Can you open an account with a foreign fx broker for your offshore company if you're a US person?

[Sig]

Based on my research, you can open an account with a couple of European and Australian fx brokers if you don't mind incorporating an LLC or an LTD in a foreign country. I'd recommend to choose a reputable jurisdiction because it will be easier to open a bank account for a company registered in Singapore than with a Samoa based entity.

You should talk to the brokers before incorporating your offshore entity so you will know which place they gonna accept.

Don't worry, I found many brokers that would open an account for your foreign registered entity. Don't forget to get a local address for your company though. This whole thing can be done for $1 - $1.5k. Let me know if you need some help.

I think the opening a bank account for your offshore entity is the non-trivial piece here. That is far harder than incorporating offshore.

 

[dw31583]

I think the opening a bank account for your offshore entity is the non-trivial piece here. That is far harder than incorporating offshore.

True. If you got at least $100k (but preferably $500k) then it not an issue at all, especially if you're willing to travel to the bank's country. Singapore company + Citibank Singapore works fine for everyone, incl. Americans.

 

[Sig]

True. If you got at least $100k (but preferably $500k) then it not an issue at all, especially if you're willing to travel to the bank's country. Singapore company + Citibank Singapore works fine for everyone, incl. Americans.

That was certainly true as recently as 3 years ago, but I've been told it is no longer the case. Do you have any recent experience (or talked to anyone with recent experience) there? I haven't personally tried, although I was just there so I suppose I should have given it a shot just to see.

 

[dw31583]

That was certainly true as recently as 3 years ago, but I've been told it is no longer the case. Do you have any recent experience (or talked to anyone with recent experience) there? I haven't personally tried, although I was just there so I suppose I should have given it a shot just to see.

Yes, Citibank in Singapore is still willing to open an account for Americans but obviously you have to sign a document which states that your account details will be shared with the IRS.

 

[luisHK]

That was certainly true as recently as 3 years ago, but I've been told it is no longer the case. Do you have any recent experience (or talked to anyone with recent experience) there? I haven't personally tried, although I was just there so I suppose I should have given it a shot just to see.

Not sure about Singapore companies and Citibank but private banks in HK and Singapore as of very recently still opened accounts for BVI companies.
Much more compliance in HK than there used to be, Singapore seems easier, not sure it works
for US citizens and if the corporation is deemed used for tax evasion purpose it will probably be rejected, which I suspect will make it difficult to open to any resident in a EU country as well/