US Citizen offshore bank account / company

[xer cupter]

I’m a futures trader and looking to trade offshore with tax advantageous jurisdiction. Difficult part is to open a bank account overseas and find a broker overseas. Anyone has any advice on that?

 

[troubled soul]

Most offshore brokers/banks do not touch you unless you are with deep pocket...

 

[csp dubai]

i suggest you not play with irs, only place i know is north cyprus, rest of the world will no touch you

 

[MiltonStone]

That is correct, you need to find something that won't require you to be revealed as an US citizen. Or you need to play with open cards and report your setup offshore, even doing so you will face huge problems finding any bank accepting you.

 

[xer cupter]

I was able to open an account in Spain very easily. Thanks

 

[Forester]

I was able to open an account in Spain very easily. Thanks

A bank account or a brokerage account? Would you mind sharing the name of a bank/broker? Because, generally it is really difficult to be onboarded as a US citizen, due to the burden caused by FATCA that it delivers to the bank.

 

[xer cupter]

It’s a bank account and not a brokerage account. To those here saying to not mess with the IRS; There’s no intent here to do so. My foreign accounts will all be reported as the accounts will be fed with taxed and reported income. To answer your question, I was introduced to the bank by a middle man but every bank in Spain and France that I spoke to this week said they’ll open account but I’d have to come in person. Including BNP Paribas, Société général in France (even though I’m a U.S. citizen). In Spain, Sabadell accepted to open the account remotely thanks to a middle man who made introductions. FATCA is not an issue.
As far as my initial post, I was under the assumption that as a US citizen residing abroad i wouldn’t get taxes on the first 100k earned outside the country and all I had to find was a jurisdiction that is tax advantageous so I don’t have to pay much taxes in that jurisdiction as a trader. Doesn’t seem to work that way. Bank account question in the contrary to what everyone is saying is VERY feasible for US Citizens

 

[Forester]

To answer your question, I was introduced to the bank by a middle man but every bank in Spain and France that I spoke to this week said they’ll open account but I’d have to come in person. Including BNP Paribas, Société général in France (even though I’m a U.S. citizen). In Spain, Sabadell accepted to open the account remotely thanks to a middle man who made introductions. FATCA is not an issue.
As far as my initial post, I was under the assumption that as a US citizen residing abroad i wouldn’t get taxes on the first 100k earned outside the country and all I had to find was a jurisdiction that is tax advantageous so I don’t have to pay much taxes in that jurisdiction as a trader. Doesn’t seem to work that way. Bank account question in the contrary to what everyone is saying is VERY feasible for US Citizens

A valuable information, thanks for sharing.
(Yes, I believe that major banks, like SoGe or BNP Paribas perhaps have FATCA already well integrated to their processes, so onboarding one more US citizen need not be a special burden... Nevertheless, I do know that some small banks and/or EMIs really do not accept US citizens in general.)

 

[CyprusLawyer101]

Thanks for sharing. Where is your current residence?