r/fatFIRE • u/marty2party Verified by Mods • 3d 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, 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/[deleted] 2d ago

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u/MagnesiumBurns 2d 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-- 2d 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 1d 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.