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- Manlobbi
Halls of Shrewd'm / US Policy❤
No. of Recommendations: 2
I've been hearing scary stories about European banks not wanting to deal with US citizens due to the required paperwork. It sounds like folks here have managed to obtain them and I'm curious whether there are specific banks to approach? Does one need to appear in person or can this be done remotely? Any details would be very welcome.
Rgds,
HH/Sean
No. of Recommendations: 2
I obtained a Portuguese bank account at Novobanco with the help of my Lisbon-based immigration lawyer, done entirely remotely. I believe Millennium in PT is also still opening accounts for US citizens, sometimes.
I suspect you'll find the answer is specific by country and your particular circumstances (my Portuguese long-term visa was just approved a few days ago).
After arrival I'll work on setting up brokerage accounts with EU brokers, as well. I don't expect that to be easy, and I expect Americans will be increasingly less important and less welcome in Europe in the future, as well.
No. of Recommendations: 1
Congratulations on your visa!
I was afraid it might take a local contact (your immigration lawyer). Some PT banks seem more pan-european (e.g Santander). I haven't researched whether they would accept an account from a US citizen. Good luck with your new situation!
Rgds,
HH/Sean
No. of Recommendations: 1
I was afraid it might take a local contact (your immigration lawyer).
In Portugal AIUI, it takes either a physical visit to a bank office yourself - bring ALL of the documents you might conceivably need and someone who speaks the language well just in case - or someone acting as your "financial representative" to the same end. There are companies that specialize in the NIF / bank account part of the process. I cannot speak to other EU countries and only have my own very limited experience with Novobanco to go from, though.
One thing I learned from reading the "Americans & Friends PT" FB group recommended by, IIRC, Rubic earlier in the group, is that the outcome can vary wildly depending on what branch you go to, what individual you talk to, how well you explain yourself. Some people report being told by someone at a particular bank branch that they absolutely were not accepting new American clients, period, while others report having no problems setting up an account at the same bank (maybe a different branch) in the same week. I gather such experiences are the norm in PT :-)
Regarding Santander, the visa application requires you have a Portuguese bank with a specified minimum balance. I doubt Santander would work (but presumably if you're applying to Spain, it would be fine there).
No. of Recommendations: 1
depends on the country. it can be done in UK and France, but until officially resident there are restrictions, and if US citizen, in any acse, any bank account(s) abroad with more than 10 cumulative on any day need to be reported to USA IRS.se are us rgs imposed on th rest of the world that make many banks reluctant , as the compliance is onerous and costlky for them.
