Bank account in Europe for US citizen.

[alexandmol]

Working remotely as contractor for US company. Living in Latvia for about a year. Dual citizenship US, Russian. Currently awaiting my Latvian residence permit. Need a bank account to receive money from US company. About 100 000 a year. Cannot go far away from Latvia, because of health issues. Does anybody know banks to open bank account with remotely? Money is legal and taxes in US is subject to Foreign Earned Income Exclusion.

 

[Sols]

How long until you get your residence permit? It will probably be faster to wait for the permit and then open a local account with a Latvian bank, than try to open an account overseas for this.

Can you defer payments? Can they pay you in crypto? Or do you have a trusted friend or family member who can receive the funds in the meantime?

 

[JustAnotherNomad]

Can't you just receive the money in a US bank account and pay with US cards? What do you need a European USD account for?

 

[Sols]

It might be worth a shot. But I have seen US banks reject the applications by non-resident citizens when proof of address has been difficult, and this situation is made more complicated by the person being a Russian citizen as well.

 

[scooterguy]

You can try a Swiss bank such as CIM Banque.

It's not the best bank in the world and I wouldn't keep more than 100K EUR in it, but it's easy to open an account with them remotely, and can work well as a temporary solution until you get your Latvian residence permit.

 

[TheCryptoAnt]

Working remotely as contractor for US company. Living in Latvia for about a year. Dual citizenship US, Russian. Currently awaiting my Latvian residence permit. Need a bank account to receive money from US company. About 100 000 a year. Cannot go far away from Latvia, because of health issues. Does anybody know banks to open bank account with remotely? Money is legal and taxes in US is subject to Foreign Earned Income Exclusion.

Just to Wise or Revolut. For employment income theyre ok

 

[alexandmol]

How long until you get your residence permit? It will probably be faster to wait for the permit and then open a local account with a Latvian bank, than try to open an account overseas for this.

Can you defer payments? Can they pay you in crypto? Or do you have a trusted friend or family member who can receive the funds in the meantime?

1) It is up to Latvia government. It is not faster way, They are already delaying it for half a year.
2) Defer payment is not an option. I wish they to pay me in crypto. It is legit US company. They are very far from crypto.

Can't you just receive the money in a US bank account and pay with US cards? What do you need a European USD account for?

Lack of address in US. I do not have a US account. May be some banks in US to open account remotely for non US resident? I doubt it.

You can try a Swiss bank such as CIM Banque.

It's not the best bank in the world and I wouldn't keep more than 100K EUR in it, but it's easy to open an account with them remotely, and can work well as a temporary solution until you get your Latvian residence permit.

I phoned to a lot of Swiss banks. They get away from me as I am leper. So actually I found some SWISS bank to open account with, but 700k USD min deposit. It is way out my league.

Just to Wise or Revolut. For employment income theyre ok

Ha Ha. They reject me. US passport in Latvia seems like Lepra

P.S. Have been to Citadele today, they say 200USD and 2 months account opening and no guarantee. I am OK with 200, but "no guarantee".

 

[Sols]

Lack of address in US. I do not have a US account. May be some banks in US to open account remotely for non US resident? I doubt it.

Have you lived in the US? Do you have a SSN?

Another option might be to form a company in the US and open a business account with Mercury, SoFi, Novel, Lili, Relay, or even try a mainstream larger bank. It creates a potential headache in the future when you take money out of the company. How is that taxed in Latvia? Where is the company tax resident? But if it works, it would at least let you receive funds for now.

 

[JustAnotherNomad]

You will be able to open a US bank account in your own name, too. Worst case you'd have to fly to the US and show up with your passport in hand. You will need a US address, however.

 

[alexandmol]

May be

Have you lived in the US? Do you have a SSN?

Another option might be to form a company in the US and open a business account with Mercury, SoFi, Novel, Lili, Relay, or even try a mainstream larger bank. It creates a potential headache in the future when you take money out of the company. How is that taxed in Latvia? Where is the company tax resident? But if it works, it would at least let you receive funds for now.

