Beginning as we speak, it’s potential for Cuban entrepreneurs to open financial institution accounts in the US. We inform you by which banks you may create distant accounts.
In the present day the Workplace of Overseas Property Management (OFAC) has implement new measures that may enable Cuban entrepreneurs to extra simply entry US monetary companies.
These provisions embrace the authorization of “U-turn” transactions and the power to open financial institution accounts remotely at varied banks in the US.
United States banks that enable distant account opening
As has already been defined, based mostly on this new provision, Cuban entrepreneurs have the opportunity of opening and working financial institution accounts in varied US banks. This, with out the necessity to reside within the nation. Essentially the most accessible banks for this course of are proper now:
- Citibank: Gives companies to non-residents with correct documentation, similar to passports and proof of deal with.
- Financial institution of America: Facilitates the opening of accounts for non-residents, requiring the mandatory paperwork.
- HSBC: With a concentrate on worldwide companies, it permits distant account opening and operation.
- Wells Fargo: It supplies accounts for non-residents and has an intensive community of branches and ATMs.
- Chase Financial institution: It means that you can open accounts similar to Chase Complete Checking and Chase Safe Banking with out the necessity for a social safety quantity (SSN) or a person taxpayer identification quantity (ITIN), operable by means of its cellular software.
- TD Financial institution: Permits non-residents to open accounts with particular identification and documentation necessities.
Moreover, fintech platforms similar to Clever and Revolut supply alternate options to open multi-currency accounts and entry on-line cost companies. After all, with out the necessity to reside in the US.
What are “U-turn” Transactions?
“U-turn” transactions, now licensed by OFAC, enable U.S. banks to course of fund transfers associated to Cuba or Cuban residents. Supplied that neither the sender nor the recipient is topic to the jurisdiction of the US.
Such monetary transactions, which start and finish exterior US territory, however use banking establishments in the US as intermediaries, are important to facilitate remittances and funds within the Cuban personal sector, as permitted by Cuban asset management rules (CACR). .
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