Do I understand that US financial institutions DO NOT report non-us person deposits in them?

#101
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Educate said:
If EU citizen keeps his funds / stocks in Coinbase or American stock broker like Interactive brokers will USA report this at end of year to citizens governing authority or will they ONLY do this if requested?
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You can't open an IB US account as an European resident. As per regulation you have to have your account at an EU subsidiary, whether in Luxembourg, Ireland or Hungary.
 
Reactions: Martin Everson
#104
This thread started to informed about the IRS reporting foreigners who have an account in the US, and well explained in FATCA and even better explained by Martin, do we know now in 2023 if anything has changed?
Is the IRS only automatically reporting foreign account holders that have generated more than $10 on interest on their US account?

Any other recent changes? Are dividends & capital gains still up to the account holder to report to the tax authorities back home?

Also, on this thread it was mentioned that brokers such as IBKR and Charles Schwab can only open accounts for Europeans through their UK subsidiaries, which is absolutely true.
Does anyone know where will IBKR and Schwab open an account for someone living in Mexico or in Panama? Do they open the brokerage account in the US, or did I read that Schwab international is based in the Bahamas? Anyone knows, Martin perhaps?

Thanks in advance.
 
Reactions: Martin Everson
#105
Radko said:
Does anyone know where will IBKR and Schwab open an account for someone living in Mexico or in Panama? Do they open the brokerage account in the US, or did I read that Schwab international is based in the Bahamas? Anyone knows, Martin perhaps?
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No idea . IBKR alone has so many different entities globally I don't want to assume it would be US so best to ask them directly about both.
 
Reactions: Radko
#107

Hi, you wrote this information a few years ago, and I'm wondering if you have any idea as to what kind of dividends is the IRS applying a withholding rate?
Is it only in some specific type of dividends or is it on all dividends regardless of how those dividends were generated?

I know is a bit of a complex question.
 
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