Requirements For Opening A Bank Account Offshore

“Kathleen, I have a question for Lief. I’m wondering if it’s common when opening an offshore banking or brokerage account to request a copy of your U.S. tax return. Is there a way to get around that requirement?”

–Joe C., United States

It’s not common, but banks are evermore concerned about money laundering these days. Typically, a bank will ask you to indicate your annual income on your account application form. If you’re self-employed or indicate a big annual income, the bank may want more details, including, yes, a copy of your most recent tax return.

Having A U.S. Address While Having A Bank Account Offshore

“Kathleen, you advise having an offshore account and I agree; however, the United States will not let you have a U.S. address (for Medicare purposes) if you have an offshore account. Am I correct?”

–Beth A., United States

Having an offshore bank account has nothing to do with your address or your residency. You can have an offshore bank account while living in the United States. No restrictions exist against this, and there’s nothing illegal about an American (including a resident American with a U.S. address) having a bank account in another country.

Even living overseas you can have a U.S. address where you can receive mail.

Continue Reading: Eight Opportunities For Profiting From Property Investments Overseas

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