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Using Banks and Bank Accounts/Questions Answered by Expert Alexander J. Hay
| Subject | Date Asked |
| Banking abroad | 12/12/2011 |
| Q: I am an USA citizen, planning to leave NY state for a long time (years) for living overseas. I also ... A: In regards to #1, the answer is yes, but that of course will depend upon the bank. There is no rule ... | |
| Buisness bank account | 9/29/2011 |
| Q: we have a pvt ltd company in india which is owner of a LLC company in wilmington delaware usa, now ... A: This is what I do for a living. I not only set up Delaware LLCs, but bank accounts. A Delaware LLC ... | |
| RE: Offshore Tax and Asset Planning | 9/21/2011 |
| Q: What is the minimum recommended amount to establish an offshore trust? Are these recommended ... A: There is no set amount, but you have to decide for yourself if it worth the trouble to go ... | |
| State Bank and Belize | 9/17/2011 |
| Q: I'm wondering what are the benefits of opening an account with a state-owned bank? Like the one in ... A: ok, the issue of State Bank vs National Bank. None of the banks are owned by the State or the ... | |
| Trust | 3/12/2011 |
| Q: My grandmother died 21 years ago as of march 10th, and left a trust that list her nine children as ... A: I think you need to talk to an attorney just to make sure that everything is as you believe it is. ... | |
| power of attorney/ activating with pop's out of state bank | 2/17/2011 |
| Q: I live in Washington State and recently visisted my father in California. He is very ill and unable ... A: You are going to need to go into the bank and present the power of attorney to the bank and have ... | |
| Account opening | 1/29/2011 |
| Q: Now I live in Russia. I search for possibility, to open the account in the some American bank and to ... A: I think setting up a US bank account is a very good idea. I think using PayPal to receive funds to ... | |
| Foreign Owned LLC and Bank account | 12/22/2010 |
| Q: I run a software company in India which has developed a Electronic Health Record software focussed ... A: Yes. You can do this, and there are some advantages to doing it this way. However, there are also ... | |
| Writing out Checks Parents account | 4/30/2010 |
| Q: I live with and take care of my parents who have alzheimers both. For the last several years I have ... A: No. You are the primary care provider and from what you have said you have been a perfect son. On ... | |
| NRA Bank Account Issue | 3/15/2010 |
| Q: "Hi Alexander, Here's hoping you can shed some light on my issue. Im a non resident alien living in ... A: I wish you had contacted me before you had proceeded to establish an LLC by yourself. I think you ... | |
| Life Estate | 10/19/2009 |
| Q: What does this mean in a will: "And I give to my wife a life estate in all of my property, ... A: Essentially a life estate exists only in real property. It is an interest in property that vests ... | |
| A bank has frozen my accounts | 5/7/2009 |
| Q: Quite stupidly I fell for a scam. The scammer fedexed me a check, offering me a commission, if I ... A: From what you said above, it would seem that you deposited a check but was allowed to wire the funds ... | |
| Maestro and Mastercard Debit | 3/6/2009 |
| Q: I am from the United Kingdom and would like to know why you can no longer use a Maestro debit card ... A: Did you follow the links I provided? There is a lot of information on both. You are going to need to ... | |
| Maestro and Mastercard Debit | 3/2/2009 |
| Q: I am from the United Kingdom and would like to know why you can no longer use a Maestro debit card ... A: I am afraid I cannot help you very much about why and why not of Maestro. I think they are starting ... | |
| post dated check | 2/17/2009 |
| Q: my wife did some services for a friend. and received a post dated check for March 1,2009. I know ... A: You wait until March 1, 2009, to deposit the funds. That is why you should never accept a post dated ... | |
| US Banking | 1/30/2009 |
| Q: i'm 33 years old man from morocco, i was student at lehman college in new york about 12 years ago! ... A: You can try to contact citibank to see if there is a way to re-open or re-establish a bank account ... | |
| locating an old trust account | 10/30/2008 |
| Q: Both my parents passed away within the last year. There was a will. However in the will there was no ... A: A trust is totally separate from a will and as such would necessarily need to be mentioned in the ... | |
