UK bank accounts privacy ?

[mardz]

I currently live in the EU and I need a bank account to cash out US income. Opening a US bank account would be the best option but it's impossible in current situation for non residents.
I was thinking about a UK bank account with a temporary address in the UK. Is it a good idea ? Are there better alternatives ?

 

[JustAnotherNomad]

You should be able to get a US account opened via power of attorney.

 

[Gediminas]

Hey,

I believe you are a tax resident in the EU? Keep in mind UK participates in CRS.

More info about CRS: Common Reporting Standard - Wikipedia

To check the countries that participate in CRS: Exchange relationships - Organisation for Economic Co-operation and Development

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[mardz]

Gediminas said:
Hey,

I believe you are a tax resident in the EU? Keep in mind UK participates in CRS.

More info about CRS: Common Reporting Standard - Wikipedia

To check the countries that participate in CRS: Exchange relationships - Organisation for Economic Co-operation and Development
Click to expand...

Yes I am resident in EU. There are services that offer a temporary address + utility bill for the purpose of opening a bank account in another country. I thought that would solve the CRS thing

 

[mardz]

JustAnotherNomad said:
You should be able to get a US account opened via power of attorney.
Click to expand...

I will look into that, thanks

 

[JustAnotherNomad]

I'm not saying the US account will solve your problem though, I simply don't know.
Just that if you want to do it, it should be possible without a physical visit. I know someone who used a lawyer to get an account opened.

 

[Gediminas]

mardz said:
Yes I am resident in EU. There are services that offer a temporary address + utility bill for the purpose of opening a bank account in another country. I thought that would solve the CRS thing
Click to expand...

You would still have to disclose your TAX ID number.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[mardz]

Gediminas said:
You would still have to disclose your TAX ID number.
Click to expand...

Damn I didn't think about that..

 

[mardz]

JustAnotherNomad said:
I'm not saying the US account will solve your problem though, I simply don't know.
Just that if you want to do it, it should be possible without a physical visit. I know someone who used a lawyer to get an account opened.
Click to expand...

It's probably my best option. The business in located in the US and they are not part of CRS

 

[GAC Limited]

FYI, foreign nationals can open a bank account in the USA easily with a domestic EMI here in the states. Keep in mind, just because the USA does not participate in CRS they do have FACTA which is basically the same thing. People and business have long considered the USA to be a tax haven due to confidentiality laws in certain states but in order for this to be true, one needs to be 100% secure that their financial structure is set to accomplish this.

 

[mardz]

GAC Limited said:
FYI, foreign nationals can open a bank account in the USA easily with a domestic EMI here in the states. Keep in mind, just because the USA does not participate in CRS they do have FACTA which is basically the same thing. People and business have long considered the USA to be a tax haven due to confidentiality laws in certain states but in order for this to be true, one needs to be 100% secure that their financial structure is set to accomplish this.
Click to expand...

Isn't FACTA only for US citizen ? What EMI do you recommend ?

 

[GAC Limited]

FACTA covers US citizens and USD. Anytime USD is transacted, "technically" falls under FACTA. I have one specific EMI I personally use and recommend but that is on a person referral only.