Banking for international citizens

Banking for international citizens

Offshore Banking

Offshore banking is the perfect tool for anyone living abroad, especially if you are a US expat. After the enactment of FATCA, many Americans living overseas have been denied the ability to open bank accounts in their country of residence. Why? It’s merely because these banks rather not fill out all the paperwork required by the IRS to be FATCA compliant or risk misfiling client information which can result in huge penalties from the IRS. Sadly, it’s just easier for the banks to terminate the accounts of existing US clients and not take on any new US clients. And to make matters worse, some US banks will close your account once they discover that you’re living abroad.

Many foreign banks will not accept US nationals as clients

If you’re lucky, you my not run into this problem. Not every bank in the world is stopping US citizens from using their services. But if you are one of the unlucky ones, you’ll most certainly need a place to keep your money. And that’s how offshore banking can help you.

Listed below are some facts about offshore banking:

  • You don’t need to be a millionaire to open an offshore banking account, anyone can do it. The process is similar to opening an account at a local bank in your hometown, and the interest rates and service charges are on par with other reputable banks.
  • Most of these offshore banks have online banking to make transferring/receiving cash a breeze, along with a customer support hotline to assist you with any questions.
  • Many offshore banks will accept US citizens as clients.
  • Offshore banking gives US expats who cannot open a local bank account the ability to use banking services.
  • Offshore banks can benefit US residents looking for an extra layer of protection and diversity by legally holding assets outside of the US.
  • It’s also ideal for those looking to hold assets in different currencies.
  • Many of these banks have investment products (optional) that allow you to grow your money at higher interest rates.
  • It’s 100% legal.

As you can see, whether you’re a US expat, US resident, or US citizen relinquishing your passport, offshore banking could be of value to you. Moreover, if you cannot open a bank account in your country of residence, it may very well be your only option. Feel free to contact us today to see which offshore banks are right for you.

 



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