| US Citizens who have safe-deposit boxes located on swiss soil | 9/20/2008 |
| Q: Are, United States citizens required to report to the Internal Revenue Service, any bank ... A: No. But the IRS and other government entities would probably consider this a required reporting ... | |
| US Citizens who have safe-deposit boxes located on swiss soil | 9/20/2008 |
| Q: Are, United States citizens required to report to the Internal Revenue Service, any bank ... A: This is not a crime, and I do not believe there are any reporting requirements. But it is not the ... | |
| stolen checks | 9/12/2008 |
| Q: My mom just found out that two checks was stolen out of her check book. They was wrote out in the ... A: The bank MUST refund the checks. However, your mother MUST follow through with the proper ... | |
| Scam Check | 8/22/2008 |
| Q: i received a check, deposited it, bank said 5 days to clear, i took money out, check then came back ... A: I would ask them that. You owe them the money. Although you were deceived by whoever gave you that ... | |
| Privacy of overseas banks with USA branches | 8/20/2008 |
| Q: How protected are overseas banks from US creditors if those banks also have USA operations? For ... A: First of all, an oversea bank WILL NOT PROTECT YOU. There is nothing that setting up and oversea ... | |
| Equity stripping real estate with offshore LLC | 8/20/2008 |
| Q: I own a free/clear vacant lot of substantial value. I wish to equity strip it with some sort of ... A: This is probably the more expensive and complicated way to do it. And there are probably simpler and ... | |
| making a deposit from an irish account into my american account | 8/14/2008 |
| Q: I am an American citizen by naturalistion, Ireland being my country of origin. I have approx. 130k ... A: It would be a good idea to keep records. I doubt you will here anything back from the IRS. But if ... | |
| Divorce in Belize | 7/21/2008 |
| Q: I am a U.S. citizen from Texas. I am living back in Texas as of right now but used to live in ... A: If you live in Texas, and you meet the residence requirements (which I believe is 6 months), then ... | |
| BVI Company and Banking | 7/9/2008 |
| Q: I am confused about the apparent popularity of BVI companies with Americans doing business abroad. ... A: I did not think you were being flippant, and I hope that you did not think I was being flippant. I ... | |
| BVI Company and Banking | 7/9/2008 |
| Q: I am confused about the apparent popularity of BVI companies with Americans doing business abroad. ... A: Well I am not a big fan of the BVI, but not for the reasons you describe. What you are describing is ... | |
| H1B, International Business, US Bank | 7/5/2008 |
| Q: Hay: My background I am on H1B US visa and am enjoying my work and stay here. My work is in ... A: You discuss the various things you are aware: (essentially you cannot do anything other than work ... | |
| Opening an account with bad credit | 6/19/2008 |
| Q: I am trying to find a bank or other financial institution that doesn't really care about my credit ... A: I don't know how much you owe in bad checks (this is the problem -- not bad credit). Depending upon ... | |
| remainderman | 6/13/2008 |
| Q: This may be out of your field but will ask anyway. Does this make sense and can it be done. I want ... A: Well there are lot's of reasons not to do it. First of all, forcing your heirs to keep property ... | |
| Taxes on Inheritance | 5/20/2008 |
| Q: I recently learned my late uncle in Malaysia left me a sum of 15.5 million dollars. However, I live ... A: There are no taxes on this sort of gift. I know of no forms you need to fill out. Now be very ... | |
| immigration (mexico) | 5/14/2008 |
| Q: I don't think this is in the proper category, but here any quick insight would be wonderful. I'm ... A: I am sorry that the attorney was not nice, but I suspect he was accurate. I suspect you are just not ... | |
| checking account | 5/13/2008 |
| Q: A husband has just passed away. The only checking account was in his name only. Deposited to this ... A: Maybe. Depending upon whether or not he had a will, depending upon whether or not there is a Small ... | |
| How to pay a company overseas | 4/17/2008 |
