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Feb 27, 2024 · A number of major institutions, including Wells Fargo, Merrill Lynch, Morgan Stanley, USAA, Fidelity, and UBS, are reportedly shutting down accounts held by expatriates. Why is this happening? The underlying reasons for these actions stem from a series of regulatory requirements changes.
- Why Are Expat Brokerage Accounts Being Closed?
- Why Are Non-U.S. Residents Restricted from Owning U.S. Mutual Funds?
- How Can Americans Living Abroad Invest?
- Investing Solutions For Americans Abroad
The global financial regulatory landscape is changing dramatically. FATCA imposes significant new compliance burdens on non-U.S. financial institutions with U.S. clients. As a result, many non-U.S. financial institutions now simply refuse to service U.S. persons. Unfortunately, many U.S. financial institutions are following suit due to FATCA and ot...
As widely reported, many U.S. mutual fund companies have introduced policies preventing their funds from being purchased by non-U.S. residents, including Americans abroad. Many expats are surprised to learn that rules barring the sale of most U.S.-registered mutual funds to non-residents are decades old. Previously, these long-standing limitations ...
A select number of U.S. brokers are still willing to work with Americans abroad. This is especially true when they’re guided by a specialized independent financial advisor who can conduct additional due diligence on the client. While U.S. mutual funds may no longer be available for Americans abroad, exchange-traded funds(ETFs) are generally not res...
The investing landscape for Americans abroad is becoming increasingly complex. New brokerage account and mutual fund restrictions raise high hurdles for Americans abroad to invest wisely and tax-efficiently. Furthermore, implementing sound investment strategies without being ensnared in a cross-border tax trap has never been harder. However, soluti...
Morgan Stanley International Wealth Management is dedicated to serving individuals, families, family offices, corporations and other institutions made up of affluent entrepreneurs, executives and professionals who live outside the United States.
Aug 5, 2021 · Merrill Lynch and Morgan Stanley have recently been sending letters to many of their US citizen clients living outside the USA saying that their accounts will be closed as of a certain date in the very near future.
Sep 13, 2023 · If you’re only moving abroad temporarily or for a short or fixed period of time, it may be possible to use a US mailing address to keep your account open. Otherwise you may need to move your accounts to one of the few expat-friendly brokerage firms so that you can use your local residential address.
Nov 18, 2022 · Rather than complying with these new international regulations, many U.S.-based brokers (such as UBS, Wells Fargo, Merrill Lynch and Morgan Stanley) have decided it is easier to close or freeze American expat brokerage accounts. 2019 Brexit concerns increased these complexities for many U.S. brokerage firms serving U.S. expats.
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Jun 26, 2023 · Key Takeaways. Before you travel, research the exchange rates and fees for different methods of payment in the countries you'll be visiting. When using an ATM abroad, choose the local currency to avoid additional fees. Consider using a credit card with no foreign transaction fees.
