Latin America is going through a difficult period regarding social, political and economic stability, which is why its inhabitants seek to protect their savings and assets outside their countries, especially towards financial institutions in the United States, according to the wealth management firm FDI.
For FDI, as of pandemic and the flexibility of the United States authorities towards financial institutions to open accounts remotely. The demand for opening accounts in that country has increased and is currently at one of the highest points in recent years.
The reasons we hear the most in the inquiries we receive are tax pressure, legal uncertainty, exchange restrictions and control over the free flow of funds, ”said Mariano Sardáns, general director of FDI.
According to data from the Federal Reserve In the United States, as of last August, the financial institutions of that country concentrated more than 100 billion dollars from Mexican citizens.
FDI explained that before the pandemic, opening a bank account in the United States remotely was a challenge due to the know-your-client controls that financial institutions must apply in this type of procedure.
However, he added that, with the widespread use of video calls to open an account, institutions were more flexible to open an account from practically anywhere in the world and with the same regulatory controls.
“From the widespread use of video-calling platforms, the face-to-face opening process was replaced with virtual interviews. In fact, the same employees who previously opened accounts with new clients on the other side of the desk, now do so from their own homes and with the client on the other side of the screen, ”the firm detailed in an analysis.
Sardáns said that safeguarding assets in financial institutions in the United States is attractive due to costs and economic stability that that country has shown during the emergency.
“It is the most convenient place from the point of view of banking services, as well as the cheapest in what has to do with maintenance costs and transfer fees, ideal for doing business with the world, beyond being the safer place ”.