| Q: I own a small business here in California and I'm in need of outsourcing/contracting a company ... A: Well this really depends upon the company itself. If it has accounts in the USA it is possible that ... | |
| Offshore bank account | 4/11/2008 |
| Q: Good day I live outside the USA (in South Africa) I want to open an offshore US bank account so I ... A: Yes, you can do this. In fact it is my primary business activity. First I would advise you to go ... | |
| Disabled income transfer from Mexico | 2/10/2008 |
| Q: I am a disabled person recently gone onto social security from SSDI and living in Mexico. Over the ... A: I don't think you have to be afraid because you have been able to live carefully and save money. If ... | |
| US res alien emigrating to Canada: SSN? | 10/30/2007 |
| Q: I am very nearly done with the long process of acquiring a Canadian PR visa. I am a British ... A: I must admit, I don't understand your question???? But I will try to address the issues as best I ... | |
| offshore bank a/cs | 5/25/2007 |
| Q: i would like to know wether a person not living in the usa can open a bank a/c and which banks offer ... A: It is extremely difficult to open a bank account in the USA without being here. However, you may ... | |
| Buying a property in Belize | 4/9/2007 |
| Q: I would like to buy an investment property in Belize, but I can't seem to find a US bank that does ... A: No. Belize is a cash and carry place. And I would think twice about making an "investment" in ... | |
| Executor papers | 4/6/2007 |
| Q: A friend has passed away. She had a mortgage loan on RE property, but the property had been deeded ... A: I am not sure what needs to be done, but I believe you are correct. A death certificate serves to ... | |
| bank and online gambling | 4/4/2007 |
| Q: can the bank sue me for online gambling? The bank know i was using the money to play poker because ... A: If you borrowed money from the bank and then didn't pay, they can sue you. It has nothing to do with ... | |
| Bank accounts | 3/29/2007 |
| Q: My father just passed away on 3/1/07 and my mother is trying to have access to his account. Wells ... A: Because your mother has no absolute right to the money. What if there was a will giving someone ... | |
| My father's accounts | 3/28/2007 |
| Q: My Father passed away on March 1st. I am is only child and he has been divorced over 20yrs. He has ... A: well first of all if there is any evidence of funds being removed you need to let the banks now he ... | |
| regrding US BANK ACCOUNT for Non-Us Citizens | 3/27/2007 |
| Q: Iam venugopal from INDIA. I will be earning money from USA through onlinemarketting.Iam facing some ... A: I would be happy to help you: http://www.TaxHavenUSA.com/ This will give you the ability of ... | |
| deposits | 3/26/2007 |
| Q: Last year I noticed that a deposit had been made in to my account not by me. I looked at the deposit ... A: Why should the bank get in trouble??? Every time you write a check you are giving your account ... | |
| BVI company to buy property in the US? | 3/25/2007 |
| Q: i am a US citizen and I am currently working outside the US. I would like to register an offshore ... A: This is what I do for a living, and I would love to chat with you about it. However, it sounds to ... | |
| Checks | 3/23/2007 |
| Q: Where , If any , can I find out if a check < That I will deposit or cash , is good , ? What is the ... A: then you are screwed. It is very unwise to spend money that you do not know if you have. ... | |
| Checks | 3/22/2007 |
| Q: Where , If any , can I find out if a check < That I will deposit or cash , is good , ? What is the ... A: There is no 100 way of doing this, but most banks will tell you you if the check is valid and if the ... | |
| check deposit issue | 3/19/2007 |
| Q: A check i wrote to my landlord cleared my bank a month ago but my landlord has no record of it being ... A: Then he is wrong. You submitted to him a check which he deposited. If he wants to resolve the ... | |
| Business Account | 2/22/2007 |
| Q: I went through the nastiest divorce in history. How do I open a Business Bank account when I have ... A: A certain amount of time can pass. Until then you may want to think about setting up a simple LLC ... | |
| banking laws | 1/27/2007 |
| Q: I might be coming in to a nice some of money soon, and the bank told me they only would insure up to ... A: Open more than 1 account at different banks? But note, as you increase your "safety", you usually ... | |
