Banking
1. Background Although the Internal Revenue Code properly recognizes your right to choose a nonresident alien status and be unenumerated, banks and financial institutions are so heavily regulated that they often take a position at odds with this lifestyle. As part of their Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance measures, financial institutions…
Read MoreHow to deal with banks auditing your status as an Nonresident Alien after opening a foreign account.
1. Introduction Those who previously and successfully opened a bank account as a nonresident alien by using a W-8 rather than a W-9 may subsequently and sometimes repetitively be contacted by the bank because they their status looks suspicious or out of the norm from other account holders, who are almost universally “U.S. persons” who…
Read MoreIntroduction A common practice of mortgage lenders during the loan qualification process is to ask you to sign an IRS Form 4506T requesting your tax returns over a period of years as a way to verify your income. The amount they will loan is usually limited by your income and computed from your income. The…
Read More1. Introduction Bank accounts may be opened by individuals or by entities. By default, either group is usually required by the bank to to disclose a Social Security Number in the case of individuals or an Employer Identification Number in the case of an entity. If you or your entity is an estate or trust,…
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