Question:
I bank only through Capital One so I do not have a physical bank. My nieces live in Europe and they are my beneficiaries. How can I make sure they get the money from my Capital One accounts after I die if they are not U.S. citizens?
Response:
That’s an interesting question (at least to me since I also have nieces in Europe, though they have dual citizenship). The answer will depend on the bank, but Capital One seems to permit non-U.S. citizens to have accounts. Here’s what they say on their website: “If you’re not a U.S. citizen: You can open a savings account, but you may need to take a few extra steps to verify your identity.”
In addition to the requirement of ID, your nieces will most likely need to obtain an ITIN, or Individual Taxpayer Identification Number. They will be able to do this by filing an IRS Form W-7, IRS Application for Individual Taxpayer Identification Number, which is available here.
These rules should be the same for accounts at other banks payable to non-U.S. citizen beneficiaries.
