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Old 11-13-2016, 09:43 AM
 
Location: equator
3,444 posts, read 1,535,055 times
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Quote:
Originally Posted by dothetwist View Post
My advice to you on SS is to call your local US consulate...they will give you the best advice for your country of residence. At least that is the case where we lived; the US consulate in Guadalajara is very helpful to US expats. Like I said, in MX, it was easy to have a US fwding address and it was also easy to have SS checks deposited in MXN banks.

Thank you for all this, dothetwist. I could not read the WSJ article without logging in but the THUN article was very informative. I had heard a little about this before and it is an alarming trend.


At least we have a financial advisor at our bank to "keep track" of us (KYC). He set up our brokerage account and didn't tell us of any issues with moving overseas. We were residents when we opened it, and maintain a U.S. address, as the article advises. I just looked and our account is called "Fidelity Gov't Money Market" --"Franklin Templeton Investments".


So I hope we aren't hearing from Fidelity soon that they want to drop us!


I will be interested to hear if you pursue your tentative plans for moving back to Mexico...
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Old 11-13-2016, 12:46 PM
 
Location: SW US
2,218 posts, read 2,036,207 times
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My understanding is you can keep your Fidelity account, but you can't buy stocks or mutual funds, etc. if you live abroad.
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Old 11-13-2016, 01:24 PM
 
Location: Central Mexico and Central Florida
7,105 posts, read 3,463,006 times
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Quote:
Originally Posted by Windwalker2 View Post
My understanding is you can keep your Fidelity account, but you can't buy stocks or mutual funds, etc. if you live abroad.
Yes, the prohibition for US brokerages is that non-residents of the US (even if US citizens) cannot engage in trading. Money market, cash funds are ok. If you plan to stay overseas, look into moving your accounts to an International brokerage (HSBC and Schwab both have International units).

The OP is 'using' a US address on their brokerage account...that will work until one day they ask KYC (Know Your Customer) questions. At that time they may close the account (unless the OP lies). So we're back to the US making their citizens hide in fear that their bank or broker will find out they are living abroad.
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