Non-Resident Account

A non-resident account is an account in a financial institution that is owned by persons or institutions from outside the country in which the financial institution is chartered.

 

Financial Intstiutions that cater to persons or institutions outside of the country in which the financial institution is chartered are called a "B bank". A non-resident account can also be referred to as a foreign account.

 

 

Friendly To Foreign or Non-resident Accounts

Being “friendly to foreign accounts”, or "friendly to non-resident accounts" simply means being willing to accept business from persons and institutions from outside the country in which the bank is chartered. Tens of thousands of foreign persons have US bank accounts in US commercial banks that are “friendly to foreign accounts”.

 

The Challenge for US and EU citizens who would like a non-resident account is to find a jurisdiction that has not been declared an "offshore financial center" by the US, and thus not subject to unwanted attention and invasions of financial privacy.