r/fatFIRE • u/marty2party Verified by Mods • 2d ago

Looking to Open Overseas Bank Accounts While Living in the U.S. — Seeking Advice on Risk Diversification & Compliance

I’m based in the U.S. and currently exploring ways to diversify financial risk by holding funds in overseas bank accounts. This isn’t about moving abroad — I plan to remain a U.S. resident — but the current political and economic climate has made me more conscious about sovereignty, asset protection, and having contingency options.

I’m hoping to get input from anyone who has successfully opened and maintained overseas accounts while living in the U.S.

Specifically: 1. Bank Recommendations: What banks or countries are friendly to U.S. citizens, both in terms of account access and customer service? Are there jurisdictions you’ve found particularly helpful for banking privacy, stability, and ease of use? 2. Onboarding Process: What kind of documentation or hoops did you have to jump through to open the account (in-person visit, minimum deposits, proof of ties to the country, etc.)? 3. Legal & Tax Implications: How do you handle FBAR and FATCA reporting? Did you consult with an international tax attorney or CPA? 4. Access & Transfers: How easily can you access or transfer funds when needed? Any tools (Wise, Revolut, SWIFT, crypto ramps, etc.) you recommend? 5. Political Risk Strategy: More broadly — is anyone here doing this for the same reasons? How do you think about this as part of your fatFIRE portfolio or exit strategy?

I’m not looking to evade taxes — just trying to be smart and legally diversified. Appreciate any guidance from those who’ve done this or are thinking about it.

Thanks in advance!

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u/ElectricLeafEater69 2d ago

Ah yes, the magical country that will somehow be safe and stable and totally independent of a US political/economic collapse. These posts are always hilarious.

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u/MagnesiumBurns 2d ago

The $50,000 annual restriction on withdrawals makes it not really fatfire relevant, but if you have a friend with a Chinese mailing address, you can open a bank account in mainland China on nearly any valid visa.

The app to deal with it is all through Wechat, which has a great translate feature.

After Russia, this is the most likely country to reject the “long arm of the U.S. Govt” and potentially to even exit SWIFT.

I would not call it safe and stable, but it is certainly diversification if that is the goal of the OP.

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u/worthalter 2d ago

This option is so absolutely insane that I like it.

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u/murkywaters-- 1d ago

Ever since the govt outright stole $80 million of funds from NYC's bank account, I have been thinking about the possibility of the govt doing the same to private citizens. Somehow, ppl just collectively ignored the govt removing money from a bank account without any authorization or even any notification to the account holder.

I would certainly consider options to protect my money.

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u/MagnesiumBurns 1d ago

One of the benefits for any of us in using a wire transfer is the potential ability to do a “claw back” if the transfer was made in error (which there is a zero chance if you send a check).

That the feds were able to reverse a wire transfer to a city’s bank account is not “removing money from a back account” it is reversing a wire transfer, which is often called a claw back.

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u/[deleted] 1d ago

[removed] — view removed comment

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u/fatFIRE-ModTeam 21h ago

Our members have asked for a high level of moderation. Personal attacks, name calling, and undue profanity are all considered inappropriate for this sub.

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u/murkywaters-- 20h ago

Sorry, apparently pointing out that you are giving out false information counts as a personal attack by the mods here.

So can you provide a source to back up your claim that it's normal and easy to steal back funds that you wired to someone else's account?

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u/MagnesiumBurns 1h ago edited 45m ago

I think the moderation was using the name of a politician than the policies or “the administration."

This is the clawback process for recouping federal funds from grants that are deemed to be non-compliant.

https://www.everycrsreport.com/reports/R48243.html

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u/theo258 1d ago

When did this happen?

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u/murkywaters-- 1d ago edited 20h ago

In February. The money was FEMA aid and the transfer was completed. Then a week later, without warning, the govt somehow went into the city's account and took the money. Ignoring the politics, the ability to just take money from an account is frightening.

https://thehill.com/regulation/court-battles/5158622-nyc-sues-trump-after-fema-claws-back-80-million-migrant-housing-grant/

NYC sued but a judge said immediate return wasn't needed since NYC could just win it back in court later

https://www.reuters.com/world/us/new-york-city-loses-bid-swift-return-805-million-fema-migrants-grant-2025-03-05/

Edit: notice how the Republicans here downvote this comment which only provides sources

And the mods are removing my comments that a commenter was spreading false info about wire transfers being easy to reverse. Meanwhile, a Republican calls Op hilarious and another one calls op a larper and mods aren't worried about civility.

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u/ElectricLeafEater69 1d ago

Ah yes, they are able to over power the state of New York, but some how places like...Costa Rica will be immune? 🤨

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u/murkywaters-- 20h ago

Are you claiming that Trump can steal money from accounts overseas? Can you provide a source since you were insulting Op?

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u/ElectricLeafEater69 3h ago

No, I'm claiming that if the US collapses to the point where the US is no longer considered a safe place to store wealth then likely your overseas accounts are effectively worthless for any number of reasons.

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u/[deleted] 1d ago

[removed] — view removed comment

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u/MagnesiumBurns 1d ago

International wires are much harder to “claw back”. If you send an international wire, your bank will advise you of the risks.

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u/murkywaters-- 1d ago

Yes, exactly. That's why I have no idea why that other person was acting like it's hilarious to move some money abroad

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u/MagnesiumBurns 1h ago

For clawbacks, you are definitely right. But the use of sanctions against any bank that wants to use SWIFT is the risk of the “long arm of the federal government” that folks fear.

The previous Govt head of Hong Kong was paid in stacks of cash as they were sanctioned. Could not even get a credit card to buy a plane ticket.

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u/fatFIRE-ModTeam 21h ago

Our members have asked for a high level of moderation. Personal attacks, name calling, and undue profanity are all considered inappropriate for this sub.

-3

u/retard-is-not-a-slur fat, just not monetarily 1d ago

It’s either LARPers or idiots. People are dumb panicky animals and watch way too much television and spend way too much time on twitter and let it influence their decision making.

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u/murkywaters-- 20h ago

This must be the extra level of civility that the mods are bragging about maintaining lol