Jul 15, 2021
A question that I’m asked frequently these days is “how do I handle my American investments from overseas if my current American brokerage firm wants to close my account?”
It’s common for me to get inquiries from people who received letters about their accounts being closed/frozen. Happily, I can help them.
While many American firms are dismissing clients with foreign addresses, we welcome the strengthening of international relationships. We custody our clients’ accounts at Pershing, LLC. Member NYSE/SIPC, a subsidiary of the Bank of NY Mellon Corp. That means that all the assets are held in America, the statements are all in English, and all the accounts are compliant with IRS regulations.
Beware of moving assets to Israel!
Not only will tax-deferred accounts like IRAs lose their U.S. tax-deferred status, but U.S. PFIC regulations can make it very costly to invest in Israeli funds.
Bottom line: there are two easy steps to handle your American investments from overseas:
- Listen to this week’s podcast
- Be in touch with me (call my Jerusalem office 02-624-2788 or fill in the contact form)