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U.S. Banks Are Closing Accounts for Companies With Foreign Owners

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U.S. Banks are becoming less friendly for foreigners who owned companies in the USA. In 2018 a couple of our foreign clients tried to open a bank account for their newly opened companies but were unable to do get it. The banks requested U.S. ID proof and even some banks closed the accounts for U.S. green card holders who owned a company and lived in Latin America. One of our clients had to luck to be visiting in the USA when the bank closed the account and had to prove their U.S. green card residency with the bank to keep the account open.

It seems that this is just the beginning. In another post, we reported that the Treasury is proposing that bank report the owner of shell companies open in the USA. This is to circumvent the regulations form some states, such as Nevada and Delaware, that protect the secrecy of the shareholder and partners of companies open in such states. The U.S. government is evidently tightening the grip.

But the good news is there is still banks willing to do business with foreign owners. If you have a company in the USA and hold a foreign citizenship, there are two options.

The first option is to apply for a bank account in an international bank in Puerto Rico. Puerto Rican international banks work like offshore banks that do not require your physical presence to open an account, but they do require you provide letters as bank and professional references. We will be glad helping you with this option.

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The other option is an international bank in the USA, but you need to come to the USA to open the account. We have helped clients with this option as regular banks will not open an account for your company in the USA.

A different option non-banking related will be to partner with a U.S. citizen with residency in the USA. If a director, partner or stockholder is included in your company, it will be easier to open a company account but the should be coordinated from the U.S. director/partner/stockholder.

Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services.  This article cannot serve as a substitute for such professional services or advice.  Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation.  This article is subject to change at any time and for any reason.

Our team is trained to provide you with the necessary information for the formation of your project.

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Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA is a Certified Public Accountant, specialized in Tax Planning for Real Estate, Hedge/Equity Funds, Fintech, Crypto, Expats, IRS Debt Resolution and Offshore Strategies. You can email him to fa@fascpaconsultants.com and follow us on Facebook : FAS CPA & Consultants.

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