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Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 9:29 am
by Felceazzurra
Hello,
my son was born in the US and has double IT-USA citizenship. We have been living in Germany since 2016. I am now trying to open a Sparplan for him, but so far without success. Many brokers/bank clearly state that they do not accept clients with US citizenship. ING made me fill several forms and then nothing. So far I only found BNP Paribas through a third party service, but the transactions fees are higher than average. Does anyone have a successful story to share?
Thanks in advance.
Giovanni
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 9:38 am
by kaffeemitmilch
By BNP you mean Consorsbank? Are the fees higher? Hmm. Kinda out of luck if nobody accepts you. I read somewhere that banks in Luxembourg are more amenable to dealing with US citizens.
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 10:00 am
by Franklan
You might want to look at the following thread to understand what the actual problem is...
Information about FACTA
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 10:44 am
by Krieg
Do you plan to keep big amounts in your son's account? Revolut allows to open a kid account attached to a parent account very easily. But the main holder of the account is the parent. The kid gets a credit card. Transfers between the parent and kid account are instant. You can program weekly or monthly transfers to your kid account. The downsides are that in Germany the kid can't use phone payments or kid-to-kid transfers until they are 16 y/o. And the maximum amount you can keep in the kid account is 6000 EUR. I am not sure about limitations for the kid account, not sure if they have to fulfill FACTA requirements because technically the account belongs to the parent. But as I said, that I don't know.
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 1:35 pm
by Felceazzurra
kaffeemitmilch wrote: ↑Thu Jul 04, 2024 9:38 am
By BNP you mean Consorsbank? Are the fees higher? Hmm. Kinda out of luck if nobody accepts you. I read somewhere that banks in Luxembourg are more amenable to dealing with US citizens.
It is not Consorbank, it is DAB BNP Paribas, German headquarters, and accepts clients only through intermediaries. I am looking for a German bank because I want the capital gain taxes to be handled by them.
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 1:41 pm
by Felceazzurra
Krieg wrote: ↑Thu Jul 04, 2024 10:44 am
Do you plan to keep big amounts in your son's account? Revolut allows to open a kid account attached to a parent account very easily. But the main holder of the account is the parent. The kid gets a credit card. Transfers between the parent and kid account are instant. You can program weekly or monthly transfers to your kid account. The downsides are that in Germany the kid can't use phone payments or kid-to-kid transfers until they are 16 y/o. And the maximum amount you can keep in the kid account is 6000 EUR. I am not sure about limitations for the kid account, not sure if they have to fulfill FACTA requirements because technically the account belongs to the parent. But as I said, that I don't know.
I am looking for a solution to save some money for my son and his future, not to make him spend it
Basically I would like to set up an ETF Sparplan in his name where I contribute regularly. The idea is that when he is 18 he will have some money for his studies, his travels or whatever he will plan to do. If the account is in his name, that would simplify the tax return. To my knowledge this is not possible with Revolut.
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 2:33 pm
by PandaMunich
Try the
comdirect Kinderdepot:
https://www-bild-de.translate.goog/trad ... r_pto=wapp
I've got a client with US citizenship at comdirect, so your son's citizenship will not be a problem.
Re: Sparplan for a minor with US citizenship
Posted: Thu Jul 04, 2024 7:30 pm
by Felceazzurra
Thank you PandaMunich.
I will give it a try.
Re: Sparplan for a minor with US citizenship
Posted: Fri Jul 05, 2024 10:02 am
by kaffeemitmilch
Felceazzurra wrote: ↑Thu Jul 04, 2024 1:35 pm
kaffeemitmilch wrote: ↑Thu Jul 04, 2024 9:38 am
By BNP you mean Consorsbank? Are the fees higher? Hmm. Kinda out of luck if nobody accepts you. I read somewhere that banks in Luxembourg are more amenable to dealing with US citizens.
It is not Consorbank, it is DAB BNP Paribas, German headquarters, and accepts clients only through intermediaries. I am looking for a German bank because I want the capital gain taxes to be handled by them.
Consorsbank is headquartered in Nuermberg. They deal with all the taxes in my Depot. I haven't had to.