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Working with Non Resident Aliens as an RIA

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Jun 3, 2016 11:10 pm

Hi ,

I'm a 5 year RIA that until now has only worked with US residents. I recently ran into some very promising venues for new clients in Germany and South America. My custodian is IB, and they have no problem opening up foreign accounts. But is there anything special I need to do , other than the way I handle all my normal clients. Obviously I need to pay a LOT of attention to money laundering issues, etc.

Appreciate any and all feedback.

Jun 8, 2016 3:43 am

The hardest issue is that if they want to transfer income into US banks, most do not like to open checking accounts for Non residents. Also you need to get tax id number. Your E&O probably does not cover these clients. Last you may not stay as a State RIA, SEC may want you to register with them.

Dec 13, 2016 5:53 pm

Hi Ttanin,

Thanks for your remarks. I'll check out what you say about SEC requirement. Once I've finished this process I'll come back in and followup on this post with tips/gotchas.