Opening a US account 2026: the USA as a non-CRS jurisdiction

The largest tax haven in the world is not in the Caribbean; it is the United States. At least where automatic data exchange is concerned. While over 100 countries share their account data through the Common Reporting Standard, the United States simply does not take part. For you as a UK or Nordic resident, that creates a legal privacy advantage that barely exists anywhere else any more.

This guide explains why the USA stands outside the CRS, what that concretely means, and how non-Americans legally open a US account. Including the duties that remain regardless, because privacy towards third parties is not the same thing as tax freedom.

Why the USA does not do CRS

The Common Reporting Standard was developed by the OECD as the global standard for automatic information exchange. Almost the entire industrialised world adopted it. The USA did not.

The reason: the USA already had its own system before the CRS existed: FATCA, the Foreign Account Tax Compliance Act. FATCA obliges foreign banks to report accounts of US persons to the American tax authority, the IRS. It is however a largely one-sided system. The USA demands data about its citizens but does not deliver back in the comprehensive, automatic manner of the CRS.

The result is a remarkable asymmetry: the USA collects data worldwide but releases almost none under CRS logic. That is exactly why, from a privacy standpoint, it counts today as one of the most discreet banking locations for non-Americans.

What that legally means for you

For you as a person tax-resident in the UK or the Nordics, it means: a US account is not reported automatically to your home tax authority under the CRS. That is a legal privacy advantage against automated systems.

It is expressly not a free pass. Your declaration duty at home remains complete. Income from your US account belongs in your tax return, exactly as with any other foreign account; the country-by-country walkthrough is in Declaring your offshore account. The difference lies solely in the absence of the automatic report, not in the tax liability. This honest framing is explored further under discreet banking.

How non-Americans open a US account

Opening a US account as a non-American is more demanding than in many welcoming offshore locations, but doable. There are two main routes.

Route 1: the personal US account. Classic US banks often require physical presence, a US address or an ITIN (Individual Taxpayer Identification Number) from private individuals. Without a local anchor, the direct route is frequently difficult for individuals, but with the right preparation not impossible.

Route 2: the account through a US structure. The most used and most stable route in practice runs through a US company, typically an LLC, for example in Wyoming. The company receives an EIN (Employer Identification Number) and opens a US business account with it. This route is especially attractive for entrepreneurs, freelancers and owners of international businesses. More under business accounts.

Specialised US fintechs and business banks in particular have radically simplified account opening for foreign-owned US companies and in many cases allow it fully remotely. Suitable modern providers are listed under Neobanks.

Personal account or LLC account?

The choice depends on your goal. A personal US account suits private wealth and personal diversification into the US dollar, but is harder to access as a non-resident. An LLC account is the more robust route: ideal for business use, international payment partners and access to the US payment system. It combines the American privacy advantage with clean legal separation.

For many clients, the combination of US LLC and US business account is the real key: access to the world's largest financial market, in a hard currency, outside the CRS and outside the home system.

The duties that remain

As attractive as the privacy advantage is, the duties are real and to be taken seriously.

Declaration at home. All income belongs in your home tax return, whether in Self Assessment's foreign pages or the Nordic annual returns; Norway's wealth tax additionally counts the balance itself.

Home reporting rules. Depending on your country, statistical or exchange-control style reporting duties can attach to larger cross-border payments and holdings; we flag what applies to you during onboarding.

The structure's US duties. A US LLC carries its own US filing and form obligations towards the IRS, even when no US tax arises.

A US account is a tool for legal privacy and diversification, not a tool for tax avoidance. Whoever respects that line gains one of the strongest legal banking locations in the world.

And the US credit card?

Many clients want a US credit card alongside the US account, to build an American credit history and access the strong US rewards programmes. That is a substantial topic of its own with its own requirements; the account is the foundation, and we point you to the right route during onboarding.

The Wyoming LLC as door-opener

Why does Wyoming keep appearing in US-account discussions? Because this state has positioned itself as the most business-friendly US state for foreign owners: no state income tax, no publication requirement for member names, minimal annual fees, and a legal framework that is well understood internationally.

For you as a non-American, the Wyoming LLC is often the most stable route to a US account. The company, not you personally, becomes the account holder. That solves the core problem of many US banks, which are wary of purely private non-residents but handle a properly structured US company well.

The tax classification matters. An LLC is by default transparent for tax purposes: its profits are attributed to you as the member. For a UK or Nordic resident, that demands careful review of how the income is treated at home. Nobody should set up a US structure without clean tax advice. Done right, it is a powerful tool; see also business accounts.

