The TRUTH About Offshore Banking for Americans

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.

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.

Which Singapore Banks can you open online

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!

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. Win-win!!!!!

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!!!

You need to discuss FBAR filings

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.

Thank you...❤

Thank you Andrew!!