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gallerypost

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#1

searching for a big and known US Bank

08-11-2002, 01:34 AM

Hey guys.

I'm not a US citizen at the moment, but i want to open an account in a US bank and put some of my income in there.

I'm searching for which bank i should use.

The bank must be one of the big ones so there won't be any chance that my money would get lost somehow ;)

And i need to have a way to control my account using the net / phone / fax in a good way - bcz i can be in the US only every 3 years or someting like that.

Which ones are you using ?

There are any gfy members which aren't US citizens but have a US bank account ?
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[Labret]

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#2

08-11-2002, 01:40 AM

Where are you from that you cannot even trust your own banking system?
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Paul Markham

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#3

08-11-2002, 01:41 AM

I do, Bank of America works fine.

But you will have to go to the US to get a social security number.

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Jak

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#4

08-11-2002, 01:49 AM

Try Wells Fargo.

Jak

Last edited by Jak; 08-11-2002, 01:50 AM.
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gallerypost

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#5

08-11-2002, 05:13 AM

Originally posted by charly
I do, Bank of America works fine.

But you will have to go to the US to get a social security number.

Well, that's the thing that i don't want to get a US social security number, i want to open it as a non US citizen.
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a1ka1ine

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#6

08-11-2002, 05:22 AM

Originally posted by gallerypost

Well, that's the thing that i don't want to get a US social security number, i want to open it as a non US citizen.

.. i dont think you can do that. are you trying to evade tax by any chance? what country are you in?
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chrism

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#7

08-11-2002, 05:33 AM

I looked into it a while ago and it was tricky. I've now got a US$ account in the UK and that works ok for me. Depends why you want the US account I guess.

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#8

08-11-2002, 05:35 AM

Originally posted by [Labret]
Where are you from that you cannot even trust your own banking system?

isreal
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sweandy

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#9

08-11-2002, 05:36 AM

I've tried to get an american account but it's impossible if you don't visit usa yourself.

Same with other countries now after the 9/11.. Maybe international banks have tighten their security it's even hard for me to get an german account from sweden.
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#10

08-11-2002, 07:10 AM

Originally posted by gallerypost

Well, that's the thing that i don't want to get a US social security number, i want to open it as a non US citizen.

Well, in the future when i start to do the great $$$$ i rather to pay the taxes in the US than in israel, bcz in israel i'll have to pay around 65% of my income and i heard that on the US it 25% max.
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#11

08-11-2002, 07:11 AM

Originally posted by gallerypost

Well, in the future when i start to do the great $$$$ i rather to pay the taxes in the US than in israel, bcz in israel i'll have to pay around 65% of my income and i heard that on the US it 25% max.

Plus with everyting that it's going at the moment in israel i'm starting not to trust the local banks, there was a few big frauds lately and there is a chance that one of the israeli major bank would drop out.... so i rather to put my saving in a US bank than an israeli one.
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#12

08-11-2002, 07:20 AM

does US and Israel have som kind of agreement on reporting income to each other? Because you normally can skip paying taxes if you live outside US.

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#13

08-11-2002, 07:57 AM

Simple answer - incorporate a company in the US (Delaware maybe), get a tax number (EIN) from the IRS and you can open a corporate bank account in the USA or anywhere. I went with PNC, they have internet banking and Visa check (debit) cards on offer. It was dead easy and straightforward, and you are totally legal and tax efficient. Costs $500 or less in total to set up.
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#14

08-11-2002, 07:58 AM

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gallerypost

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#15

08-11-2002, 08:09 AM

Originally posted by DjSap
does US and Israel have som kind of agreement on reporting income to each other? Because you normally can skip paying taxes if you live outside US.

They do, but i don't want to pay any taxes in israel, i want my buisness to be an US buisness not an Israeli one, i'll pay all of my taxes to the US govrement and keep the money in there.
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#16

08-11-2002, 08:14 AM

Originally posted by [Labret]
trust your own banking system?

that's quite an oxymoron.

