Relocating abroad can be an exciting prospect, but as an American living overseas, you will encounter some new financial challenges. Seeking specialist advice, staying informed and being proactive about your finances is essential if you want to avoid pitfalls, minimize reporting, and keep your income and investments optimized.
Many U.S. brokerage and investment firms either restrict or even freeze or close accounts for Americans living abroad to avoid an increased compliance burden. This is primarily because complying with U.S. know your client and anti-money laundering legislation is hard for U.S. financial firms with non-U.S. resident clients.
The best course of action is to have a conversation with your U.S. brokerage firm before you move to find out their policies for nonresident clients and then explore your options.
As a result, many brokerage firms find that the regulatory burden outweighs the benefits of maintaining expat accounts, leading them to close these accounts or significantly limit services.
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