1) Yes. Yes. But my account was closed due to inactivity.
2) Company is in the US. And if I form a LLC how can I withdraw money from US company account in Latvia?

You will be able to open a US bank account in your own name, too. Worst case you'd have to fly to the US and show up with your passport in hand. You will need a US address, however.

I cannot fly to US due to health issues. Even 2 hours car trip is an issue to me.

 

[scooterguy]

I phoned to a lot of Swiss banks. They get away from me as I am leper. So actually I found some SWISS bank to open account with, but 700k USD min deposit. It is way out my league.

"A lot of Swiss banks" is not the same as having tried CIM Banque. They are fully remote and minimum deposit is 5K. You don't even need to call them, just fill their forms online. It's really hard to get rejected by them.

 

[JustAnotherNomad]

CIM Banque is a Russian laundromat, isn't it?

OP - have you even tried to open a bank account? With SSN it shouldn't be an issue to open an account online.

 

[Forester]

Have you lived in the US? Do you have a SSN?

1) Yes. Yes. But my account was closed due to inactivity.

Do you mean US bank account? Or does SSN somehow expire (I am not aware of that, I must admit...)?

OP - have you even tried to open a bank account? With SSN it shouldn't be an issue to open an account online.

Yes, I also guess that with SSN it should not be a major problem to open an US account, at least for some WY or NM LLC...

I cannot fly to US due to health issues. Even 2 hours car trip is an issue to me.

Sorry to hear that

Another option might be to form a company in the US and open a business account with Mercury, SoFi, Novel, Lili, Relay, or even try a mainstream larger bank. It creates a potential headache in the future when you take money out of the company. How is that taxed in Latvia? Where is the company tax resident? But if it works, it would at least let you receive funds for now.

And if I form a LLC how can I withdraw money from US company account in Latvia?

Technically easily, e.g. with debit/credit card. The issue might be accounting and taxing (it will be a profit from – technically – intra-US business).

"A lot of Swiss banks" is not the same as having tried CIM Banque. ... It's really hard to get rejected by them.

Are you sure? I do not know for personal accounts but for company accounts these times are gone. They demand (or at least some time ago demanded) a substance, some ties to CH etc... (I do not say that it is extremely difficult to be onboarded but it is not as easy-breezy as it was.) If you, @scooterguy, elaborate more, it will be appreciated.

@alexandmol: From my perspective,
1) RU passport is not well suitable for opening an account for payments in USD from the USA nowadays, so better not to mention to a financial institution that you have it.
2) I think the important factor is your status it LV – I must admit it is unclear to me: I presume you are staying there legally, so you must have some tourist visa with US passport ( it's Schnegen, I guess US citizens need visas, or not?) Or you asked for asylum with RU passport ... or? Then, where you are staying? Do you have something like rental contract, than can be eventually used as a proof of address? Because if you are in LV legally and can show some proof of address, I do not know any reason for being rejected by some reasonable EMI that generally onbards US citizens (not all do that, due to FATCA burden). E.g. Verifo (LT) comes to my mind (I hope they support USD payments), they have reasonable conditions for freelancers accounts (that you need, as you are a contractor, not an employee). Or some UK EMI...
3) Or you can perhaps try to use some service like Rimuut/Ruul (they have even a dedicated bank account for USD payments from the USA and their bureaucracy is not so burdening for the company that hires you); at least your money can wait there until you solve it in another way, if deferring the payments is impossible...

 

[scooterguy]

Are you sure? I do not know for personal accounts but for company accounts these times are gone. They demand (or at least some time ago demanded) a substance, some ties to CH etc... (I do not say that it is extremely difficult to be onboarded but it is not as easy-breezy as it was.)

OP is not looking for a corporate account, but a personal one. CIM Banque will have no issues at all if you plan to receive legal money there from the US, and the account can be opened remotely.