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Sly_RJ

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#17

08-11-2002, 08:18 AM

Originally posted by gallerypost

They do, but i don't want to pay any taxes in israel, i want my buisness to be an US buisness not an Israeli one, i'll pay all of my taxes to the US govrement and keep the money in there.

Won't you need an American address for this? I don't think a P.O. Box or something similar would work, I think they're pretty strict about that. Why not try another country? The Caymans?

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#18

08-11-2002, 08:20 AM

Originally posted by gallerypost

They do, but i don't want to pay any taxes in israel, i want my buisness to be an US buisness not an Israeli one, i'll pay all of my taxes to the US govrement and keep the money in there.

You expect to live in country A - but pay 100% of your tax in country B?
I think you will have a hard time pulling this off.

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xxxtera

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#19

08-11-2002, 08:30 AM

gallerypost:

If you want to do this the right way, you should move to Malta, it´s close to your country, and it´s a country that follows the territorial concept, which means that only domestic-source income is taxed and foreign-source income is totally tax free :-)

you need to provide a clean criminal record and bank statements that prove you make atleast 25k$ pr year on your business to be allowed tax resident there.

Sincerely

Nick
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gothweb

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#20

08-11-2002, 08:32 AM

You pay taxes in the US if either

A) You are a US citizen
or
B) You do business in the US

You cannot just set up a bank account in the US, and suddenly be considered a US taxpayer rather than an Israeli taxpayer. It doesn't work anything like that.

If you do not want to pay taxes in your home country, you have a few choices. The most obvious is to move. Actually relocate, not just move accounts and stuff. All the others are variations on that, or illegally pretending to be doing that.

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gallerypost

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#21

08-11-2002, 08:53 AM

Originally posted by gothweb
You pay taxes in the US if either

A) You are a US citizen
or
B) You do business in the US

You cannot just set up a bank account in the US, and suddenly be considered a US taxpayer rather than an Israeli taxpayer. It doesn't work anything like that.

If you do not want to pay taxes in your home country, you have a few choices. The most obvious is to move. Actually relocate, not just move accounts and stuff. All the others are variations on that, or illegally pretending to be doing that.

Well, It's not 100% true... i can open an US company and pay taxes, i don't have to be a US citizen in order to open a company in the US, and if i have a US company so i guess that the US govrement would want my taxes ;
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#22

08-11-2002, 08:58 AM

It is very difficult to open a US company if you are not from the US. Further, while the income of the company would be taxed by the US, your personal income would still be taxible in your home country, where you live and do the work.

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gallerypost

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#23

08-11-2002, 09:02 AM

Originally posted by gothweb
It is very difficult to open a US company if you are not from the US. Further, while the income of the company would be taxed by the US, your personal income would still be taxible in your home country, where you live and do the work.

Btw.. if i own a US company, how much taxes i should pay ?
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gothweb

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#24

08-11-2002, 09:06 AM

(I don't think the process of forming a corporation will go well without basic knowledge of English, by the way...)

If you mean, "How much does a US company pay in taxes?"...

Then, its about the same percentage rate that individual pay. Up to about 35%, I think. Some companies get subsidized, and hardly pay anything, but that's just big corporations, not people like us.

Like I said, though... The company pays 30%-ish on its profits. If you take a salary from the company, then you will pay whatever Israel takes in taxes. You would be a Israeli citizen employed in Israel by a US company. Still have to pay taxes.

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#25

08-11-2002, 09:09 AM

Originally posted by xxxtera
gallerypost:

If you want to do this the right way, you should move to Malta, it´s close to your country, and it´s a country that follows the territorial concept, which means that only domestic-source income is taxed and foreign-source income is totally tax free :-)

Sincerely

Nick

Interesting....
Does anyone know any other countries/taxareas where i can move my "official" address so that i don´t have to pay taxes if my income is from foreign source..
My official address is in Finland now...
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#26

08-11-2002, 09:15 AM

Please note that your passport, right to vote, etc. goes along with your official address... Since you need citizenship to avoid paying taxes elsewhere.

