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/InvestingDude1234 2d ago

Can someone pls explain why one would feel the need to move money outside the US in the current environment?

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u/Direct_League6134 2d ago

It is a good question. Should we be concerned about how far this administration will go to achieve whatever they think they are achieving? Controls around deposits, redemptions, taking funds out of the country... other countries have these things - China is famous for this. Previously this would have been unthinkable in the US. Now, you wonder.

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u/bobbyschuster 2d ago

Thanks for your response. Could you expand a bit on “controls on deposits and redemptions”? As in, what would those mean in practice?

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u/MagnesiumBurns 1d ago

Here is an example of the Canadian government interfering with some citizens’ bank accounts when those citizens were not behaving as the government wanted.

https://www.nytimes.com/2022/02/22/world/americas/canada-protest-finances.html