Investing money in the USA before moving there?

[Penguin_ie 5,996]

Not sure this is the right forum, but it comes closest to what I am looking for- feel free to move this question if necessary!

Husband (the USC) and I currently live in Ireland and plan on filing DCF/ IR1 and moving to the USA in a year or so. I have just been told that I will be receiving an unexpected sum of money before the end of the year; not a huge amount, but enough to buy a small house in the USA (not here- Dublin house prices are insane!). So I was considering investing the money in the USA, both as proof for DCF filing that we really plan on moving there, and to avoid having to move an investment later. I was considering two options: buying a property (possibly renting it out), or opening a savings account of sorts. Three questions:

1. I am not sure how easy and quick it is for non-residents to open bank accounts/ buy property in the USA? Ideally I'd like to get this done before the end of the year, for Irish tax reasons.

2. I'd be fine with the property/ account being in my husband's name only if that makes it easier as he is the USC, but he doesn't have a domicile in the USA currently (no current driving license, no tax records as he is not working here in Ireland etc). I am sure we could use his sister's or parent's address, but even then I am not sure if we could open a bank account (here in Ireland, you need two bills in your name to open an account)?

3. Can any of you recommend a particular bank/ organisation which could help with this?

[patricks 0]

Regarding Real Estate

Obviously it depends upon the location (marketplace)

Unless you're looking at a prime location, like Manhattan NYC, I would WAIT!

2008 isn't (overall economy) looking good and prices should be heading down in most places, especially Florida, Arizona and Central California.........................

I would lay Low for now

[Penguin_ie 5,996]

Well if we buy near where we'll be living, it would probably be Colorado Springs. Alternatively it could be South Dakota or Arkansas, as husband has family there who could possibly look after the property (though we haven't asked them yet! )

[trailmix 77]

Those are both good options for proving domicile. As for the bank account, I did want to open one for the same reason (I am the petitioner - but live in Canada).

My Sister already lives in the U.S. (could probably ask any relative) - so her local bank allowed her to open a joint account in both our names (mine and my Sister's name that is). All they needed was my SSN, address, name. They then mailed me a signature card etc, which I signed and mailed back to them.

There are probably other banks that might just open an account in your Husband's name - maybe even joint, if you have someone to vouch for you there (even one of his relatives, not sure).

As for buying property, I'm not all that familiar with property purchases in the U.S. but I am sure you can do it. A good idea would be to perhaps speak with a realtor in the area, or email them, let them know your situation and I am sure they will be able to give you advice.

Hope this helps!

Edited November 22, 2007 by trailmix

[Bassi and Zainab 1]

Finding and buying property within four weeks is not really feasible unless you are independently wealthy and thus paying cash for the purchase. But all the paperwork alone takes about three weeks to complete. Plus you haven't found it yet. You're probably better off opening an account. You can always open like a money market account using something online like ING with his parents address and both your names on the account.

[Jigi 0]

Hi,

It depends on the Irish Govt You can invest in USA. How money you are allowed to remit. For example Indian Govt allows maximum of 2,50,000$ / individual per year. Best way is for you to go and approach a multinational bank like Citibank, JP morgan chase or HSBC which have high presence all over America and in other countries and they will show you the way how to invest and where and which is good for you.

About buying a real estate its better you don by one, because buying a house is a kind of investment which you can make when you are present in person.

Rest is upto you.

God Bless You.

Jigi

[karenkaye 1]

Hi I am canadian and recently purchased property in the U.S. jointly with my USC husband - I do have a US social security number from years ago when I lived there, but I don't think that it was needed for the purchase. I have also opened bank accounts in the US in my name only, but I believe the SSN was needed for that - I would also suggest Ing Bank or Emigrant Bank - they both offer very good rates for a regular savings account without your funds being locked in for any set period of time. I'm not sure how the currency in Ireland (the euro or the pound?) compares to the US$ right now but its a good time to exchange from the Canadian perspective. Best of luck with your journey!