing. Even when financially attacked like other countries are, their banks’ choice to slaughter the innocent by closing their bank accounts, and their government to go along with this discrimination is despicable. This is not an honorable response. Not just the banks but the governments are to blame. They could have thought of other trade ways to fight back. Like oh yeah… you’re threatening us with 30% withdrawal. Let’s impose a 30% tariff on all US products sold in our country. And things might have played out differently. I am proud of Canada that seems to be doing the right thing so far. Let’s see what they come up with. But the only acceptable response should be to accept to better locate non-resident bank account and to automatically transfer this data. But how is this different from the current US-Canada tax treaty?
As of 2014 the Republican party platform calls for the repeal of FATCA.