I'm wondering if anyone has any recommendations on offshore banks accepting American citizens with a low six figure deposit. I am running into two issues 1. banks in jurisdictions i do not want my savings(belize, latvia, etc) 2. banks wont accept American citizens due to FATCA. Do any of you know if banks in Cyprus, Panama, or Singapore would take an American citizen who lives in the EU? I'm gonna be renouncing my US passport in the coming years but cant just quite yet.
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Offshore Banks Accepting Americans
- Thread starter Vor
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Seems the only option is renunciation. I have 2 years to go until I am eligible for an EU passport luckily. It's rather frustrating how even as a non US resident my nationality still follows me and restricts what I can do. 2 years to EU passport.. 1 year waiting on actually getting the passport and going through the process and then renouncing American citizenship, really I have sadly 4 years to go but the day will come when I am free from the IRS and then I'm moving down to the Caribbean.
in the meantime hopefully someone can recommend if their is any respectable jurisdictions offering personal savings accounts to americans?
I know some banks in estern Europe. The most of them are in Slovakia, Czech republic and Hungary. They do not see americans as higher risk. They just see americans like someone who is mor costly for them. So fees for americans are much higher than for usual locals. They accept americans, if they have a valid residence permit from any EU country. The only thing which you havr to do is to accept a high fees. They ask very high fees when comparing accounts of locals.
With a low six figure you want to renounce US citizenship ? Unless you got some serious money it's not worth it but we have our own reasons. Too much paperwork to put up as they will never end this citizenship based taxation and FATCA. With denocrats in full power the last glimmer of hope is gone. Well Trump wasn't going to end it either. US expats are caught at the short end of the stick.Seems the only option is renunciation. I have 2 years to go until I am eligible for an EU passport luckily. It's rather frustrating how even as a non US resident my nationality still follows me and restricts what I can do. 2 years to EU passport.. 1 year waiting on actually getting the passport and going through the process and then renouncing American citizenship, really I have sadly 4 years to go but the day will come when I am free from the IRS and then I'm moving down to the Caribbean.
I can agree, banks in Singpore are great. But they will ask for 7 figure deposit to accept a client from USA.
im 21 with low six figures net worth so imagine my net worth at 30 for example. I do not wanna file US taxes anymore and I do not want to have to report bank accounts under FATCA as it's just annoying since I live overseas full time. I'm hoping democrats dont do something like making renouncing harder since I am so close to starting the process on the exit door. 1 year and 10 months to be exact. I also wanna be able to bank, invest, and do whatever i want where I want and US citizenship in that regard is nothing but a headache
Most offshore banks would like to accept American Clients, but they don't want to be penalized by US Gov. Thus they prefer to obey American Gov Rules and orders.
Same as many forex brokers, poker sites, or sports betting sites that don't allow signups from citizens of the US.
Same as many forex brokers, poker sites, or sports betting sites that don't allow signups from citizens of the US.
I absolutely agree with you. There is no real difference between US and EU member country citizenship, if you do not plan to live in the USA. You will have the same travelling opportunities. EU passport is better for banking, investing. And still better for taxes. But we will see for how long. European commitee has prepared a bill where al Eu countries will have to start taxating their citizens based on citizenship. They are just trying to play a US game. And Canada is preparing the same. You will need more citizenships than only 1 in EU. Or you will end after few years in the same situation as you are now. You should start wortking on one citizenship in latin america, one in asia and maybe one other..
Bank is business as any other. If you are willing to pay their costs to fulfill FATCA and other american rules, they will welcome you onboard. If they shall invest thousands of dollars per year just for fulfilling administrative tasks connected with your account every year, and you are going to pay them fees in lower hundreds, business with you does not make any sense. This game is just about how much are americans willing to pay if they want to use a foreign financial institutions services..
I don't blame you dear. US citizenship is a very big headache indeed. Banks and investment funds deny me to this day for having it. Although now I just avoid those banks and brokerages simple as that.
I fully agree that EU will do citizenship based taxation soon as a lot of rich EU citizens are moving to other countries.
If you have US or Canadian citizenship and not living there full time then you can open up a forex account with Australian or U.K. brokers quite easily. But remember then you will be taxed based on your country of residence too unless you are living in a tax haven or territorial taxation countries like Malaysia etc.
It's going to get harder to renounce. Expect that from Democrats as they are now desperate for every penny due to Covid 19 and stimulus packages.
Very true the EU may move this direction however the massive issue with America is FATCA, unless the EU does some FATCA style law against their citizens id imagine even with citizenship based taxation you’ll have a much easier time, I plan to live in the Dutch Caribbean once I have my EU passport and then I’ll be done traveling and living in a territory of my nationality which im sure would probably end up leaving me with only 1 tax filing.
looks interesting but they do not seem to be accepting residents of The Netherlands. Do you or does anyone know if Bank of Cyprus will accept American citizen clients or any bank in Cyprus for that matter?
Banks in Serbia accept US citizens and you can bank with Austrian or German banks. Or you could try Andorra. And you mentioned Panama: most banks there accept US citizens, and you can open accounts remotely but you will need to go through an introducer.
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