Suspicious Russians

[Työelämä]

I got married moved to Finland on A visit visa to join my spouse, while i was waiting for my residence permit approvals I and my spouse was able to open a joint bank account . Although my spouse is a Finnish citizen may be that made it easier to open the account, i was also issued a bank card and also deposited the cash i had with me into the account. The bank was able to give a temporary security number to keep my account on track while i was waiting for my Finnish ss number.

[Upphew]

The first time I came to Finland I had gone to the bank and opened a bank account BEFORE going to Maistraatti and getting my henkiötunnus. So it is possible to open a bank account in Finland as an American without the holy sacred finnish SS#.

Dunno when you came, but the money laundering laws have made things a bit more strict. Finland was considered (still is?) a good place to make dirty money clean EU money.

edit. and the cleaners did come from the east...

[tuulen]

No of course a person can't just walk in to the country and open an account. That's not what you stated in your first post.

Wrong! That is EXACTLY what I stated in my first post, that as an American I cannot have a bank account in Finland. I am NOT a Finn, nor am I a resident in Finland.

[tuulen]

There tends to be finacial obligations if you own fixed property here, which should be easier to handle if you have an account, so there would be a sensible reason for having that account.

Yes, because I own properties in Finland I owe taxes to Finland, but as a non-resident I am not allowed to have a bank account in Finland.

Yes, I make the payments that I owe, but I must do so from an American bank, to bank accounts in Finland.

But apparently EU banking laws prevent me from having a bank account in Finland.

[tuulen]

The first time I came to Finland I had gone to the bank and opened a bank account BEFORE going to Maistraatti and getting my henkiötunnus. So it is possible to open a bank account in Finland as an American without the holy sacred finnish SS#.

Congratulations! But it seems that you got lucky!

[Upphew]

But apparently EU banking laws prevent me from having a bank account in Finland.

"Can foreign nationals open bank accounts in Finland?

Foreign nationals can in principle open bank accounts in Finland in the same manner as the Finns do themselves. According to law, however, the bank must be able to identify its customers, and this may prove more difficult in the case of foreign nationals. In addition to personal and address data, the bank often needs to know the person's identifier code (ie social security number). A number of banks require the presentation of either a work permit, a certificate of studies or a letter of recommendation from a trustworthy bank, and details of the nature of payments to be made over the account."

[Kutittaa]

No of course a person can't just walk in to the country and open an account. That's not what you stated in your first post.

Wrong! That is EXACTLY what I stated in my first post, that as an American I cannot have a bank account in Finland. I am NOT a Finn, nor am I a resident in Finland.

Did you miss everyone saying 'not a resident' was the 'key phrase' ?

[tuulen]

But apparently EU banking laws prevent me from having a bank account in Finland.

"Can foreign nationals open bank accounts in Finland?

Foreign nationals can in principle open bank accounts in Finland in the same manner as the Finns do themselves. According to law, however, the bank must be able to identify its customers, and this may prove more difficult in the case of foreign nationals. In addition to personal and address data, the bank often needs to know the person's identifier code (ie social security number). A number of banks require the presentation of either a work permit, a certificate of studies or a letter of recommendation from a trustworthy bank, and details of the nature of payments to be made over the account."

I understand the need for banking laws, to prevent criminals from laundering money, etc., and so I am not arguing about that. The laws are necessary.

However, there is a BIG difference in cost between transferring money from a bank in the US to a bank in Finland and transferring money from the US to Finland by credit card.

Let me look into your suggestion. I could give my US Social Security number to a bank in Finland, and I could arrange a letter of recommendation from a bank in the US.

Good suggestion, thank you!

I also am a British citizen, but not a British resident, and having a bank account in Britain involves British taxes, where my being a resident of the US becomes another complication.

(Actually I am an EU citizen, technically speaking, but not an EU resident, and not a citizen of the Eurozone.)

[Rip]

Nothing in the Upphew's quote says it categoric and absolute requirement to be resident of this country.

[tuulen]

Nothing in the Upphew's quote says it categoric and absolute requirement to be resident of this country.

Truth is, I have never seriously investigated the banking laws, but I got the impression that as a US resident I could not have a bank account in Finland.

However, Upphew has given me some new ideas, and I will now look further into the EU banking laws, and the banking laws of Finland.

This seems to be a matter for a Finnish Consulate to consider, here in the US.

Kiitos!

[Bavarian]

Nothing in the Upphew's quote says it categoric and absolute requirement to be resident of this country.

Truth is, I have never seriously investigated the banking laws, but I got the impression that as a US resident I could not have a bank account in Finland.

Wait until FATCA really kicks in.

[tuulen]

Wait until FATCA really kicks in.

Good to know, thank you!

However, according to this US Government website http://www.irs.gov/businesses/corporati ... 67,00.html it appears that only financial assets exceeding $50,000 per year need to be declared for tax purposes. Yet I assume (although I will look into that assumption, too) that the property I own in Finland is not included as a "financial" asset, but as a "physical" asset. I do plan small scale property development, but it seems possible that I could do so at a rate of less than $50,000 per year, and so it should be exempt from declaration and taxation.

[Rip]

This seems to be a matter for a Finnish Consulate to consider, here in the US.

You may try, but I think in the end they will tell that it is for the banks decide (they are legally allowed, but not obliged to open an account). I guess you could try to reach at least Sampopankki, Nordea and OP (the three with English language online banking) by email and ask about possibilities to get bank account (mentioning that the reason for your interest is the property you own and the related financial transactions). At least if they have some specific paperwork requirements, you would be ready next you're actually here.

[AldenG]

it appears that only financial assets exceeding $50,000 per year need to be declared for tax purposes.

Actually, it's $10,000 and has been for many years. It's just a different form for assets over $50,000. It's there on the page you linked.

And of course it's not "per year" like income but during any year, even if it's the same $10,001 or $50,001 dollars from year to year.

[Upphew]

This seems to be a matter for a Finnish Consulate to consider, here in the US.

You may try, but I think in the end they will tell that it is for the banks decide (they are legally allowed, but not obliged to open an account). I guess you could try to reach at least Sampopankki, Nordea and OP (the three with English language online banking) by email and ask about possibilities to get bank account (mentioning that the reason for your interest is the property you own and the related financial transactions). At least if they have some specific paperwork requirements, you would be ready next you're actually here.

tuulen: I would contact the closest branch and tell that I have a plot of land and paying the taxes from US account sucks ass, so how about I come to see you when I'm next time in Finland and we'll open an account? Then you pop to the bank with ID, something showing that you have money to transfer and lainhuutotodistus showing that you own your plot.