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> 90% of investment firms These must be very small meat and potatoes investment firms then. They might not have a compliance department and might not be able t
by yardie 5y ago
> 90% of investment firms
These must be very small meat and potatoes investment firms then. They might not have a compliance department and might not be able to justify the salary of having someone tackle FATCA requirements. I, as an American abroad primarily used the big banks (HSBC, BNP, Barkleys) because its built in to the service.
- beagle3 5y agoIn Israel (9m pop), non of the banks available to the general public (Poalim, Leumi, Discount, Iggud/Mizrahi) will let you do anything other than a checking account and a saving account. Perhaps a loan but definitely no holdings; and similarly no broker will either. They are not small. It just isn’t worth it to them financially so they don’t. There are est. 300k US tax payers in Israel, but while the profit is per-person, the compliance costs are huge and mostly constant. HSBC in Israel, last I Heard, had a $2M account minimum.
- david12345 5y agoYes, but at least you can still buy US ETF's unlike in the EU. And Interactive brokers has a bank account in Israel you can wire money into, so one can get by.
- robjan 5y agoHSBC Hong Kong does not accept US citizens or green card holders to open an investment account.