Forum turned upside down?

[Lost in LOS]

does anyone know which banks in Singapore will open an account for a U.S. citizen. I know some will and some wont

thanks in advance

[GuestHouse]

Try DBS.

I believe you'll need an Employment Pass or Permanent Resident's Visa.

[Prakanong]

I know there can be certain account restrictions for US Citizens on certain banking products in singapore but i do not know which exactly - it ask me if I am an American citizen (or to confirm I am not one for certain investments through DBS).

I do not think you need a EP or PR to open an account though in general - I know UK pals who opened Citibank accounts as offshore accounts without them or even living here.

[Naam]

I believe you'll need an Employment Pass or Permanent Resident's Visa.

incorrect info. i am banking since years in Singapore and have never been employed or resident in SG. Jimmy's problem is not actually that banks do not allow him to open an account. however the big swiss banks are scared of the mighty U.S. and its IRS and require that all transactions are conducted via a special trading desk in their headquarters in Switzerland where bank employees are knowledgeable what assets a U.S. citizen (or a U.S. person) is allowed to hold. last not least these employees have the duty to issue the "infamous" forms 1099 as well as other documentation required by the IRS to tell Jimmy what taxes he owes

Jimmy won't have a problem to open an account with Citi, Amexco, HSBC or Merrill Lynch but the "IRS problem" will of course not disappear.

[Naam]

I believe you'll need an Employment Pass or Permanent Resident's Visa.

incorrect info. i am banking since years in Singapore and have never been employed or resident in SG. Jimmy's problem is not actually that banks do not allow him to open an account. however the big swiss banks are scared of the mighty U.S. and its IRS and require that all transactions are conducted via a special trading desk in their headquarters in Switzerland where bank employees are knowledgeable what assets a U.S. citizen (or a U.S. person) is allowed to hold. last not least these employees have the duty to issue the "infamous" forms 1099 as well as other documentation required by the IRS to tell Jimmy what taxes he owes

Jimmy won't have a problem to open an account with Citi, Amexco, HSBC or Merrill Lynch but the "IRS problem" will of course not disappear.

because it might be of interest to other parties i post what i've just told Jimmy on the phone. the message i received today from Singapore is that banks will open an account for U.S. citizens but the assets kept there are limited to current and fixed deposit accounts in various currencies. bond and/or equity trading is not allowed!