Uruguayan bank account

[Liveinbaa]

I would like tomopen a foreign bank account that can handle wires coming in in usd and will wire money to amUS account in usd. Ive been advised that uruguay is the place to go - to brou. I have an argi address and a us address, but no uruguayan address or phone. Can someone with exoerience tell me whether i need those things, and whether the bank will accptmthe wires, and send wires out?

Thanks,

H

 

[Liveinbaa]

Alternetively, does anyone know a single bank in braZil for a brazillian to get a usd account?

 

[AlexanderB]

I have heard from many sources that since the 2010 US legislation compelling foreign banks to disclose the holdings of Americans abroad (under penalty of 30% garnishment of US-sourced payments), Uruguayan banks have gotten very jumpy about opening accounts for US citizens. You might have a lot of trouble.

And they were not the only ones. I have a UK-based colleague who has a Swiss bank account. When he opened his account, he was made to sign a contract which included a statement that he was not a US citizen, and that his account would be closed if that were ever to change.

Basically, US citizens are toxic because of the new tax evasion legislation. Few to none of the traditional "tax haven" banks (which are defined less by their jurisdiction and more by their willingness to open accounts for people with little regard for their place of actual residence) are willing to deal with them.

 

[jimdepalermo]

The US requirement for foreign banks is nothing more than filing a form notifying the US Treasury that one of their citizens holds an account at the bank. Citibank AR makes me sign these from time to time, and my US accountant files a client form at the same time he does my 1040s. I don't try to hide these accounts from the IRS.

I can't imagine that major banks in UY or BR would have trouble meeting this requirement - that they would turn down deposits in dollars to avoid sending a form to DC every year or two.

 

[Liveinbaa]

Thanks!

Any other success stories?

And any idea of specific brazilian accounts for brazillians that could be us dollar denominated? Could use my girlfriend who is brazioian....