Opening Us Bank Account: First Step To Buying Property in the USA

April 6, 2016 — by Richard Dawson

Okay rich Aussies willing to finally do a smart investment and ensure their retirement future - there are a number of investments you can put your money in, but sure you would opt for the most lucrative one, right? While there is no way to predict the stock market with precision (and any market for that matter) investing in property is somehow among the safest options: even if you don't really use the house or apartment you buy, you can always rent it and receive a monthly income which can contribute to the diversification of your assets even more.

Buying Property USA

At this moment, investing in US property is the investment to look into; the US has a politically stable atmosphere and as such is welcoming foreign investors. So, beside deciding that you actually want to invest in a US property, the first and probably most important thing you should do is open US bank account from overseas. Here’s where you might have a slight difficulty, since to open a US bank account from overseas is a rather complex procedure. Since 9/11 US banks have a very rigorous procedure for opening accounts for foreigners, and since 2013, their first requirement is an eye to eye contact, which means you’ll have to fly to the US just to open a bank account.

But no worries, there’s a simple solution for this matter; today there is a number of agencies that can mediate between you and the US bank if what you want is to open US bank from overseas. These agencies have agents that are trained for this particular activity and can offer other services as well, such as finding a property that is suitable for you.

Choosing a mediator for this type of investment is a wise thing to do because the procedure simply doesn’t come down to only opening a bank account; you’ll need to go through a number of other steps in order to be completely and properly integrated in the US taxation and legal system. These generally come down to:

  • opening and establishing a LLC or Limited Liability Company
  • getting your Employer Identification Number
  • an Individual Taxpayer Identification Number
  • establishing a fund to transfer money between Australia and USA
  • getting an accountant for your particular situation
  • paperwork

Once all this is done, your agent will show you some properties that are suitable for your needs and the money you have on disposal. All that’s left to you is to choose the property you find most appealing. Good luck!