- MrMagoosie wrote:Is the HSBC account a US bank account, or is it just an Australian account in US currency?
I currently have an ITIN and want to open a US bank account to do some investing in tax liens. The bank account issue has been one of my hurdles as I believed that you needed to visit the US to open an account in your personal name.
Is this not the case? Can anyone point me in the right direction?
Simon.
Visit HSBC, and they will be able to assist you. You will need to file an application to open a US bank account, via the HSBC international banking centre. There is a $200 fee. Can be done easily from here. Even easier if you are already a customer of HSBC.
This is a US bank account, not an Australian account, held in US funds.
Trawling through the old forums on night shift.
Love this post.
cheersjayhinrichs wrote:Highincome,when you establish an LLC you have to have a registered agent for Service that is located in the state of your LLC. If you get sued its your resident agent that gets served. And you will get sued personally as well no lawyer just sues the LLC.
The reality there is next to no litigation involving single family rentals and for instance I have a 3 mil umbrella policy for liablity which cost me 300 bucks a year. LLC will cost more each year filing a tax return. I can see using LLC if there are multiple partners however not for a single person unless you have a really large portfolio. there are attorneys in the states that will recommend you have a different LLC for each address or property. And yes it would add a layer of protection but protection from What. In 33 years of owning up wards of 200 units I have never had one lawsuit by a tenant. The only time you will see a court room is in the event of an eviction. There is just too much paranoia… The caveot being if your very very wealthy.. The other reason to have insurance is that is where a sueing attorney will focus their attention in the unlikely event of a water landing>
However the insurance company pays for 100% of your defense and they are masters at defending litigation its what they do.streamlineinvesting wrote:Jeff2InvestUSA wrote:From what I understand is that you will get an EIN when you set up the LLC, the ITIN* if I am correrct is for USA citizens,. The best advise I could give is to contact an accountant based in Australia who has USA knowledge. I have set up a LLC and all I need is an EIN number… to open the US bank account.as tax time approaches I will have more info. JeffUSA Citizens receive a SSN, non US Citizens cannot receive a SSN and to file tax returns you have to obtain an ITIN. From W7 from the IRS is the form you need to fill out. I have heard an ITIN is not required to obtain an EIN, but looking through the form to get the EIN it looks like it may be required, this is why I am looking for someone who has done it before who can guide me through it.
You can get a SSN even if you are not a US Citizen. You do need to let them know that the SSN is for banking purposes only and not to be used to obtain work. They will give you an SSN but it will be endorsed as not for employment purposes. I am an Aust Citizen and i hold a US SSN.
4 Sighted. To whom did you apply for an SSN, and where did you do it from?
Hi Wobbly,
I was at the time in the US when I applied for an SSN.
I got it from Tampa Florida. I was visiting my brother at the time.
I did this many many moons ago and as such although I remember it to be a Government department, I cannot recall the name of the department.I recently filed a tax return for my LLC which has an EIN. The IRS sent it back with a box checked I need an SSN or ITIN and that I need to fill out a W7 form. SSN would be preferable I think, as most things you fill out in US seem to want an SSN.
King-co,
As a foreign national you cannot get a SSN….these are for US citizens unless you have a classification that allows you to work in the US on a valid visa. Foreign Nationals that invest in real estate need an ITIN
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