I am a Dutch citizen and a resident alien of the US. I receive a small pension in the Netherlands that is deposited in a bank account there. I have an investment account connected with this bank account with the total assets being approximately 22,000 Euro. I report all of my income to the IRS on my personal tax return.
In mid-February, the bank in the Netherlands that holds the accounts wrote me a letter advising me to either sell my investments and close the investment account, or transfer the investments to a different institution before the end of March, 2008. I contacted several banks and investment institutions in the Netherlands and they all said that they couldn't take on my investments because I am a US resident.
The reason for my troubles with my investments in Europe is the US Patriot Act. Is there any way for me to keep my investments in Europe while still satisfying the US Patriot Act limitations? The Dutch bank will presently let me keep my savings account. Is there a possibility that the Patriot Act will ban me from having a savings account overseas?
In the U.S., it seems there are all sorts of citations of the USA PATRIOT Act as the reason for actions. Many of those citations have no basis in fact. There is no portion of the USA PATRIOT Act that prevents a U.S. resident from maintaining an investment account outside the U.S., to our knowledge.
The Netherlands bank has the same right that U.S. banks have to refuse accounts. Ask the Dutch bank for the specific reason it cannot accept your account. Ideally, the bank will be able to provide a specific legal citation.
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In the U.S., it seems there are all sorts of citations of the USA PATRIOT Act as the reason for actions. Many of those citations have no basis in fact. There is no portion of the USA PATRIOT Act that prevents a U.S. resident from maintaining an investment account outside the U.S., to our knowledge. 