Do I need an ITIN to open a US bank account?

No. For business bank accounts, your LLC or corporation's EIN is sufficient. An ITIN is only required when you personally have US tax obligations, such as rental income or partnership income.

How long does it take to get an ITIN?

Normal processing takes 7-11 weeks from receipt of a complete application. During tax season (January-April), processing may take longer.

Can I apply for an ITIN from outside the United States?

Yes. You can use a Certifying Acceptance Agent (CAA) who can verify your documents remotely, or you can mail your application directly to the IRS with original or certified documents.

ITIN Application Guide for Foreign Investors

Sergei Tokmakov, Attorney — California Bar #279869

What is an ITIN?

An Individual Taxpayer Identification Number (ITIN) is a nine-digit tax processing number issued by the IRS to individuals who are required to have a US taxpayer identification number but are not eligible for a Social Security Number (SSN).

ITINs are formatted like SSNs (XXX-XX-XXXX) but always begin with the number 9 and have a 7, 8, 70-88, 90-92, or 94-99 in the fourth and fifth digit positions.

ITIN vs. EIN - Know the Difference

An ITIN is for individuals. An EIN (Employer Identification Number) is for businesses. If you own a US LLC or corporation, your business needs an EIN, and you personally may or may not need an ITIN depending on your tax situation.

When Do You Need an ITIN?

Not every foreign investor needs an ITIN. Here are the common situations where you will need one:

You Definitely Need an ITIN If:

You receive US rental income - Rental income from US real estate requires you to file a US tax return
You sell US real estate - Capital gains require filing, and FIRPTA withholding may need to be reported
You are a partner in a US partnership - Multi-member LLCs taxed as partnerships require each partner to have a tax ID
You elect to be treated as a US tax resident - Some foreign nationals make this election for tax benefits
You are claimed as a dependent - Foreign dependents on US tax returns need ITINs
You want to claim tax treaty benefits - Claiming reduced withholding rates often requires an ITIN

You Probably Do NOT Need an ITIN If:

You own a single-member LLC that only does business outside the US
You only trade US stocks through a foreign brokerage
You are simply investing through a foreign corporation
You have no US-source income requiring a tax return

Common Misconception

You do NOT need an ITIN just to open a US bank account for your LLC. Your business EIN is sufficient for business banking. An ITIN is only required when you personally have US tax obligations.

How to Apply for an ITIN

There are three ways to apply for an ITIN. The right method depends on your location, timeline, and whether you want to keep your original passport documents.

Option 1: Certifying Acceptance Agent (CAA)

A CAA is authorized by the IRS to verify your identity documents and submit your application. This is the most convenient option for most foreign investors.

No need to mail your original passport
Agent reviews documents in person or remotely
Processing time: 7-11 weeks
CAA fees typically $100-300
Find a CAA at IRS.gov

Option 2: IRS Taxpayer Assistance Center

Visit an IRS office in the US in person to submit your application. Best if you are already traveling to the United States.

Bring original documents for verification
Documents returned immediately after review
Processing time: 7-11 weeks
No additional fees beyond travel costs
Appointment required at most locations

Option 3: Mail Application to IRS

Mail Form W-7 directly to the IRS with your tax return. Least expensive but requires sending original documents.

Must mail original passport or certified copy
Documents returned after processing
Processing time: 7-11 weeks
Risk of document loss in mail
No additional fees

Required Documents

ITIN Application Checklist

Form W-7 (Application for ITIN)

Complete and sign the IRS Form W-7. Available at IRS.gov in multiple languages.

Federal Tax Return

Usually required - attach your completed tax return (e.g., Form 1040-NR) to prove you have a tax filing requirement. Some exceptions apply.

Passport (Original or Certified Copy)

Current, unexpired passport. If using a CAA, they can certify a copy so you keep your original.

Supporting Documentation (If No Passport)

If you cannot provide a passport: combination of national ID, driver's license, birth certificate, or visa. Two documents required.

Document Certification Requirements

If mailing your application, documents must be original or certified by the issuing agency. Notarized copies are NOT accepted by the IRS for ITIN applications. Only CAAs and some US embassies can certify passport copies for ITIN purposes.

Applying Without a Tax Return

In most cases, you must attach a federal tax return to your ITIN application. However, certain exception categories allow you to apply without a tax return:

Exception	Who Qualifies	Documentation Needed
Third-Party Withholding	Receiving US income subject to withholding (dividends, royalties, etc.)	Letter from withholding agent on letterhead
Tax Treaty Benefits	Claiming reduced withholding under a tax treaty	Letter from withholding agent explaining treaty claim
Passive Investments	Foreign partners in US partnerships for tax year reporting	Partnership letter or K-1
Mortgage Interest	Reporting mortgage interest for US property	Lender letter confirming ITIN needed
Real Estate Transactions	Disposing of US real property interest	Sales contract or FIRPTA withholding statement

Processing Time and What to Expect

Timeline

Normal processing: 7-11 weeks from receipt of complete application
Peak season (January-April): May take longer due to tax filing volume
Incomplete applications: Add 4-6 weeks for IRS correspondence

After You Apply

The IRS will mail your ITIN assignment letter (CP565) to the address on your Form W-7. If your application is incomplete, they will send a notice explaining what additional information is needed.

Check Application Status

After 7 weeks, you can call the IRS ITIN hotline at 1-800-829-1040 to check your application status. Have your Form W-7 ready when you call.

ITIN Renewal

ITINs expire if not used on a federal tax return for three consecutive years. ITINs with middle digits 70-88 (issued before 2013) have expired and must be renewed before use. Renewal uses the same Form W-7 with the "Renew" box checked.

Need Help With Your ITIN Application?

I work with Certifying Acceptance Agents and can guide you through the ITIN process as part of your US investment structure. Schedule a consultation to discuss your situation.