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How can a US citizen invest outside the reach of the federal government?
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this post was submitted on 03 Feb 2025
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Outside of the immediate reach requires you to open an offshore brokerage account; however thanks to FATCA reporting requirements, most banks don't want to deal with you unless you have significant assets under management.
Back when FATCA was first introduced I was working in private wealth management for a bank in Luxembourg, and we decided to terminate all but 3 accounts held by US citizens, all of whom had assets above 700k USD. I believe 500k was the internally communicated cutoff.
Banks in Switzerland now typically require 1M CHF to open new accounts for anyone who isn't onshore (Swiss citizen or resident), Hong Kong, Singapore and Panama also require minimum amounts between 500k to 1M USD. I think Bahamas, Bermudas, Virgin Islands, Caymans and all the other money islands ask for even higher deposits now.
One thing you could consider are the British channel islands (Jersey and Guernsey in particular), since Brexit they've had a bit of an offshore renaissance. HSBC Jersey for example only requires 100k GBP to open offshore accounts (though I didn't check about FATCA requirements since I'm not a US citizen myself).
If all you want is keep smaller amounts outside of the US, you could look into wise.com, revolut and other money transfer services, they allow you to hold different currencies in physical accounts domiciled in other jurisdictions. Read: If you deposit USD and convert it to GBP, AUD or EUR, those funds will be physically stored in UK, Australia and Belgium respectively. Since wise is a British company (revolut as well btw), the US government at least won't have immediate access.
If there are any online brokers that accept US customers with casual portfolio sizes, no idea.
Crypto of course is also an option, but I don't trust it enough as long term asset storage solution.
Thank you ๐
This is a very helpful jumping off point for further research
Anytime! You could also check some blogs like nomad capitalist and others, they offer solutions like incorporating a ltd. company in Georgia (the country) or Belize and stuff, but that also comes with a host of other requirements, reporting and otherwise.
Depending on your assets, there are also some countries like Grenada for example that come with a citizenship by investment program, where you get a passport if you invest either into government bonds or buy a property that you must hold for a certain number of years. If you'd be a citizen from there and casually forget to tick the box for US citizenship when opening your Hong Kong account, you might just get away with it. (Strictly not legal, though).