Plan B: A US Bank Account, Credit Card and Credit Score

Europe is racing full speed into an era of surveillance and regulation. The digital euro is coming. The rollout of CBDCs (Central Bank Digital Currencies) is not a question of if, but when. Ever stricter AML rules and ever more reporting obligations (think OECD CRS, DAC8, CARF) make it almost impossible to open a bank account without baring your entire financial life.

The USA, for all its problems, does not play along. No CRS. No CBDC in sight. And a banking system still built strongly around customer service. It is not perfect, but it works.

Let me say one thing up front: I am no USA fanatic. I know this country's weaknesses well. But if I have to choose between the EU and the USA, I will always trust American pioneering spirit, pragmatism and innovation over European bureaucracy.

And that is exactly the point: don't put all your eggs in one basket. A US bank account, a US credit card, a solid brokerage account and a strong credit score can make all the difference when it counts, even if you don't (yet) live in the USA permanently.

A few real-world examples:

• Personal US bank account with debit card

• US credit card with a real credit limit

• Building a credit score

• LLC bank account with credit card (even without traveling in person)

• US brokerage account for international investments

• Access to US dollar assets, crypto platforms and US infrastructure

• Building a second, discreet financial identity

All of this is legal and proven in practice; however, each provider decides for itself on the account, card and credit line, and for cards and credit lines it may also take your residence status into account.

Here is an often underestimated hurdle: you need a physical US address to open bank accounts and apply for credit cards. But beware: most providers of "virtual addresses" or mail-scanning services are officially registered as Registered Mailing Services and are routinely rejected by banks.

So we recommend:

• Using the address of a friend or relative in the USA

• Or renting accommodation for a short time so you can use a real address

• Alternatively, we work with a few specialized providers who can give you an accepted physical address for a fee

It has to be a real address: no PO Box, no UPS Store, no virtual office service.

Why does this work?

Simple: US banks are not EU banks. The USA has its own AML rules, but they don't ask the same questions. They accept a US address as proof and don't care whether you are tax resident in Norway, the Netherlands or Paraguay. And they don't automatically report your accounts to your home country's tax authority.

Yes, you can open a personal US bank account. Often a visit to the US with a valid ID and a suitable address is enough. Some banks even open accounts without you being there in person, for example for existing customers or with a good setup.

ITIN and credit score

The IRS issues an ITIN (Individual Taxpayer Identification Number) only for tax purposes, when you have taxable US income; you cannot get one just for an account or a credit card. If you have one, some card issuers accept it instead of a Social Security Number (SSN); each issuer decides for itself.

Important: An ITIN follows from taxable US income; it is not a tool for getting credit cards. If you have such income, we apply for the ITIN with you, even without a residence in the USA.

Our US credit card page shows you how to get US credit cards even without an SSN.

The advantages of a US credit card

Many Europeans underestimate what an American credit card really means. It is not just a way to pay, it is about purchasing power, rewards and strategic advantage.

The key advantages:

• Much higher credit limits than European cards ($5,000 to $20,000 is typical)

• Better rewards programs: points, cashback, miles (often 2 to 5%)

• Rewards for big spending, especially on marketing, ads and travel

• Premium cards offer lounge access, status perks and points programs

Ideal for entrepreneurs: US business cards

For freelancers, online sellers and agencies with high monthly ad spend on Google, Facebook, TikTok or Amazon, US business credit cards offer enormous leverage:

• Massive rewards on ad spend

• Often no preset spending limits on charge cards

• Can be combined with business accounts for LLCs or US corporations

For standard business credit cards, US issuers usually require a personal guarantee from the owner and check the owner's personal credit history.

A realistic timeline: patience pays off

Good to know: Building a complete American financial identity takes time:

• For ITIN processing, the IRS quotes about 7 weeks until you are notified of your application status; in peak season (January 15 to April 30) and for applications from abroad, 9 to 11 weeks.

• Your credit score won't develop overnight. Even with an actively used credit card, in our experience it takes 12 to 18 months (based on experience, not a promise) to build a solid score, depending on usage, limit, utilization and on-time payments.

The sooner you start, the sooner you are fully up and running financially in the USA, with access to credit, financial products and investment opportunities.

For many, the simplest route is forming an LLC (Limited Liability Company). The company can then open a business account in its own name, usually without any travel. In many cases an online application with Mercury or Wise is enough, two fintech providers that are not banks themselves; the provider decides on the application.

