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Can a US American open a brokerage account in Luxembourg?

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wjmyer
2/16/2014 08:11 EST

Hi, I will be moving to Luxembourg and working in Luxembourg and receiving pay in euros. I understand that many banks only permit US Americans to open checking ("current") or savings accounts. What are the options for a US-American to invest euros in Luxembourg?

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breevesdc
2/16/2014 09:23 EST

I had a hard enough time finding a bank that would accept me period as an American. The us reporting requirements are in sharp contradiction with Luxembourgish secrecy laws. The bank that finally agreed to accept did so under the condition that I could only open a current account.

I'm not saying that it's impossible. But I think it will be very, very difficult for you to find a bank willing to allow you to open an investment account.

Brian

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didi2l
2/21/2014 10:28 EST

I'm not sure how of the exact info you are looking for but I thought I would pass along this link in hopes it could guide you in your search. We, too, could only open a current and savings account though. After a few years here, our bank has offered a few new options but they aren't really investments just more like a RothIRA/CD-ish type account. Still the interest is very low and we certainly won't build a strong portfolio from it but it was mentioned as a way to benefit on the taxes we pay here since we are paid in euros. Here's the link: http://americansabroad.org/files/2813/6456/7161/final_arawg2.pdf
Hope this is a bit helpful.

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