Move your IRA offshore

by Aaron A Day on February 14, 2013

Did your Attorney or Tax Advisor tell you that you can move your IRA Offshore?

Did he? How does he know, has he been there, done that? For exactly what type of investment account does he speak?

This New York Attorney specializes in Self Directed IRA’s and IRA LLC’sand told us that there are virtually no restrictions, including geographical ones, on what a Self-Directed IRA can invest in other than the list of things the IRS tells you that are prohibited investments….and, he says,

Therefore, a Self-Directed or IRA LLC can access fund investments globally that are not registered with the S.E.C… He might think that since and for sure all European Financial Institutions are now, or will be, FATCA compliant that it would mean they would be willing to accept a U.S. person applicant, because the Institution will be reporting to the IRS all U.S. person and U.S. person beneficiary accounts so what is the “big deal” opening a USA person account?

OK, so why don’t you look before you leap. Go Offshore and ask for an investment fund or an investment account.

What has actually happened is that a U.S. person can not open a bank, brokerage or investment account in Europe and if he currently has one they are asking him to close their account.

“Catch 22”, as even the USA person living in Europe can not obtain a European Financial Account and he can not obtain a U.S. Financial Account either. Just call any overseas reputable, regulated, registered,and recognized Financial Institution , for example, in London or Luxembourg and tell them you are a U.S. person and want to open an account. They will hang up on you!

Now, there are some Foreign Financial Institutions Overseas who are registering as an S.E.C. Broker/Dealer but those defeat the global investing purpose of an International thinking person who wants an International Investment Account with access to non-S.E.C. funds because from i.e. a London, Luxembourg or Switzerland based S.E.C.Broker/Dealer you are able to obtain the same investment fund choice that you receive from behind the walls (so to speak) of the U.S.A.. There is a difference between buying USA funds which invest offshore and buying any of the worlds funds FROM offshore.

If you make an inquiry to an outside the USA financial advisor, brokerage, bank, investment fund or other financial institution and your application is to be submitted along with a copy of your passport and proof of residence then for sure you know that they are not offering you the FROM outside the USA nominee investment account that we have been explaining for months in the newsletter.

So, call us to learn what we know from having “been there and done that”! Contact us for more information.

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