We have covered the ITIN in our previous articles rather extensively. For a recap, ITIN is an identification number given by the Internal Revenue Service (IRS) for taxation and identification purposes. However, ITIN might be required in a number of other transactions as well. For instance, ITIN might become relevant when buying a real estate.
If you wish to purchase a real estate in the United States, you will need to open a U.S. bank account which you will deposit the funds needed to buy the property and any income derived from the property. However, to open a U.S. bank account, you must obtain an ITIN. U.S. banks have begun increasingly requiring ITIN before opening accounts in their banks. Lastly, to obtain an ITIN, a non-U.S. citizen must complete, sign and deliver an IRS Form W-7 to the IRS with valid identification.
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