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US citizens can't open an investment account in HK?!

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  1. #1

    Join Date
    Aug 2011
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    4

    US citizens can't open an investment account in HK?!

    I was shocked to know US citizens can't open an investment a/c in HK....
    I am a dual citizen (HK & US)...I was turned down by Citibank today.
    If I use my HK citizenship to open a securities a/c with a local bank....do you think I will get into trouble???

    thanks guys!


  2. #2

    Join Date
    Jun 2005
    Location
    Hong Kong
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    23,205

    The problem is that no bank in Hong Kong will think it worth the effort of jumping through all the hoops that the US Government requires if they do open an account for you. It's your Government's fault, not the bank's.

    Of course if you have enough money to invest (let's say US$3M+) then their attitude will change.


  3. #3

    i gave up on it and keep transferring money back to states via citibank so i get minimum charges, and just invest back in states


  4. #4

    Join Date
    Mar 2011
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    923
    Quote Originally Posted by geogman:
    I was shocked to know US citizens can't open an investment a/c in HK....
    I am a dual citizen (HK & US)...I was turned down by Citibank today.
    If I use my HK citizenship to open a securities a/c with a local bank....do you think I will get into trouble???

    thanks guys!
    Whadda ya thunk? sheesh. smh

  5. #5

    Join Date
    Oct 2004
    Location
    Midlevels / USA (MD) / London
    Posts
    2,219

    Google FBAR and pay attention to the penalty section.

    Freetrader likes this.

  6. #6

    Join Date
    Oct 2008
    Location
    Hong Kong
    Posts
    194

    If you think the banks rejected you because you told them you're a dual citizen, then the solution isn't that hard..

    Just DON'T tell them about it. lol

    But I doubt they rejected you for this sole reason. Maybe you just arrived to HK recently and have no financial history whatsoever in HK. They pulled your credit report and it was probably empty.


  7. #7

    Join Date
    Feb 2011
    Posts
    11

    Just go to the local bank or SCB, bring with your HKID and proof of local address, you don't need to tell them you are US citizen, should be ok to open an investment a/c. All my friends did this way. According to US IRS rule, you need to report your oversea accounts and file tax return on capital gain or loss, that's up to you.

    Last edited by pmyyuen; 24-08-2011 at 04:05 AM.
    HongKongFoot likes this.

  8. #8

    Join Date
    Oct 2010
    Posts
    1,113

    With all the burdens that come with being a US citizen, I am suprised more people don't give up their citizenships. Have you considered that?


  9. #9

    Join Date
    Dec 2009
    Posts
    6,714

    Because it is the land of the free? ;-)


  10. #10

    Join Date
    Mar 2007
    Posts
    13,099

    Its got the best universities damnit!

    There is also the american dream and lets not forget its the nicest, most cuddly empire since the Brits.


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