US Bank account for SMSF?

[Big Mike]

Hi,

I have just bought a US property through my SMSF, but am having trouble finding a bank that will allow me to open an account in my LLC name. (Limited Liability Company)

Has anyone done this already, and which bank did you use?

We require internet access to the account, and the ability to pay bills in America.

Thanks!

 

[MTR]

Hi,

I have just bought a US property through my SMSF, but am having trouble finding a bank that will allow me to open an account in my LLC name. (Limited Liability Company)

Has anyone done this already, and which bank did you use?

We require internet access to the account, and the ability to pay bills in America.

Thanks![/QUOTE

Where in US??

Did you use a lawyer in US when you purchased/settled??

Our lawyer organised our bank accounts with Wells Fargo, we also organised an account with Bank of American when we travelled to US, Atlanta.

MTR

 

[Big Mike]

We bought in Georgia - $65K renovated with tenants, earning $900 a month rent.
Didn't get a loan, bought it outright with Super Fund, so will just accumulate money in account over there, and then buy another one day.

We did use a closing attorney, but they didn't organise our bank account.
We will try Wells Fargo!
Thanks!

 

[SMSFguy]

You can actually use a Declaration of Trust if you can't get one of those overseas banks to set in the name of the LLC or SMSF etc.

So lets just say you open the account in the your personal name, you would just have the Declaration of Trust to declare it is a superannuation asset.

 

[agent007]

Hi,

I have just bought a US property through my SMSF, but am having trouble finding a bank that will allow me to open an account in my LLC name. (Limited Liability Company)

Has anyone done this already, and which bank did you use?

We require internet access to the account, and the ability to pay bills in America.

Thanks!

Can I ask about the LLC structure? >> Is the LLC the owner of the property and the SMSF the sole member of the LLC with you the manager of the LLC? or it looks different to this?

Thanks!

 

[Peterw]

I am also interested in this answer. I have a friend who is in the states now, so will ask him when he gets back. I would be thinking, that the fund owns the shares on the LLC, would be they way to do it, so the LLC (and what it owns) is an asset of the fund.