This is the information that is being shared: Since then most G20, as well as most traditional offshore jurisdictions, are exchanging information according to this standard. In 2014 the Organization for Economic Co-Operation and Development (OECD) created the Common Reporting Standard (CRS) as an information standard for the Automatic Exchange of Information, with the purpose of combating tax evasion. Simultaneously the US makes it quite for non-residents to open accounts, something that has become harder and harder around the world. This makes it much easier to deal with thank banks in typical offshore jurisdictions like Panama, Georgia, Cyprus or others. Receiving large payments from US accounts or sending large payments to US accounts is such a commonplace occurrence, that banks do not ask many questions. Payments coming from the US or going into the US will generally not get flagged. The USA enjoys the highest reputation as a banking jurisdiction. ![]() There are many reasons why foreigners would want to own a US bank account.īe it to make it easier to receive payments from US clients, to invest in the US stock market, or also just to keep some money in a foreign account.Įspecially compared to other jurisdictions where international citizens would typically want to store money, the USA offers strong features for banking. Reasons Foreigners want Bank Accounts in the US I am going to cover the available options in detail. This article is for non-resident, non-US citizens without a Social Security Number, who want to open either a personal account or a business checking account for their US-based business.
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