| bank question | 1/22/2007 |
| Q: I have an amount of money and need to put it in the bank as a CD to get some interest every month ... A: Why on earth would you do that????? I don't even understand your question??? You are just going to ... | |
| Accounts | 12/18/2006 |
| Q: I am from Macedonia and I want to sell online,but,since Macedonia is not on the country list ... A: Yes. I help people to establish US companies owned by foreigners which allows them to sell on ebay ... | |
| LLC Banking Structure | 10/29/2006 |
| Q: My father and I are in business together as mortgage loan officers. We are 1099 "independent ... A: I personally think this is a mistake unless you have the entity structured to be treated as a ... | |
| offshore acct INTERNET POKER | 10/7/2006 |
| Q: recently the USA has passed a stupid bill banning online poker. my question is how to get around ... A: Oh, I would just ask the sites themselves. I suspect they are going to encourage you to use egold or ... | |
| Setting up a LLC in Belize | 10/7/2006 |
| Q: My brother wants to purchase a small amount of land (perhaps several acres) in Belize to retire and ... A: First of all, there are no LLCs in Belize. But the normal way is to establish a Belize company and ... | |
| offshore acct INTERNET POKER | 10/7/2006 |
| Q: recently the USA has passed a stupid bill banning online poker. my question is how to get around ... A: I am not sure if you are talking about playing online poker or actually running a business of ... | |
| Setting up a corporate account for a offshore company | 9/27/2006 |
| Q: I've hired someone to oversee the whole project and forwarded him your message. We're going to ... A: After everything becomes a complete and total mess, give me a call!!! Hehehehe. I've dealt with ... | |
| Setting up a corporate account for a offshore company | 9/26/2006 |
| Q: This is Frank Smith here and I could REALLY use some help! I've started a offshore company in Belize ... A: Yes, I can help, but you have discovered the real problem with obtaining second rate service through ... | |
| Foreign accounts? | 5/4/2006 |
| Q: Hay, This is a strange question. I'll get right to it. About a month ago I began to receive ... A: This was a very long message, and I usually don't even read these, let alone answer them, and I must ... | |
| US Citizen to work in Belize- Tax implications etc. | 4/21/2006 |
| Q: I am considering a position in Belize, I would be moving there indefinitely and running a resort. I ... A: You should really look into these issues of living as an expat before you go. There are some real ... | |
| e-business in Delaware | 3/22/2006 |
| Q: You have reason. In the first, the best option for non-US citizens is a LLC, as it is indicated in: ... A: I prefer Texas. No taxas like all the rest, but add a vibrant and diverse local economy. The next ... | |
| e-business in Delaware | 3/17/2006 |
| Q: I am from Spain, and I am going to open a web service. I have been making searches on Internet, and ... A: I must tell you that you have received some very bad advise. Of course you are not alone. I am not ... | |
| off-shore banking! | 12/19/2005 |
| Q: what country and bank would you reccomend to avoid the tax mann, have acces to funds any time any ... A: A great deal depends upon where you are located. If you not a US citizen, and you do not live in the ... | |
| re: Belize trust | 12/13/2005 |
| Q: A EU company, which is doing business in Europe & sells software, is owned by a Belize IBC with a ... A: Indeed it does. There are some very tricky things that you have to be careful about, for as it ... | |
| Offshore Bank | 10/3/2005 |
| Q: Please do give me the names of the good ones ignore the issue of documentation.Thanks for your ... A: I am sorry, but that is impossible. What is good for one person will not be good for another. And ... | |
| Inquiry | 7/28/2005 |
| Q: Please if I get an ITIN, will I be paying tax?How long will it take to get the ITIN if you do it for ... A: Whether or not you pay taxes will have nothing to do with an ITIN. If you are a non-resident alien ... | |
| Inquiry | 7/26/2005 |
| Q: 1)Can one use an ITN when asked for a SSN(Social security number) like when one is applying for a ... A: Yes, and in fact that is exactly what an ITIN is for. It cannot be used to suggest that you are ... | |
| banking | 5/10/2005 |
