Open an account abroad: how to do it, what conditions must be met and what obstacles exist

The distrust of Argentines in the local banking system, this is not new. According to an official estimate, residents of the country have more than 250,000 million US dollars “under the mattress”, that is to say in safety boxes or outside the financial system.

With relatively recent experiences of forfeiture of bail, many seek to transfer their savings directly to another country. United States -where there is a fair amount of stranded- it is the most sought-after destination among Argentines looking to expatriate their dollars.

However, they can be found with obstacles trying open a bank account in the northern country. A fundamental point is the power justify the origin of funds in front of the bank, within the framework of money laundering prevention and the financing of terrorism. At the same time, some entities ask to declare that the interested party not be a politically exposed person for having held a public office or being linked to a civil servant or former civil servant.

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The account opening by foreigners It is authorized in the United States but any entity can request conditions. “The banks, in the world and in particular in the United States, specialize in a certain segment and choose who to work with and with whom not. There are banks that do not serve Latin Americans or that only serve those from certain countries. Others who serve anyone except people of a certain category. », He explained Mariano Sardans, CEO of asset manager FDI.

“A lot of people end up opening accounts in banks which later they end up closing them because They can’t explain in time and form where the money came from or where it wentHe added. In this sense, he explained that many people, out of ignorance, end up adapt your operation the bank’s requirements.

Open a business in the United States

A frequent strategy for customer adaptation to the bank is open a business in the United States be used later as a vehicle to deposit the money.

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“As the bank only accepts to work with North Americans or North American companies, many they created a company in this country, who can be a SARL or a Society, and open the account in the name of the company and they deposit the money there. Later, end up paying in front of the profits of the North American Treasury that they would not pay if they had an account in their name as a non-resident or from a trust or company located outside the United States, ”Sardans warned.

What are the conditions for opening an account in the United States

In view of this scenario, the expert indicated that it is important assess the requirements and characteristics of each entity before opening an account abroad. In regards to conditions To deposit an account as a foreigner, Sardans indicated that they are similar to those that a bank can request in Argentina. Among these, he mentioned:

• the account opening forms. Among them, the one known as “W8”, which is like an affidavit where the person assures that they are not a U.S. tax resident or a U.S. citizen, since they – regardless of their place of residence – must pay taxes in the United States.
• Nail service ticket to demonstrate that the address declared on the forms coincides with the real place of residence.
• A bank statement To demonstrate that the person is in the bank at another financial institution from another country.
• As for username, Sardans indicated that most banks require passport but he said that in some they can ask DNI and other identification, like the driver’s license. In addition, he indicated that some banks ask Visa for the United States.