Advantages of the LLC structure:

• No US tax liability as long as there is no "Effectively Connected Income" (ECI)

• No bookkeeping requirement in the US

• Use the LLC card like a personal card (legally, these are business expenses)

• No need to be in the US

• No SSN needed

• Full control over payments, transfers and card limits

Access to business lines of credit

Often overlooked, but strategically very interesting: with a US LLC you can build access to business credit lines over the medium to long term, for example for marketing, investments or operating expenses.

Important: these credit lines don't depend on the LLC alone; they often also depend on your personal US credit score as the owner.

In other words: if you build your personal credit history alongside your company structure, over the medium term you can unlock real credit lines of $10,000 to $100,000 through the LLC, backed by US banking standards and without European reporting obligations.

Let's be clear: using a US address to open an account is legal, as long as you can receive mail there. You're not giving false information, you're simply using a different system. The same goes for the LLC: as long as you have no ECI, you have no US tax liability.

Using the LLC cards for personal spending isn't prohibited either, as long as it's clear that the LLC carries on no taxable activity and you declare all relevant information in your home country where required.

What you have to disclose to your country of residence depends entirely on where you live.

The ideal case: you live somewhere like Dubai, Monaco or Malta.
These jurisdictions have:

• No or very limited reporting obligations

• No tax on foreign income or assets

• No automatic reporting by US banks, since the US doesn't take part in CRS

What this means: you don't have to report your US account, your LLC or your brokerage account, as long as no local income is generated.

An often overlooked but hugely important part of your financial Plan B is access to US brokerage accounts. Here too, the US offers far more freedom, choice and privacy than Europe, especially for international investors.

How are US brokers different from EU brokers?

• No CRS reporting with the right structure (e.g. an LLC)

• Access to products that are often blocked or restricted in the EU:

  • US ETFs without a PRIIPs KID

  • Leveraged products

  • OTC stocks, REITs, preferred shares

• Fewer KYC/AML questions, especially when using a US address or an LLC

• A dollar-based investment portfolio as a hedge against a falling euro

The top US brokers at a glance:

• Interactive Brokers (IBKR US)

• Charles Schwab

• TD Ameritrade (now part of Charles Schwab)

Through your US LLC you get access to dollar-based portfolios, even if you live outside the US. And your investments are not automatically reported to your home country (provided the structure is set up correctly).

CARF, the Crypto Asset Reporting Framework, is a new OECD reporting standard for crypto transactions. The US has announced it will take part, which sounds worrying to many people.

But don't panic: CARF is not like CRS. It covers only crypto platforms, not your bank accounts or credit cards.

And even there: if you open an account on a US crypto platform with a US mailing address, your European tax identity is not automatically used, provided you have no US tax liability.

Whatever happens, let's say it plainly: when the world falls apart, everyone wants dollars.

The US dollar may be battered, indebted and politically abused, but it is still by far the most important currency in the world.

• 60% of global reserves are held in USD

• Oil, commodities, weapons, technology: it all runs on dollars

• In every crisis, whether pandemic, war or financial crash: capital flees into the dollar

Which means: if the day comes when the euro fails, the US banking system will keep running. The EU's digital infrastructure? Possibly restricted.
But a payment with a US card or a transfer from your US account will work.

Every country, every person, every business accepts dollars. That's why your Plan B isn't complete without access to the dollar.

Most people think far too small. They let bureaucracy, uncertainty and misplaced shame hold them back. Yet preparing for different scenarios isn't just allowed, it's necessary.

A Plan B doesn't start with a change of residence. It starts with control over your finances.

Despite all the political turbulence, the US still offers you the most powerful, flexible and customer-friendly banking system in the world. You just have to use it. For a detailed look at where the US stands on CRS and FATCA, read USA, OECD, CRS and FATCA, and you'll find more articles under News.

Borders only exist on the map. If you're ready to move beyond them, we'll gladly walk this path with you.

We help you with:

• Forming your LLC (👉 full details here)

• Opening your US account

• An ITIN, if your US income requires one (👉 full details here)

• Help with card applications and brokerage accounts

• Privacy and reporting strategies

• Long-term structuring advice for protecting your wealth internationally

Book your initial consultation now. We advise you in English, with heart, head and real US experience.

Consultation & implementation

If you'd like to find out what this means for your own situation, the best step is to book a consultation.