Hi there, my family is selling a factory and its lands to a US company. They want us to travel to US for closing and paying us. Can we as foreigners open a bank account in the US, do we have to pay any kind of taxes for it,,
Thanks for your time and wisdom.
To clarify, it is my understanding you have an asset that you would be selling to a U.S. company. Upon closing the transaction, you would need to deposit that money into a U.S. bank account and transfer it over to your home country.
This is something you certainly could do. You would be able to open the bank account in the U.S. for your foreign company. To do this, you will need the Articles of Organization/Incorporation (or the equivalent of) of your business entity, and find out if your country is a signatory of the Hague Convention. If it is, then you will need to get an Apostille attached to your articles. If your country is not a participating signatory, then you will need to get an Embassy Certification through your country’s equivalent of State Department, and the Unites States’ Embassy, respectively.
Once you have these documents, you would physically appear at the bank with proper identification and proof of address (such as foreign bank account statement translated to English), and should be able to quickly have the account open. Then you would transfer the funds from the U.S. bank to your home country, and under the guide of a professional accountant, you would pay the capital gains taxes (if applicable) in your home country.
For a transaction of this nature and size I would certainly recommend you to retain the help of a licensed attorney and a CPA in your country (and possibly same in the US), to make sure you are compliant with all tax and other related laws, rules and regulations both in your country and in the US.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.