Banking

Are there any financial banking solutions that do not require a Social Security Number or a Tax-ID?

Douglas Kuhn CTO, Strategic Development Engineer at Greenwitch Productions LLC

August 21st, 2015

For business people who are distrustful of the current governmental regulations or are foreigners who want to establish themselves in a banking system not tethered to the tax authority. 

Steve Everhard All Things Startup

August 21st, 2015

Bitcoin isn't a banking solution, although it is apparently useful for laundering. Whether you bank in the US, Europe, Asia or the Caribbean you are required to provide evidence of who you are (Know Your Customer or KYC) and submit to anti money laundering checks as a "fit and proper person". US rules are strict but you can overcome them if you bank with certain international banking groups and are either a private client or of similar status. They will often open a US checking account for you personally using that relationship. I know HSBC will do this for instance if you are a Premier account holder in another country that is regarded by the US as friendly.

For a business bank account the situation is different. Generally, as a foreigner you can only be an officer in a C corp or listed company. For those types of entity you need 
  • Business Tax Identification Number
  • Articles of Incorporation or Certificate of Incorporation
  • Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
And that should get you there.

Neil LAMBERT Developer

August 21st, 2015

Bitcoin

George Lambert Interim CTO - CTO's for Hire

August 22nd, 2015

It depends on your country and their requirements, but I have been looking at solutions that include a hybrid of bitcoin and karatbars. 

I was told today that karatbars has both a gold storage service, and a Debit Card linked to gold reserves, depending on which countries you are operating in ;-)  

Precioius-Metals-Affilaite-Commissons.jpg

Douglas Kuhn CTO, Strategic Development Engineer at Greenwitch Productions LLC

August 22nd, 2015

@Dixon Jones, I think everyone would agree that investing in Schools, Medicine, Space Programs and Road/Infrastructure would be a tax worth investing in. That would certainly be the correct thing to do.

But being extorted to pay for terrorist activities, wall street bailouts and that circus that is sometimes called the senate is problematic when considering a functional return on any tax-investment.

The question is asked to "avoid" not to "evade" the extortion racket called taxes. The monies taken are pooled and spent on non-viable and extremely wasteful expenses in areas that do not provide good solutions for the country as a whole and that is worrisome.

The distinction between the tax authority and the mob are becoming indistinguishable as of late and seeking methods to channel monies through more appropriate channels without being diverted through wasteful channels is just being economically sound and smart with ones income.

Nahuel Oberreuter Photographer / Developer / Entrepreneur

August 24th, 2015

So many state trolls...

I'm currently operating with a wagecan debit cart for provider that won't accept BTC directly, and I pay 1.5% of commission at BTC to dollar conversion, rest of it is pretty much without cost. Also have providers that accept BTC directly, with is getting more popupar for international ops, is a really fast and cheap way to transfer money. So providers payment is fully handled.

Also I head that you can easily open accounts on hong kong, but I don't know if they provide credit card merchant accounts, what I'm pretty sure is that if they do, It's no available in my local currency, so for the sales income I'm setting up a full legacy system bank account, and merchant account.

BTW, I'm not a lawyer and I'm not US based.

Christopher Hussain Building the Future of Real Estate and Mortgage (#1 Mortgage Originator in US and Serial Entrepreneur)

August 22nd, 2015

About Myself: I was the #1 Mortgage Originator in the US in 2010-11, Co-Founder of Sindeo, and recently started RealKey.

There are options available in the US using I-TIN numbers. You would use utility bills and such to evidence credit history instead. I've done it, and it is still being done.

Steve Everhard All Things Startup

August 24th, 2015

Can you hide the fact that you are the ultimate beneficiary in a financial transaction from the IRS - Is that your real question? If so the answer is yes, but you will definitely complicate your affairs by establishing a structure across several jurisdictions using corporate trusts and holdings in non- transparent registration countries. This 'layering' is questionable but not illegal. Does it limit who you can transact with? Yes. It is expensive, inconvenient and subject to probes from tax authorities. If you are trading and living in the U.S. Some portion of your activity would have to be visible or you would find life impossible unless you were moving $bn's around. If you simply want to avoid tax then consider forming a church as John Oliver so poignantly exposed recently. Totally legal and completely tax exempt providing you can form and maintain a congregation.


John Seiffer Business Advisor to growing companies

August 21st, 2015

The only ones I know of in the US are pay day lenders and they are very expensive and don't provide a very full list of "banking solutions". Otherwise you might have to deal with the Mob to do this. 

Not to get too political here but while govt. regulations can certainly be misused, don't forget they do a lot to hold the banks accountable. Without them I'm not sure I would trust that my money would come back to me once I converted it into bits controlled by the banking system. Hell they don't even sent back paper checks anymore. Remember paper checks?  

Juan Zarco Managing Director, Silicon Valley Ventures Growth Partners llp

August 22nd, 2015

Offshore institutions, those beyond the reach of the IRS.

Dixon Jones Marketing Director at Majestic and Receptional Founding Director

August 22nd, 2015

Or you could just pay your taxes. Really, that's the right thing to do.