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UK bank accounts privacy ?

mardz

New member
I currently live in the EU and I need a bank account to cash out US income. Opening a US bank account would be the best option but it's impossible in current situation for non residents.
I was thinking about a UK bank account with a temporary address in the UK. Is it a good idea ? Are there better alternatives ?
 

mardz

New member
Hey,

I believe you are a tax resident in the EU? Keep in mind UK participates in CRS.

More info about CRS: Common Reporting Standard - Wikipedia

To check the countries that participate in CRS: Exchange relationships - Organisation for Economic Co-operation and Development
Yes I am resident in EU. There are services that offer a temporary address + utility bill for the purpose of opening a bank account in another country. I thought that would solve the CRS thing
 

JustAnotherNomad

Entrepreneur
I’m not saying the US account will solve your problem though, I simply don’t know.
Just that if you want to do it, it should be possible without a physical visit. I know someone who used a lawyer to get an account opened.
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
Yes I am resident in EU. There are services that offer a temporary address + utility bill for the purpose of opening a bank account in another country. I thought that would solve the CRS thing
You would still have to disclose your TAX ID number.
 

mardz

New member
I’m not saying the US account will solve your problem though, I simply don’t know.
Just that if you want to do it, it should be possible without a physical visit. I know someone who used a lawyer to get an account opened.
It's probably my best option. The business in located in the US and they are not part of CRS
 

GAC Limited

Mentor Group Gold
FYI, foreign nationals can open a bank account in the USA easily with a domestic EMI here in the states. Keep in mind, just because the USA does not participate in CRS they do have FACTA which is basically the same thing. People and business have long considered the USA to be a tax haven due to confidentiality laws in certain states but in order for this to be true, one needs to be 100% secure that their financial structure is set to accomplish this.
 

mardz

New member
FYI, foreign nationals can open a bank account in the USA easily with a domestic EMI here in the states. Keep in mind, just because the USA does not participate in CRS they do have FACTA which is basically the same thing. People and business have long considered the USA to be a tax haven due to confidentiality laws in certain states but in order for this to be true, one needs to be 100% secure that their financial structure is set to accomplish this.
Isn't FACTA only for US citizen ? What EMI do you recommend ?
 

GAC Limited

Mentor Group Gold
FACTA covers US citizens and USD. Anytime USD is transacted, "technically" falls under FACTA. I have one specific EMI I personally use and recommend but that is on a person referral only.
 
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