Banking

Financial Institutions: The Challenge. Compelled “U.S. person” status

By ftsig-admin / March 7, 2025 / Comments Off on Financial Institutions: The Challenge. Compelled “U.S. person” status

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…

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Getting a Loan with Tax Returns that are Near Zero as a Nonresident Alien

By ftsig-admin / January 15, 2025 / Comments Off on Getting a Loan with Tax Returns that are Near Zero as a Nonresident Alien

Introduction 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…

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Opening a Bank Account as a Foreign Individual or Entity

By ftsig-admin / July 24, 2024 / Comments Off on Opening a Bank Account as a Foreign Individual or Entity

1. 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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