Opening an Angolan Investment Account from the USA
US-based Angolans and other American investors can open non-resident investment accounts in Angola under Aviso 15/19. The USD is the primary international currency for Angola’s FX market, making the US-Angola transfer corridor the most direct.
Required Documentation
| Document | Details |
|---|---|
| Valid Passport | Angolan or US passport |
| US Tax ID | Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) |
| Angolan NIF | If available; can be requested through the Angolan Embassy in D.C. |
| Proof of Address | US utility bill, bank statement, or mortgage statement (within 3 months) |
| Source of Funds | US bank statements (3-6 months), W-2, or IRS Form 1040 |
| Account Application | Completed form from the chosen Angolan bank |
Documents must be notarized or apostilled. The Angolan Embassy in Washington D.C. (2100-2108 16th Street NW) and consulates in Houston and New York provide notarization services.
Step-by-Step Process
Step 1: OFAC Screening Before proceeding, confirm that no OFAC (Office of Foreign Assets Control) sanctions apply to the specific Angolan entities you plan to transact with. Angola is not subject to comprehensive US sanctions, but individual entity sanctions may apply.
Step 2: Choose an Angolan Bank Contact major Angolan banks (BAI, BFA, BIC) via their international desk. Confirm specific requirements for US applicants, including any FATCA-related documentation.
Step 3: Prepare and Notarize Documents Visit the Angolan Embassy in Washington D.C. or the nearest consulate. Alternatively, use a US notary public with subsequent apostille from the relevant state Secretary of State. Allow 1-2 weeks for processing.
Step 4: Submit Application Send the complete documentation package to the Angolan bank via international courier (FedEx, UPS, DHL) or secure electronic submission.
Step 5: Account Activation KYC verification and account opening typically takes 2-4 weeks from receipt of complete documentation.
Step 6: Fund the Account Transfer USD from your US bank via SWIFT directly to the Angolan bank. Since Angola’s FX market is primarily USD-based (reference rate: USD/AOA 914.60), this is the most efficient corridor. Transfer times: 3-5 business days. Major US banks (JPMorgan Chase, Bank of America, Wells Fargo, Citi) all offer international wire services.
Step 7: Begin Investing Once funded, engage a CMC-licensed broker to execute trades on BODIVA or subscribe to government bond offerings.
Estimated Costs
| Item | Approximate Cost |
|---|---|
| Embassy notarization | $20-75 per document |
| SWIFT transfer fee | $25-50 per transfer |
| FX conversion (USD/AOA) | 0.5-2% spread |
| Broker commission | 0.5-1.5% of transaction value |
US Tax and Reporting Obligations
US investors must comply with several IRS and FinCEN requirements:
- FBAR (FinCEN Form 114): File by April 15 if foreign accounts exceed $10,000 aggregate at any point
- Form 8938 (FATCA): File with Form 1040 if foreign assets exceed thresholds
- Form 1116: Claim Foreign Tax Credit for IAC withheld in Angola
- Schedule B: Report foreign dividend and interest income
- Capital gains: Report on Schedule D using USD cost basis
Consult a US tax professional (CPA or enrolled agent) experienced in international investments. The absence of a US-Angola DTA means careful tax planning is important to minimize effective tax rates.