The TRUTH About Offshore Banking for Americans

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Are Americans really banned from opening bank accounts overseas? This video debunks the myths about US citizens' ability to open offshore accounts and explains the legal landscape, challenges, and options available for diversifying your wealth internationally.

00:00 Start
00:20 The Myth of US Bank Account Restrictions in Europe
00:51 The Legality of Offshore Bank Accounts
02:13 Obama Era Law and Its Impact
02:41 Understanding US Indicia for Banks
05:40 Common Reporting Standard (CRS) Overview
07:30 Challenges with Swiss Banks for Americans
09:30 Retail Banking Accounts and Their Flexibility
11:24 Brokerage Accounts and Investment Options
13:09 How Nomad Capitalist Can Help You

Nomad Capitalist helps clients "go where you're treated best". We are the world's most sought-after firm for offshore tax planning, dual citizenship, and international diversification and asset protection. We use legal and ethical strategies and work exclusively with seven- and eight-figure entrepreneurs and investors.

We create and execute holistic, multi-jurisdictional Plans that help clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against threats in their home country.

No other firm offers clients access to more potential options to relocate to, bank in, or become a citizen of. Because we do not focus only on one or a handful of countries, we can offer unbiased advice where others can't.

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[arshadali]

Andrew, banks outside the USA are reluctant to have US citizens as depositors because of US-enforced reporting requirements. It just isn't worth the hassle to them. As a British citizen it's easy for me to open a foreign account. As a US citizen it's difficult. It's one more reason to renounce US citizenship.

[Shadowguy]

As an American living and working in Switzerland since 2018 - the devil as always is in the details, and it is a moving target. When I arrived, I was rejected from Raffeisen, but then opened a PostFinance account (they must accept you if you are a legal resident), and switched to Migros Bank a couple years later when PF started charging. I know another US citizen who opened with UBS a few years ago but I have heard they aren't taking new US clients now. Also the Cantonalbank where I am (Aargau) said they would take me, but for my personal situation at the time Migros made more sense.

So your mileage may vary, and I also just saw an article that US and Switzerland will start a fully bidirectional tax exchange in 2027, with Swiss banks reporting to the Swiss tax office rather than directly to the IRS, as it is now. Since that IRS reporting is one of the main reasons banks here don't like us, maybe it will get easier by then, assuming it actually goes through. We shall see!

[celtosaxon]

Here in Singapore the 3 local banks accept Americans who are residents, but put you through a few extra hoops. I just opened an account at the new digital bank Trust, totally online via Singpass and they even had a prompt for my SSN. They are getting smarter.

[samtheman]

You can open offshore banks as an American, it's just a lot of banks don't like Americans because of the high reporting standards that no one else really does. Especially if you don't have a lot of money, they won't want to work with you. If anything else the richer you are the more friendly banks will be.

[vwchan]

In Andrew's fav Malaysia, not only do I have a global bank account (yes, that bank) I recently got a mortgage loan from them. Not only do I use their money, it is at an interest rate that is lower than what I can earn here in the States risk free.

[dragonofparadise]

I have been running into a problem with many institutions putting out the No Americans allowed go away. It is really making me want to get new citizenship elsewhere.

[pooman]

Which Singapore Banks can you open online

[KoolBreeze]

Excellent! Well Done Andrew! I appreciate all you do for the Community that is exploring today's options outside of the USA. Keep up the terrific work!!!

[ye]

Which Luxembourg banks take Americans?

[merrykrichtsamt]

Well said: Singapore banks are better than Swiss ones! Why to pay for a brand that is not justified anymore? People watch to many movies

[felixinkorea]

Well.... I live in korea.... for 7 years now.... I have a bank account

[backupnoname]

I'm American and I have an overseas account. The US government didn't do anything to stop me.

[youtubeuserzzzz]

I would like to open a banking account in the country I plan to immigrate to (as a US Citizen), shortly. It would be nice to continously send money there, until I actually move there.

Problem is, I have a strong feeling the country (I will keep anonymous) won't do so. Due to the US aggressive banking regulations for foreign countries. That's US freedom for you.🤔🙄

[CarigisX]

I opened a philippines bank account and they randomly sent me a free credit card. But ya I had to fillout facta forms

[GhostNameless]

Are there any crypto friendly banks in Europe (Preferably outside the EU) to sell crypto, not pay any tax and buy real estate in that country?

[ethancook]

What if you expat to another country? Would you be allowed under that circumstance?

[matthewgordon]

I am a Canadian citizen looking to set up Investment Account and store some wealth in a Singapore bank. Would I as a Canadian citizen face the same restrictions as an American?

[briangabeycom]

It is certainly more paper work for the local bank but my tax guy love it when I open offshore accounts, because he charges me to fill the forms out per account :)

[threejaguar]

Russian banks will open an account for an American with out problems.

Pick a bank not on the sanctions list, like Sberbank or Tinkoff, and just do it. You need to have a tourist visa, a Russian sim card in your phone, be in Russia, and have cash.

I've done it.

[paulhefner]

I had an account in Germany where I held certain stocks. Germany does not want regular americans to have a bank account. They forced me out of my account by charging me thousands of dollars each year on useless mailings. I could have kept my account and paid 2k dollars per year for mailings but it became a real pain and they gave me no other options. Just because you can open an account is not a good enough reason to have one.