London & Capital has launched a new service which enables US resident Non-Doms and Green card holder s to open a US domestic investment account, reducing onerous administrative burden for its US clients.
By having a US domestic investment banking facility, it enables investors to avoid the onerous ‘FBAR’ (Report of Foreign Bank and Financial Accounts) and ‘Super FBAR’ (Statement of Specified Foreign Financial Assets – form 8938 ), investment reporting obligations which has created a significant administrative and in extreme cases a penalty – burden for US – connected investors worldwide.
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Up until now, it was not possible for individuals to obtain a US domestic bank account without a primary US residential address. SEC regulated London & Capital has created this facility, in conjunction with Royal Bank of Canada (‘RBC’), to further simplify the inherent processes involved in preserving their wealth.
London & Capital is one of the only wealth management firm s that is SEC regulated and has provided wealth management services to US resident Non-Doms and green card holder families since 1986 . More recently it has sought to deepen its offering to US – connected clients at a time when most firms have looked to reduce or withdraw their services. This new service is yet another step in the firm’s commitment to this important client segment.
Benefits of the service include:
- US domestic platform: the opportunity to custody assets onshore, in the US
- Reporting: the ability to avoid the FBAR and 8938 reporting obligations
- US Pensions: the ability to manage US pensions effectively in line with the client’s brokerage account Multi – currency: the facility to manage the account in both £ sterling and US $
- Low brokerage costs: transaction, custody and trading charge set at US brokerage rate
- Online access: 24/7 online access to RBC’s reporting facility
- Investment advice: award – winning investment management strategies and advice, portfolio management and brokerage solutions from London & Capital
- Reduced accountancy costs
The investor nominates London & Capital as their investment adviser, and can expect their account to be opened in a matter of days. London & Capital will assist those wishing to set up a n investment account on the platform to complete the application forms.
Commenting on the launch, Daniel Freedman, Co – Founder and Head of US Office at London & Capital said: "Recent US legislation has been designed to catch out US citizens who may not have declared their investments overseas, and with penalties sometimes in the region of 50% of the balance of an investor’s account, plus interest, penalties for non – reporting occasionally exceed the underlying value of the account.
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By GlobalData"The new service we are offering provides US resident Non-Doms and Green Card holders with an investment solution which will reduce the amount of paperwork they have to complete and cut accountancy costs. What is more, as an SEC regulated adviser, we are able to offer a US national complete peace of mind that their investment affairs are being handled in a fully compliant manner."
