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

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.

29 Replies

John Seiffer
1
0
John Seiffer Advisor
Business Advisor to growing companies
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 youmight 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?
Lee Ann Guertin
0
0
Lee Ann Guertin Entrepreneur
Editorial Research Manager, Online Analytics
All "banking solutions" are required to validate identity, are subject to SEC regulation, and follow tax laws, etc. It may be possible to find one that doesn't require these things, but they are pretty much illegal or required to be outside of US jurisdiction. Maybe an auto title lending company? Otherwise, no. Foreigners are still held to US tax laws if they earn income here in the US. It's no secret why so many companies are setting up foreign subsidiaries or partner companies - to avoid US taxation and accommodate foreign resources.
Neil LAMBERT
3
0
Neil LAMBERT Entrepreneur
Developer
Bitcoin
Steve Everhard
3
0
Steve Everhard Advisor
All Things Startup
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
0
0
Neil LAMBERT Entrepreneur
Developer
@SteveEverhard: I know a few people who could argue with you on that first point, but I was especially picking up on the other two points: no social security number and distrust. Two out of three isn't so bad ;-)
George Lambert
2
0
George Lambert Advisor
Interim CTO - CTO's for Hire
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 ;-)


Christopher Hussain
2
1
Christopher Hussain Entrepreneur • Advisor
Building the Future of Real Estate and Mortgage (#1 Mortgage Originator in US and Serial Entrepreneur)
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.
Dixon Jones
1
1
Dixon Jones Entrepreneur
Marketing Director at Majestic and Receptional Founding Director
Or you could just pay your taxes. Really, that's the right thing to do.
Juan Ramon Zarco
1
0
Juan Ramon Zarco Entrepreneur
Managing Director, Silicon Valley Ventures Growth Partners llp
Offshore institutions, those beyond the reach of the IRS.
Juan Ramon Zarco
0
0
Juan Ramon Zarco Entrepreneur
Managing Director, Silicon Valley Ventures Growth Partners llp
Offshore institutions, those beyond the reach of the IRS.
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