Outskirts of Shrewd'm / Living Abroad
No. of Recommendations: 4
My Portuguese bank (Novobanco) said they could not offer any interest-bearing or investment options until I was a resident. Now that my residency card is issued and I'm a PT tax resident, they're saying they cannot offer anything but term deposits because I file a US tax return.
Is this a widespread issue for US expats, or is Novobanco just being very restrictive? Any suggestions for functional EU brokerages that would let me actually invest here?
No. of Recommendations: 2
widespread issue...just been round my bank and insurere who also is a bank..no one in France wants the complication of dealing with an american tax payer, even tho I also have european passport....if anyone has found anything different, I'd be glad to hear about it for France.
No. of Recommendations: 7
I have not done it myself (yet), but a number of people have told me that one needs to go to a bank that already has US depositers, since adding one more doesn't increase the reporting paperwork for them. BNP Paribas is mentioned frequently in this regard. Some branches have English-speaking specialists to handle these matters.
No. of Recommendations: 2
some banks will indeed open accounts for US taxpayers . Banque dupuy and parsival also for example. they also provide FNBAR documentation annualy. Credit Agricole too.
This is however different from them extending banking investment activities.
which is why I also aproached my insurer. AXA , a major multinational...nope was their answer too.
I have euro stocks now in my (still heavily overweight) US brokerage, and also currencies. which during this slow de-dollarization are doing fine.
