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American with HKID opening a bank account: Need to report US citizenship?

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  1. #1

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    American with HKID opening a bank account: Need to report US citizenship?

    Hi all,

    I tried searching for an answer here and elsewhere but couldn't find much info (maybe my searching skills are getting rusty).

    I was born in HK with a HKID, left when I was young and became a naturalized US citizenship growing up in California, moved to Singapore for 8 years, and now back in HK for work. Opening a bank account in Singapore was super easy, and I had no choice but to use my US passport because my work visa at the time was based on my American citizenship.

    Now that I'm back in HK, I obviously can open an account using my HKID, but what about my US citizenship? I'm guessing by American law I need to disclose it to the HK bank. Otherwise, I would be suspected of hiding money abroad, and I wouldn't want the bank here to get into trouble.

    Also, I heard and read that the mere fact I'm a US citizenship means the new-account application process would take weeks. Is this true? I need to open an account ASAP, or else I won't get paid by my company for this month!

    Thanks in advance for any advice.


  2. #2

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    have not had to open a bank account in years, but am pretty sure they now require you to tick a box stating whether or not you are a US citizen. If you tick no and they find out through other means I presume they can close your account.

    Likewise if the US tax authorities find out, I presume there will be some penalties there.

    Up to you at the end of the day.


  3. #3

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    Try opening an account with CITI Bank.

    Should be less painful with an American bank.


  4. #4

    Typed a reply but it disappeared :-( so this is the short version

    The reason banks are reluctant to open bank accounts for Americans is because of the FATCA reporting requirements, too much of a pain in the backside to comply with and higher risk.

    I assume you file taxes with the IRS every year, have a SSN etcetc. If so I would go to CITI bank. If you don't file taxes in the US then its a whole different story altogether and you may want to consider not disclosing that you are a US citizen.

    shri and Fiona in HKG like this.

  5. #5

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    i just opened a Standard Chartered account at lunch time and they asked me If I am US citizen and if I have any US account, then they made me sign a form declaring my answers. Thank fook Im not a Yank


  6. #6

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    FATCA made it much worse, globally, but the requirement by local banks to declare whether or not you are a US Citizen or green card holder or subject ti US IRS taxes predates FATCA.

    For both HSBC and Hang Seng here in the 90’s, I was required to make that declaration when opening an acocunt. And if the answer was yes, certain options were not available to me, such as a Hang Seng Securities trading account. Too much extra paperwork needed by Americans to make it worth the while of the bank.

    As an American, I was frustrated then, and far more so now.

    -Spode

    Morrison likes this.

  7. #7

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    Legally you are required to report your citizenship. Whether you do or don't is a different story.

    Shouldn't have delays for a personal account provided you have the proper documents.


  8. #8

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    @OP

    If you have a 3 star ID (since you are born here), they probably won't bother you about citizenship. I used to get asked a lot in the past due to my accent and appearance however since I got my 3 star its been a breeze opening bank accounts in HK. No questions asked.
    IMO if they don't ask..don't tell but the choice is yours. Good Luck !!


  9. #9

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    Quote Originally Posted by JaredHK:
    @OP

    If you have a 3 star ID (since you are born here), they probably won't bother you about citizenship. I used to get asked a lot in the past due to my accent and appearance however since I got my 3 star its been a breeze opening bank accounts in HK. No questions asked.
    IMO if they don't ask..don't tell but the choice is yours. Good Luck !!
    The bank omitting to ask due to a staff not understanding the rules doesn't give OP a free ride. OP still technically has the obligation. Most banks in HK follow the US rules and all new accounts require every single person (US and non-US person) to declare their status (i.e. US-person or non-US person). This even happens when an applicant applies for a mortgage in HK too.

  10. #10

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    Quote Originally Posted by MandM!:
    The bank omitting to ask due to a staff not understanding the rules doesn't give OP a free ride. OP still technically has the obligation. Most banks in HK follow the US rules and all new accounts require every single person (US and non-US person) to declare their status (i.e. US-person or non-US person). This even happens when an applicant applies for a mortgage in HK too.
    I have opened a few accounts (with the large local/Brit banks)in the past 30 days and have never been asked if I hold US citizenship after I produced my ID. I am aware that they need to follow "regulations" but they mostly don't care and neither do I . It all depends on the OP.
    shri likes this.

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