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Children’s savings plan

When you return home with children who were born through a surrogacy process, and wants to take care for their future with saving accounts or plans for their future - it’s important that you consider their additional citizenships. The most common case is Israeli surrogacy children who were born in the United States.

During the Obama administration, the idea was raised to reach American citizens who held bank accounts outside of the United States so that they could be taxed in the future.

This was called the Foreign Account Tax Compliance Act (FATCA).

Any U.S. citizen, resident, or green card holder who opens a foreign bank account must sign a Form W-9 and a power of attorney form, which authorizes the same financial institution to give information to U.S. authorities about taxation and income that the individual has in the account.

Since your children were born in the United States, the financial institution in the country you want to open an account or savings plan in will require a social security number from you (read more about it here, how to get one and why it’s important

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