Bank Account for Non-US Residents

By: Bruce Stander
Submitted: 2007-01-17 16:17:17
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One thing that banks have shown us is that they are quite alert for any business opportunity that may arise in the market. So, when you consider the United States, should you consider only the American citizens? What about the millions of people that visit the country each year? Are they a potential market?

The financial sector found that yes, they are. Many of these visitors are persons who, in their country, have a high standard of living; and wish to have some, if not most, of their securities in a country whose economy is more stable.

That’s why the financial industry of the United States decided to point to these non US residents and create a series of financial products designed specifically for them. From all of these, the most common one is the bank account. According to law, any non US resident can have an account in a bank inside the USA, as long as the financial entity has approved his solicitation.

First of all, since you are not a US resident, your account would not be subject to taxes. This may sound kind of incredible since the IRS is known for being quite strict. But, as long as you don’t stay more than six months in the United States, taxes are not an issue.

The second principal advantage is that once you have a financial record in the United States, you may apply for other financial havens that are more difficult to enter, like Luxembourg. This is an important step for any corporation who wishes to transcend its boundaries.

And what are the requirements? If you are an individual, you need to complete the bank application, a copy of your passport translated to English and a W-8 declaration (this form certifies that you are non citizen) is also required.

If you are applying as an organization, you will require the bank application, the W-8 declaration of the organization, a W-8 declaration for each signatory, and passport copies of each one of the signatories.

As you can see, opening an account in the United States isn’t as difficult as it was in the past due to globalization and the widespread use of the Internet. Make a search on the top ten banks in the United States and ask them what kind of services they offer to non US residents.

Bruce Stander is the Director of UK based Worldwide Corporate Services, specialists in offshore company formation and offshore banking.

Article source: Expert Articles

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