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#27

08-11-2002, 10:01 AM

jonnax: it´s not your "official" address.. you need to relocate to the place and live most of the tax year there to qualify.
Other countries with similar tax laws are:

Antigua
Austria
Belize
British virgin islands
Gibraltar
Hong Kong
Isle of Man
Liechtenstein
Monaco
Panama

.. Nick
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#28

08-11-2002, 10:20 AM

Originally posted by xxxtera
you need to relocate to the place and live most of the tax year there to qualify.
Other countries with similar tax laws are:

Antigua
Austria
Belize
British virgin islands
Gibraltar
Hong Kong
Isle of Man
Liechtenstein
Monaco
Panama

.. Nick

I thought If i buy a flat or somethig from taxhaven/lowtax country it is enough
Who is going to check if i live there most of the year or not?
Anyway thanks for the tips...
I will look into it..
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#29

08-11-2002, 10:26 AM

Does anyone know where is the lowest taxes within EU?
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#30

08-11-2002, 12:49 PM

If you live in Finland - visit Estonia and arrange your banking there. Corporate tax 0% and EU member by 2004... or take a train to St.Petersburg...
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#31

08-11-2002, 01:18 PM

Interesting tax advice on this board, I hope some people are kidding.

First off, different countries have different setups -- for instance if you are a UK citizen not living in the UK, you do not owe taxes to the UK.

And US income tax on most businesses is about 40%. You can certainly find ways not to pay, but when you get audited, you may wish you had paid.
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#32

08-11-2002, 01:33 PM

Originally posted by brutus
If you live in Finland - visit Estonia and arrange your banking there. Corporate tax 0% and EU member by 2004... or take a train to St.Petersburg...

Yeah, Estonia is certainly on my list if decided to move my onlinebusiness somewhere atleast if/when they are accepted to join EU....
I already do some of my banking there...
Russia ---- No way
Thanks for the reply anyway....
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#33

08-11-2002, 03:26 PM

Originally posted by brutus
If you live in Finland - visit Estonia and arrange your banking there. Corporate tax 0% and EU member by 2004... or take a train to St.Petersburg...

Estonia definitely won't be a member of the EU by 2004 They have so many problems that they will be extremely lucky to manage it by 2010, IMHO.

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#34

08-11-2002, 03:49 PM

Originally posted by Kimmykim
First off, different countries have different setups -- for instance if you are a UK citizen not living in the UK, you do not owe taxes to the UK.

It's a bit more complicated even than you have made it seem, and a lot more complicated than we had left it on here... Not only do different countries have different tax setups, but different combinations of countries do, since it is a matter of treaty.

For instance, if you are a US citizen working in the UK, then you have to file taxes with both countries, plus a special form. This is to prove who you should pay taxes to... Then, if you make less than $75,000 a year, you pay taxes to the US, but if you are making more than $75,000 a year you pay UK taxes. This is the arrangement between those two countries, but for each case, you should double check the tax arrangements.

The way to keep it simple is to work and live in the same country where you are a citizen.

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#35

08-11-2002, 03:53 PM

Originally posted by Kimmykim
Interesting tax advice on this board, I hope some people are kidding.

Why hire an accountant when you can get free advice on GFY?

Hmmn, I should fire my accountant...

One thing, I forgot this last detail: the Biz Markie will always prevail.
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#36

08-11-2002, 03:54 PM

Originally posted by gothweb
The way to keep it simple is to work and live in the same country where you are a citizen.

The BEST way to keep it simple is to get everything in cash. Yep. I'm golden as long as nobody ever steals my 'magic shoe box'

One thing, I forgot this last detail: the Biz Markie will always prevail.
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#37

08-11-2002, 04:03 PM

Do like me, work for free, then you´ll never have to deal with these money problems
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#38

08-12-2002, 12:05 PM

Hamike contact me please I'm having the same problem with the 1 of january ruling about the outside taxes.

067-543034
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