Between a Hammer and an Anvil

25 Aug

Here I am trying to overcome the massive bureaucracy called the IRS and their, in my opinion, unfair demand for a soup to nuts audit complete with certified translations of every document and I get a call from a financial institution in the USA where my retirement funds are housed. They said that the Israeli government just passed a law saying that other than some specific conditions, they will have to cease all connection with me. I have only been a customer of theirs for a bit over 30 years and this doesn’t matter one twit. The specific conditions are a long shopping list, most of which include big businesses and corporations, but not little people like me. They said someone in their office would get in touch with me with more details and I also requested that they attach something in this regard to an email to me. That was about a week ago, but so far, NOTHING. From the other side of the pond, the IRS is putting the squeeze on the banks all over the world, including my neck of the woods. The banks and all financial institutions of all sorts must report all assets of anyone who is American to the IRS. This includes citizens like myself and also others whose connection to the USA is pretty loose, including children of citizens even if these kids are not citizens. The list goes on and on and must include a huge number of people here who wouldn’t ever think of going to the “goldena medina.” This will probably prove to be a monumental task of the banks who have never asked for any information other than a persons name, address, date of birth, and identification number (equivalent of social security number). So the banks responded with a demand for all of these Americans to cease and desist all investments by the banks financial services excluding checking and savings accounts. Of note is that here the banks provide all the brokerage services that are provided by stock brokers in the US. Soooooooo here I am — I can’t invest my hard earned savings in the USA and I can’t invest it here. I am between the veritable rock and to hard place — between the hammer and the anvil. What in the world am I to do?

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