ITIN, EIN and SSN: the numbers explained

Three abbreviations circulate in the US context and are constantly confused.

SSN (Social Security Number). The social-security number for US citizens and certain residents. As a typical international applicant you do not have one and do not need one.

ITIN (Individual Taxpayer Identification Number). A tax number for individuals without an SSN. For a personal US account it is often the key.

EIN (Employer Identification Number). The tax number of a company, comparable to a corporate tax ID. Your Wyoming LLC receives an EIN and opens its account with it.

The rule of thumb: personal route via the ITIN, company route via the EIN. The company route is the smoother one for most international applicants.

The modern US fintech landscape

The reason the US account is practicable for non-residents at all today lies in a new generation of US fintechs and business banks. These providers have radically simplified opening for foreign-owned US companies and in many cases allow it fully digitally. Instead of a branch visit, the opening runs through online verification, the company's EIN and the formation documents. For entrepreneurs and owners of location-independent businesses, that is enormous progress: access to the US payment system, in US dollars, without ever setting foot on US soil.

Why the US dollar belongs in the portfolio

Beyond privacy, the US account has a hard economic advantage: the US dollar. As the world reserve currency, the dollar is the foundation of global trade and capital markets. A dollar balance is genuine diversification against home-currency risks for a sterling or krona saver.

Add access to the largest and deepest capital market in the world. Whoever holds a US account is one step from US investment products and a US brokerage. The dollar in the portfolio is thus less a bet than a baseline hedge that hardly any globally minded investor should skip.

Step by step: the US account via a Wyoming LLC

1. Form the LLC. You form a Wyoming LLC, usually remotely through a registered agent, receiving the formation certificate and operating agreement.
2. Obtain the EIN. The company receives its Employer Identification Number from the IRS.
3. Choose bank or fintech. With EIN and formation documents you select a US business bank or specialised fintech that accepts foreign-owned companies.
4. Digital verification. Opening runs fully online in many cases, through the company's documents and your identification as beneficial owner.
5. Activation and use. Once live, you have access to the US payment system in US dollars.

In parallel, you clarify with your tax adviser the correct treatment at home, because the LLC's tax transparency demands clean classification.

The personal route without a company

Not everyone needs an LLC. For a purely personal US account, an ITIN is usually the key, sometimes supplemented by a US mailing address or another anchor. This route is more demanding as a non-resident and bank-dependent, but fundamentally passable for individuals without business needs. Whoever mainly seeks dollar diversification and needs no company checks this route first.

Common US-account mistakes

• Underestimating the home duties. No CRS does not mean no tax. Declaration duties remain in full.
• Overlooking the LLC's US duties. Even without US tax, filing and form obligations towards the IRS exist.
• Starting without tax advice. A US structure without clean tax classification is a risk, not an advantage.
• Choosing the wrong provider. Not every US bank accepts foreign-owned companies. The right selection decides between success and rejection.

Frequently asked questions

Do US banks report my account to my home country? Not automatically under the CRS, since the USA does not participate. Your declaration duty at home remains regardless.

Is a US account therefore tax-free? No. Only the automatic CRS report is absent. Income is fully taxable at home.

How do I open a US account as a non-American? Most robustly through a US company such as a Wyoming LLC with an EIN. A purely personal US account is harder to access as a non-resident.

Do I need an ITIN? For personal US accounts, often yes. For an LLC account, the company needs an EIN instead of a personal ITIN.

Can I open a US account remotely? Through specialised US fintechs for foreign-owned US companies, in many cases fully remotely.

Do I have to travel to the USA? No. Through a US company with an EIN you open a business account entirely without a US residence; for a personal account an ITIN often replaces the missing local anchor.

Use the US advantage, cleanly and legally

The USA is, for non-Americans, one of the most discreet and strongest banking locations in the world: outside the CRS, with access to the US dollar, the US payment system and, over time, the US credit market. The most robust route for most runs through a US structure such as a Wyoming LLC with its own EIN; the personal route via an ITIN is the alternative. The duties remain real: declaration at home and the structure's US filing obligations. Whoever respects that line and works with clean tax advice secures one of the most valuable banking locations anywhere, legally and discreetly.

We show you the right route to your US account, personal or through a US structure, and fit it into your international banking strategy. Choose your jurisdiction and order now or request your free consultation.

This article is general information and does not replace individual tax or legal advice.