| Q: i would very much like to take your offer. can you give me details of facilities the account would ... A: Well one system I offer for non-US residents who do not plan on doing any business in the US is a ... | |
| Saving money for life | 5/2/2005 |
| Q: Ok well, what I want to do is save up money until im about 40, right now im 16 years old, and I ... A: Yes. this can be done. In fact it is done quite often. In fact, a lot of people come to me, and I ... | |
| Bank account | 4/30/2005 |
| Q: I reside in Nigeria,Africa and would like to open a bank account in the U.S for certain businees ... A: I have a program that involves establishing a Belize Trust which then opens a US bank account. Such ... | |
| Foreign deposits | 4/27/2005 |
| Q: I am aware that Uncle Sam wants to know if I make a deposit of $10,000 or more into a foreign bank ... A: Unfortunately, you are wrong on almost every count. The US does not want to tax you on the money ... | |
| Opening a Bank Account | 3/28/2005 |
| Q: Where can I open a bank account for me or a company that does not require a Social Security Number ... A: Well last time I checked Belize would let you use your passport number. Latvian banks will allow ... | |
| Money Laundering | 2/17/2005 |
| Q: I am doing a speech for my Fundamentals of Public Speaking class on money laundering. I'm ... A: Oh the ways are too numerous to describe. The amount of money that needs to be "laundered" by the ... | |
| Using Banks and Bank Accounts | 1/12/2005 |
| Q: What documentation would you need to do this? And again, this could be used for business purposes? ... A: I would need a clean copy (or scan) of your passport, basic information about you, and $750.00. ... | |
| Using Banks and Bank Accounts | 1/11/2005 |
| Q: I read in one of your most recent answers that you could help someone to open a bank account without ... A: Yes. There are many ways of doing this. But what seems the "easiest" might be the least practical. ... | |
| fanancial aid for international students | 11/7/2004 |
| Q: I,m 22 years old.I study electrical Eng in Iran.I have some properties in Iran as garantee.I ... A: You need to concentrate on exchange programs sponsored by the countries involved. Unfortunately, ... | |
| sending money overseas | 10/28/2004 |
| Q: I would like to send my friend in russia money. I need to know how i go about doing this and what ... A: well this will depend more upon your friend than you. In the US you can send money many different ... | |
| offshore merchant accounts | 9/25/2004 |
| Q: I am in the tour business and am having trouble securing a merchant account because I am considered ... A: Yes. I work with a company that is quite effective, allows me to bill in almost any currency, and ... | |
| Foreign Bank Deposits | 9/25/2004 |
| Q: Alexander: I don't know if you have exoerience in this area, but I would like to deposit some money ... A: First of all, putting money in a "Swiss Bank" is only useful if you are going to Switzerland, and ... | |
| Moving to the States. | 8/27/2004 |
| Q: Sorry, I guess I wasn't clear enough, I meant bank fees, whats the best way of getting money into an ... A: simply wire the funds is the fastest. There may be a small fee, depending upon the bank, to receive ... | |
| US banking for expats | 7/9/2004 |
| Q: I am a US citizen residing in Hong Kong. I still keep my bank account with the US Bank. However, ... A: Not that I know of. But think about issues of investing and safety. FDIC insurance costs a ... | |
| frozen account | 6/21/2003 |
| Q: I've been the victim of a scam. I was sent a $5,000.00 counterfeit check. I deposited the check in ... A: Call the police, and pay attention to warnings about how every single person doing business in ... | |
| offshore companies buying property in Italy | 4/16/2003 |
| Q: offshore companies buying property in Italy, can they? thanks nikki A: First of all in answering this question, I wish to correct a misnomer: Offshore Companies. There ... | |
Using Banks and Bank Accounts
Answers by Expert:
Alexander J. Hay
Top Expert on this page
Expertise
I am a U.S. lawyer with offices in Houston, Texas and in Belize. I can answer questions on U.S. Immigration, U.S. corporate law, and Offshore Tax and Asset Planning.
Experience
I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials
Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
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