Again, not the best bank long-term, but for OP's situation during the next few years it's a solid solution.

 

[Forester]

OP is not looking for a corporate account, but a personal one. CIM Banque will have no issues at all if you plan to receive legal money there from the US, and the account can be opened remotely.

Again, not the best bank long-term, but for OP's situation during the next few years it's a solid solution.

Thanks for the clarification; and I agree that if CIM Banque onboards OP, it will be a good solution for a reasonable time. Nevertheless, do you think that CIM will be OK with using the personal account for @alexandmol 's use-case? He's a contractor, i.e. issuing invoices, not an employee, if I understand well.

 

[scooterguy]

Thanks for the clarification; and I agree that if CIM Banque onboards OP, it will be a good solution for a reasonable time. Nevertheless, do you think that CIM will be OK with using the personal account for @alexandmol 's use-case? He's a contractor, i.e. issuing invoices, not an employee, if I understand well.

CIM has no issues with receiving money from working as a contractor, as long as the money comes from legit sources (even US sources). They will ask questions about where the money comes from though, what's OP's activity, etc.

They are a small bank and they accept pretty much anyone.

On the other hand, it's not really a great bank other than serving well as a "transition" bank with Swiss deposit insurance. They also have expensive maintenance fees of at least $600 a year just for a standard account.

 

[Forester]

CIM has no issues with receiving money from working as a contractor, as long as the money comes from legit sources (even US sources).

Good to know, thanks. (I have simply never met/seen it. Many banks demand having a business account for such a purpose.)

They will ask questions about where the money comes from though, what's OP's activity, etc.

They are a small bank and they accept pretty much anyone.

On the other hand, it's not really a great bank other than serving well as a "transition" bank with Swiss deposit insurance. They also have expensive maintenance fees of at least $600 a year just for a standard account.

Yes, I'm aware of it.

 

[Forte]

Payoneer maybe?

 

[alexandmol]

Well. I got rejected with CIM banque. They accept everyone except me. Haha. Even russian laundermat reject me. It is surprised me. At least they returned all the money. And they denied to state the reason. May be bank account in north macedonia? I opened Revolut, but it is not a solution, because it is not a bank and some says money may hang for 6 months there and account may be blocked and reason also not stated.

1) RU passport is not well suitable for opening an account for payments in USD from the USA nowadays, so better not to mention to a financial institution that you have it.

Thank you for your reply.

2) I think the important factor is your status it LV – I must admit it is unclear to me: I presume you are staying there legally, so you must have some tourist visa with US passport ( it's Schnegen, I guess US citizens need visas, or not?) Or you asked for asylum with RU passport ... or? Then, where you are staying? Do you have something like rental contract, than can be eventually used as a proof of address? Because if you are in LV legally and can show some proof of address, I do not know any reason for being rejected by some reasonable EMI that generally onbards US citizens (not all do that, due to FATCA burden). E.g. Verifo (LT) comes to my mind (I hope they support USD payments), they have reasonable conditions for freelancers accounts (that you need, as you are a contractor, not an employee). Or some UK EMI...

I am in LV perfectly legally. I have residence permit already, but it is not helping. I opened Revolut, but a lot of people discourage me to wire 6 month salary to Revolut. They just block my account and do not state the reason as it is popular today.

3) Or you can perhaps try to use some service like Rimuut/Ruul (they have even a dedicated bank account for USD payments from the USA and their bureaucracy is not so burdening for the company that hires you); at least your money can wait there until you solve it in another way, if deferring the payments is impossible...

I just need normal bank account. Not all these Ruul/Rimmut/Revolut/Payonner/paypal bs. They may block me for no reason. There are plenty of stories about Revolut block account for 6 months on the Internet because they do not like crypto/shop/etc... whatever.

may be north macedonia or bosnia and herzegovina?

 

[Forte]

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