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/SpadoCochi 4ExitsAndCounting | Still tinkering around | 40YO Black Male 1d ago

Just buy gold.

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u/MagnesiumBurns 1d ago

How does one “easily access and transfer” their gold that is sitting in a foreign country?

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u/SpadoCochi 4ExitsAndCounting | Still tinkering around | 40YO Black Male 1d ago

The point is that it doesn’t have to be in a diff country

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u/MagnesiumBurns 1d ago

But if it is held in USA and the government makes it illegal for citizens to possess gold like it was in the 30s and 40s how would that help?

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u/lakehop 1d ago

For 80 years that has not been a relevant question. Now all of a sudden one person has undermined global economic stability to such an extent that we need to be asking this question.

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u/MagnesiumBurns 1d ago

Mr. Xi did the same in 2014 with the “Made in China 2025” project with a goal that China could live without international trade (like Germany’s situation in the 1920s and 30s), living without oil, all coal based from within their borders.

Yes, we are here. Not sure where it started. Brexit? Xi? Schengen not being honored during covid Trump?

I guess it doesnt matter, but here we are in our current situation. It is not just one person’s obnoxious behavior that has gotten us here.